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Hayes Barton Place and Springmoor Life Care Retirement Community compared
Two communities in Raleigh, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Hayes Barton Place | Springmoor Life Care Retirement Community |
|---|---|---|
| Location | Raleigh, NC | Raleigh, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified), Equity | Type B (modified) |
| Entrance fee, one person | Not disclosed in the 2026 filing | $144,500 to $622,800p. 18p. 19 |
| Monthly fee, independent living | $10,038p. 20 | $3,811 to $6,703p. 17p. 18 |
| Refund plans | Not disclosed in the 2026 filing | Life Occupancy; 50% Refund Entry Fee; 100% Refund Entry Feep. 100p. 102 |
| Highest guaranteed refund | Not disclosed in the 2026 filing | 100% of the feep. 100p. 102 |
| When a refund is paid | Not disclosed in the 2026 filing | When your unit is re-occupied and the new resident has paidp. 100p. 102 |
| Days cash on hand | 126 days (FY2025)p. 33First year of operation. DSCR 0.93x is below 1.0. The document also reports a 41.85% net operating margin, which conflicts with its own 103% operating ratio and the audited $6.76M net loss on $22.97M revenue, so no margin is shown. The whole $154.7M construction loan was a current liability due December 14, 2026; it was restated on December 30, 2025 to $195.44M maturing December 31, 2028. Unrestricted cash ($8.19M) was $2.72M below the $10.91M statutory operating reserve; the reserve is covered by a standby letter of credit ($8.47M at year end per the audit), not cash. | 80 days (FY2025)p. 2The 80 days counts $2.28M of certificates of deposit held toward the statutory operating reserve; cash alone ($7.81M) is about 62 days. Springmoor leases its campus from Ammons family entities, and its largest assets ($35.3M) are notes receivable from those landlords, which are not counted in days cash. |
| Its lenders' minimum | Not disclosed in the 2026 filing | Not disclosed in the 2026 filing |
| Debt service coverage | 0.93x (FY2025)p. 33First year of operation. DSCR 0.93x is below 1.0. The document also reports a 41.85% net operating margin, which conflicts with its own 103% operating ratio and the audited $6.76M net loss on $22.97M revenue, so no margin is shown. The whole $154.7M construction loan was a current liability due December 14, 2026; it was restated on December 30, 2025 to $195.44M maturing December 31, 2028. Unrestricted cash ($8.19M) was $2.72M below the $10.91M statutory operating reserve; the reserve is covered by a standby letter of credit ($8.47M at year end per the audit), not cash. | 3.09x (FY2025)p. 2The 80 days counts $2.28M of certificates of deposit held toward the statutory operating reserve; cash alone ($7.81M) is about 62 days. Springmoor leases its campus from Ammons family entities, and its largest assets ($35.3M) are notes receivable from those landlords, which are not counted in days cash. |
| Independent living occupancy | 78.4% (2025)p. 17 | 98% (2025)p. 14 |
| Net position | $51.2 million (FY2025)p. 42 | −$25.2 million (FY2025)p. 46 |
| Whose finances | Hayes Barton Place (combined: OPCO KP6, PROPCO KP6, Garden Flats PROPCO); ratios for Hayes Barton Place (provider only)p. 42 | Springmoor, Inc.; ratios for Springmoor, Inc. (provider only; not part of an obligated group)p. 46 |
| Audit opinion | Unmodified (clean) opinion, Cherry Bekaert LLPp. 42 | Unmodified (clean) opinion, James A. Lucas and Company, L.L.P.p. 46 |
| Nursing care, CMS rating | No CMS record linked | No CMS record linked |
What care costs later, in each contract
Hayes Barton Place
Type B (modified): A 10% discount on Healthcare Center fees for the first 30 days of care each calendar year (unused days do not carry over); after that, the full published rate. Residents get priority for the 22 public beds once the 72 resident-only beds are full.p. 129
Springmoor Life Care Retirement Community
Type B (modified): 30 days of Health Center care included each year (bankable to 90). Short-term stays after that are at 30% of the daily rate; permanent stays are at the full daily rate under the contract, though the disclosure narrative says 60% (see notes).p. 104