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Ardenwoods and Legacy at Mills River compared
Two North Carolina communities about 4 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Ardenwoods | Legacy at Mills River |
|---|---|---|
| Location | Arden, NC | Mills River, NC (not yet open) |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Equity, Type B (modified), Type A (life care) |
| Entrance fee, one person | $271,000 to $484,000p. 22 | $588,430 to $1,940,885p. 65p. 66 |
| Monthly fee, independent living | $3,310 to $4,180p. 22 | $4,500 to $4,900p. 22 |
| Refund plans | Standard (Traditional) 24-month; Ninety Percent Refundp. 53p. 41 | Home ownership (resale at market price)p. 73 |
| Highest guaranteed refund | 90% of the feep. 53p. 41 | Not disclosed in the 2026 filing |
| When a refund is paid | When your unit is re-occupied or after 24 months, whichever is first; When your unit is re-occupied or after 36 months, whichever is firstp. 53p. 41 | When your unit is re-occupied and the new resident has paidp. 73 |
| Days cash on hand | 475.24 days (FY2025)p. 5Figures for ThriveMore (consolidated). Ratios are for all of ThriveMore, not Ardenwoods alone. The operating ratio was 116.3% and the net operating margin -15.4% in FY2025 (p5). The operating reserve shown is ThriveMore's; the statement gives Ardenwoods' operating reserve at 9/30/2025 as $1,751,435 (p27). | 1 days (FY2025)p. 35Development-stage developer with no operations: $3,368 of unrestricted cash at year end. The $12.4M on the balance sheet is buyers' purchase deposits held in escrow. The auditor's report includes a paragraph headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern'. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 1.36x (FY2025)p. 5Figures for ThriveMore (consolidated). Ratios are for all of ThriveMore, not Ardenwoods alone. The operating ratio was 116.3% and the net operating margin -15.4% in FY2025 (p5). The operating reserve shown is ThriveMore's; the statement gives Ardenwoods' operating reserve at 9/30/2025 as $1,751,435 (p27). | -1.68x (FY2025)p. 35Development-stage developer with no operations: $3,368 of unrestricted cash at year end. The $12.4M on the balance sheet is buyers' purchase deposits held in escrow. The auditor's report includes a paragraph headed 'Substantial Doubt About the Company's Ability to Continue as a Going Concern'. |
| Independent living occupancy | Not disclosed in the 2026 filing | Not open yet |
| Net position | $75.2 million (FY2025)p. 5 | −$9.9 million (FY2025)p. 45 |
| Whose finances | Baptist Retirement Homes of North Carolina, Inc. dba ThriveMore and Affiliate (consolidated); ratios for ThriveMore (consolidated)p. 5 | Blue Ridge Retirement Partners, LLC (developer); ratios for Blue Ridge Retirement Partners, LLCp. 45 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 5 | Going-concern doubt raised by the auditor, Cherry Bekaert LLPp. 45 |
| Nursing care, CMS rating | No CMS record linked | No CMS record linked |
What care costs later, in each contract
Ardenwoods
Type B (modified): Residents get priority admission to Heather Glen assisted living with no extra entrance payment and 14 free days of care over the life of the contract; after that they pay the full per diem rate.p. 48
Legacy at Mills River
Type B (modified): Members get 15 eligible days a year in the Health Care Facility, up to 30 banked, paying only their Monthly Payment plus two extra meals and supplies. After that they pay the Health Care Rate on top of the Monthly Payment until the home is resold, then the Health Care Rate alone. No discount on the rate is stated.p. 110
Type A (life care): Optional upgrade for a one-time $22,000 single / $33,000 double (non-refundable) and $920 a month: once eligible days are used, the Health Care Rate becomes the member's Monthly Payment plus the Life Care monthly fee rather than the market Health Care Rate.p. 122