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Hayes Barton Place and The Cardinal at North Hills 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 | The Cardinal at North Hills |
|---|---|---|
| Location | Raleigh, NC | Raleigh, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified), Equity | Rental |
| Entrance fee, one person | Not disclosed in the 2026 filing | None: rental |
| Monthly fee, independent living | $10,038p. 20 | $7,405 to $13,240p. 19 |
| Refund plans | Not disclosed in the 2026 filing | None: rental contract |
| Highest guaranteed refund | Not disclosed in the 2026 filing | None: rental contract |
| When a refund is paid | Not disclosed in the 2026 filing | None: rental contract |
| 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. | 11 days (FY2025)p. 2Figures for The Cardinal at North Hills, LLC and The Cardinal at North Hills Healthcare, LLC (excludes the East Tower; FS-1 does not name the entities, but the 11 days and 5.96% margin reproduce only from these two columns). The 11 days covers The Cardinal at North Hills, LLC and its health center LLC only ($772,582 of cash), not the East Tower included in the combined balance sheet (combined: $1.31M cash, about 9 days). There is no debt, but both LLCs lease the campus from the affiliated landlord KSL Toledo Tenant, LLC (rent $9.6M in FY2025; lease liabilities $78.4M). The statutory operating reserve is met with a $6.9M bank letter of credit, not 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. | Not disclosed in the 2026 filingFigures for The Cardinal at North Hills, LLC and The Cardinal at North Hills Healthcare, LLC (excludes the East Tower; FS-1 does not name the entities, but the 11 days and 5.96% margin reproduce only from these two columns). The 11 days covers The Cardinal at North Hills, LLC and its health center LLC only ($772,582 of cash), not the East Tower included in the combined balance sheet (combined: $1.31M cash, about 9 days). There is no debt, but both LLCs lease the campus from the affiliated landlord KSL Toledo Tenant, LLC (rent $9.6M in FY2025; lease liabilities $78.4M). The statutory operating reserve is met with a $6.9M bank letter of credit, not cash. |
| Independent living occupancy | 78.4% (2025)p. 17 | 98.7% (2025)p. 16 |
| Net position | $51.2 million (FY2025)p. 42 | $3.3 million (FY2025)p. 39 |
| Whose finances | Hayes Barton Place (combined: OPCO KP6, PROPCO KP6, Garden Flats PROPCO); ratios for Hayes Barton Place (provider only)p. 42 | Combined balance sheet of The Cardinal at North Hills, LLC and Affiliates, which also includes the separately licensed East Tower at Cardinal North Hills (Tower at the Cardinal, LLC) and The Cardinal at North Hills Healthcare, LLC; ratios for The Cardinal at North Hills, LLC and The Cardinal at North Hills Healthcare, LLC (excludes the East Tower; FS-1 does not name the entities, but the 11 days and 5.96% margin reproduce only from these two columns)p. 39 |
| Audit opinion | Unmodified (clean) opinion, Cherry Bekaert LLPp. 42 | Unmodified (clean) opinion, Withum Smith+Brown, PCp. 39 |
| Nursing care, CMS rating | No CMS record linked | 3 of 5 (CMS overall) |
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
The Cardinal at North Hills
Rental: No care days or discounts: residents who need assisted living, memory care or nursing sign a separate agreement with The Cardinal at North Hills Healthcare, LLC and pay its published rates in addition to (or instead of) the apartment fee. Independent living residents get priority admission to the Health Center.p. 122