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Oak Creek Apartments and The Village at Brookwood compared
Two North Carolina communities about 3 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Oak Creek Apartments | The Village at Brookwood |
|---|---|---|
| Location | Burlington, NC | Burlington, NC |
| Filing used | 2025 statement, fiscal 2024 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type C (fee for service), Rental | Type A (life care), Type C (fee for service) |
| Entrance fee, one person | $25,000 to $30,000p. 18 | $162,000 to $567,000p. 27p. 26 |
| Monthly fee, independent living | $1,300 to $2,070p. 18 | $3,081 to $6,104p. 25 |
| Refund plans | Retention Schedule (0% after 4 years)p. 194 | Standard (6% nonrefundable, 2% per month, 0% after 47 months)p. 153 |
| Highest guaranteed refund | 0% of the feep. 194 | 0% of the feep. 153 |
| When a refund is paid | Within a fixed number of daysp. 194 | When your unit is re-occupied or after 12 months, whichever is firstp. 153 |
| Days cash on hand | Not disclosed in the 2025 filingFigures for White Oak Manor - Burlington/Oak Creek Apartments (NHC HealthCare/Burlington, LLC), unaudited internal balance sheet. No ratios are reported. The facility balance sheet shows cash of -$940,867 and -$18.2M of intercompany balances, so a days-cash figure cannot be computed meaningfully. The only audited statements are those of the parent, National HealthCare Corporation (Ernst & Young, Form 10-K FY2024, p71-76). | 100 days (FY2025)p. 2Figures for The Village at Brookwood (community only); the bond covenants apply to the Well-Spring Services obligated group. The 100 days counts the $4.0M statutory operating reserve: Brookwood's cash ($0.84M) + investments ($0.13M) + the reserve ($4.01M) = the $4.98M of 'unrestricted cash and investments' the statement cites (p35, p86). Cash and investments alone are about $0.97M, roughly 20 days at the same daily expense rate the statement used for its 100. The Well-Spring Services obligated group, which owes the bonds, reports 433 days and 3.97x coverage for FY2025 (p40, p42). |
| Its lenders' minimum | Not disclosed in the 2025 filing | At least 120 daysp. 19 |
| Debt service coverage | Not disclosed in the 2025 filingFigures for White Oak Manor - Burlington/Oak Creek Apartments (NHC HealthCare/Burlington, LLC), unaudited internal balance sheet. No ratios are reported. The facility balance sheet shows cash of -$940,867 and -$18.2M of intercompany balances, so a days-cash figure cannot be computed meaningfully. The only audited statements are those of the parent, National HealthCare Corporation (Ernst & Young, Form 10-K FY2024, p71-76). | 2.72x (FY2025)p. 2Figures for The Village at Brookwood (community only); the bond covenants apply to the Well-Spring Services obligated group. The 100 days counts the $4.0M statutory operating reserve: Brookwood's cash ($0.84M) + investments ($0.13M) + the reserve ($4.01M) = the $4.98M of 'unrestricted cash and investments' the statement cites (p35, p86). Cash and investments alone are about $0.97M, roughly 20 days at the same daily expense rate the statement used for its 100. The Well-Spring Services obligated group, which owes the bonds, reports 433 days and 3.97x coverage for FY2025 (p40, p42). |
| Independent living occupancy | 98.1% (2024)p. 4 | 95.51% (2025)p. 21 |
| Net position | $551,265 (FY2024)p. 166 | −$946,758 (FY2025)p. 87 |
| Whose finances | White Oak Manor - Burlington/Oak Creek Apartments (NHC HealthCare/Burlington, LLC), unaudited internal balance sheetp. 166 | Alamance Extended Care, Inc. d/b/a The Village at Brookwood (column of the Well-Spring Services, Inc. consolidating balance sheet); ratios for The Village at Brookwood (community only); the bond covenants apply to the Well-Spring Services obligated groupp. 87 |
| Audit opinion | Not disclosed in the 2025 filing | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 87 |
| Nursing care, CMS rating | 2 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
Oak Creek Apartments
Type C (fee for service): Residents get priority for a bed in the adjoining 160-bed nursing center but no included days or stated discount, so nursing care is paid at the center's charges or through Medicare/Medicaid. A resident moved to the nursing center has 30 days to return before the apartment agreement can end.p. 16
Rental: Same terms as the Retention Deposit plan: priority access to the adjoining nursing center, with no included days or stated discount.p. 221
The Village at Brookwood
Type A (life care): Life Care residents get 14 free Health Care Center days a calendar year (the contract limits its 14-day respite benefit to skilled nursing), then pay one Lifecare rate, set at the weighted-average single Lifecare monthly fee ($5,594 in 2026), whatever the level of care. Fee-for-service residents pay $7,635-$13,740 a month for the same care.p. 154
Type C (fee for service): Fee-for-service residents pay the published per diem rate for assisted living, memory care and skilled nursing, with priority access to the Health Care Center. No free days or discount are stated in the contract or projections.p. 169