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Carolina Village and Legacy at Mills River compared
Two North Carolina communities about 7 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Carolina Village | Legacy at Mills River |
|---|---|---|
| Location | Hendersonville, NC | Mills River, NC (not yet open) |
| Filing used | 2026 statement, fiscal 2026 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type A (life care) | Equity, Type B (modified), Type A (life care) |
| Entrance fee, one person | $241,900 to $677,400p. 23p. 24 | $588,430 to $1,940,885p. 65p. 66 |
| Monthly fee, independent living | $2,783 to $6,273p. 21p. 22 | $4,500 to $4,900p. 22 |
| Refund plans | Declining Balance (0% Refundable)p. 123 | Home ownership (resale at market price)p. 73 |
| Highest guaranteed refund | 0% of the feep. 123 | Not disclosed in the 2026 filing |
| When a refund is paid | Within a fixed number of daysp. 123 | When your unit is re-occupied and the new resident has paidp. 73 |
| Days cash on hand | 241 days (FY2026)p. 2The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses. | 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 | 2.68x (FY2026)p. 2The 241 days counts the $8.4M of investments restricted for the statutory operating reserve (Section 29 gives unrestricted cash and investments of $21.7M). Cash and marketable securities alone ($13.3M) cover about 148 days of 2026 cash operating expenses. | -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 | 95.3% (2026)p. 18 | Not open yet |
| Net position | $12.7 million (FY2026)p. 48 | −$9.9 million (FY2025)p. 45 |
| Whose finances | Carolina Village, Inc.; ratios for Carolina Village, Inc. (sole member of the obligated group)p. 48 | Blue Ridge Retirement Partners, LLC (developer); ratios for Blue Ridge Retirement Partners, LLCp. 45 |
| Audit opinion | Unmodified (clean) opinion, Forvis Mazars, LLPp. 48 | Going-concern doubt raised by the auditor, Cherry Bekaert LLPp. 45 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | No CMS record linked |
What care costs later, in each contract
Carolina Village
Type A (life care): Residents can use assisted living and skilled nursing without an increase in the monthly service fee, paying extra for meals, drugs, supplies and Medicare cost-sharing. A resident who needs a permanent move to care within the first 12 months of occupancy pays the private daily rate until 12 consecutive months of occupancy are reached. For comparison, direct-admit private rates from April 1, 2026 are $285 a day for assisted living and $480 a day for skilled nursing.p. 121
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