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Harbor's Edge and Westminster-Canterbury on Chesapeake Bay compared
Two Virginia communities about 13 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Harbor's Edge | Westminster-Canterbury on Chesapeake Bay |
|---|---|---|
| Location | Norfolk, VA | Virginia Beach, VA |
| Filing used | 2024 statement, fiscal 2023 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type A (life care) | Type A (life care), Type B (modified), Type C (fee for service) |
| Entrance fee, one person | $283,079 to $2,164,084p. 14 | $113,700 to $2,781,200p. 180p. 182 |
| Monthly fee, independent living | $4,213 to $9,196p. 15p. 14 | $2,254 to $13,139p. 185p. 176 |
| Refund plans | 80% Refund; 50% Refund; 0% Refundp. 42 | Refund Option 1 (Standard Contract); Refund Option 2 (50 Month Declining Balance); Refund Option 3 (80% Refundable)p. 161p. 163p. 165 |
| Highest guaranteed refund | 80% of the feep. 42 | 80% of the feep. 161p. 163p. 165 |
| When a refund is paid | In turn, from a fund of new residents' entrance feesp. 42 | When your unit is re-occupied and the new resident has paidp. 161p. 163p. 165 |
| Days cash on hand | 200 days (FY2023)p. 120 | 769 days (FY2025, interim)p. 199Figures for Obligated Group (Westminster-Canterbury on Chesapeake Bay and Westminster-Canterbury Foundation). Coverage counts $30.6M of net entrance-fee proceeds as income and excludes Bay Tower start-up costs; maximum annual debt service includes a $12M guaranty for Opus Select but is before Bay Tower principal begins (2029). |
| Its lenders' minimum | Not disclosed in the 2024 filing | At least 120 daysp. 196 |
| Debt service coverage | 2.98x (FY2023)p. 120 | 6.40x (FY2025, interim)p. 199Figures for Obligated Group (Westminster-Canterbury on Chesapeake Bay and Westminster-Canterbury Foundation). Coverage counts $30.6M of net entrance-fee proceeds as income and excludes Bay Tower start-up costs; maximum annual debt service includes a $12M guaranty for Opus Select but is before Bay Tower principal begins (2029). |
| Independent living occupancy | 78% (2023)p. 150 | 95% (2025)p. 201 |
| Net position | −$69.1 million (FY2023)p. 120 | $49.1 million (FY2025)p. 43 |
| Whose finances | Fort Norfolk Retirement Community, Inc. and Affiliate (Foundation), consolidated; ratios for Fort Norfolk Retirement Community, Inc.p. 120 | Westminster-Canterbury on Chesapeake Bay and Subsidiaries (consolidated); ratios for Obligated Group (Westminster-Canterbury on Chesapeake Bay and Westminster-Canterbury Foundation)p. 43 |
| Audit opinion | Unmodified (clean) opinion, Walker Healthcare Services Group (a division of King, Shores & Preston, LLC)p. 120 | Unmodified (clean) opinion, Plante & Moran, PLLCp. 43 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
Harbor's Edge
Type A (life care): Life Care residents who move permanently to assisted living, memory support or nursing keep paying their apartment's monthly fee plus a $700 monthly transition fee, regardless of level of care (p16). Residents get priority admission to assisted living and the Nursing Center (p10).p. 16
Westminster-Canterbury on Chesapeake Bay
Type A (life care): Under the standard (and 50-month, 80% refundable, Low/High EF) agreements, a member who moves to assisted living or the Health Care Center keeps paying the Monthly Fee for the apartment occupied at transfer, plus extra meals and ancillary charges (the 'True LifeCare' benefit). Westminster Advantage contracts at Opus Select carry the same care access at WCCB. For comparison, a direct admission to assisted living (Angler) costs a $188,500 entrance fee plus $10,423 a month (FY26, p184).p. 95
Type B (modified): 365 (Option 1) or 180 (Option 2) lifetime cumulative days of assisted living or nursing care are covered by the Monthly Fee; after that care is billed per day at the community rate (FY26: nursing $468-$472 a day private, skilled $558, enhanced-services studio $308; p35). Entrance fee is 4% (365-day) or 8% (180-day) below the standard fee.p. 168
Type C (fee for service): No care days are included: assisted living and nursing are charged per day at the community rate (FY26: nursing $468-$472 a day private, skilled $558, enhanced-services studio $308; p35), with the Monthly Fee continuing until the apartment is released.p. 172