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River Landing at Sandy Ridge and Pennybyrn at Maryfield compared
Two North Carolina communities about 6 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | River Landing at Sandy Ridge | Pennybyrn at Maryfield |
|---|---|---|
| Location | Colfax, NC | High Point, NC |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2026 statement, fiscal 2025 financesPDF |
| Contract types | Type B (modified) | Type B (modified) |
| Entrance fee, one person | $15,000 to $638,000p. 26p. 25 | $150,000 to $477,667p. 25p. 26 |
| Monthly fee, independent living | $3,979 to $6,030p. 23p. 24 | $3,314 to $6,899p. 23 |
| Refund plans | Standard; 50% Refundable; 90% Refundable; Range across refund plans (plan not specified)p. 27p. 25 | Plan A - Traditional Amortizing Entrance Fee (0% after 49 months)p. 104 |
| Highest guaranteed refund | 90% of the feep. 27p. 25 | 0% of the feep. 104 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 27p. 25 | When your unit is re-occupied and the new resident has paidp. 104 |
| Days cash on hand | 738 days (FY2025)p. 2Figures for Brightspire obligated group (The Presbyterian Homes, Inc.: Glenaire, River Landing at Sandy Ridge, Scotia Village). Obligated-group figures, not River Landing alone: FS-1 (p2) and Tables 35.1A-35.3A report the Brightspire obligated group (Glenaire, River Landing at Sandy Ridge, Scotia Village). River Landing alone reported 1,000 days cash on hand, 2.29x debt service coverage and an 18.04% net operating margin (Tables 35.1-35.3, p39-41). FY2025 is a fifteen-month period (Oct 2024-Dec 2025) after a fiscal-year-end change (p7). The $191.7M of unrestricted cash and investments behind the group's 738 days includes the $27.06M statutory operating reserve (Table 29.2, p36); without it roughly 634 days. | 258 days (FY2025)p. 2The document's $20,208,700 of unrestricted cash and investments (p34) includes the $6,969,000 statutory operating reserve held as an asset limited as to use (p47). Cash and current investments alone ($13,239,700) ≈ 169 days on the document's own basis, ≈ 151 days on total expenses less depreciation and amortization (p49). |
| Its lenders' minimum | At least 120 daysp. 19 | Not disclosed in the 2026 filing |
| Debt service coverage | 2.08x (FY2025)p. 2Figures for Brightspire obligated group (The Presbyterian Homes, Inc.: Glenaire, River Landing at Sandy Ridge, Scotia Village). Obligated-group figures, not River Landing alone: FS-1 (p2) and Tables 35.1A-35.3A report the Brightspire obligated group (Glenaire, River Landing at Sandy Ridge, Scotia Village). River Landing alone reported 1,000 days cash on hand, 2.29x debt service coverage and an 18.04% net operating margin (Tables 35.1-35.3, p39-41). FY2025 is a fifteen-month period (Oct 2024-Dec 2025) after a fiscal-year-end change (p7). The $191.7M of unrestricted cash and investments behind the group's 738 days includes the $27.06M statutory operating reserve (Table 29.2, p36); without it roughly 634 days. | 1.77x (FY2025)p. 2The document's $20,208,700 of unrestricted cash and investments (p34) includes the $6,969,000 statutory operating reserve held as an asset limited as to use (p47). Cash and current investments alone ($13,239,700) ≈ 169 days on the document's own basis, ≈ 151 days on total expenses less depreciation and amortization (p49). |
| Independent living occupancy | 98.59% (2025)p. 21 | 98.6% (2025)p. 19 |
| Net position | $266.5 million (FY2025)p. 50 | $32.5 million (FY2025)p. 47 |
| Whose finances | The Presbyterian Homes, Inc. dba Brightspire and combined affiliates (Glenaire, River Landing, Scotia Village, Foundation); ratios for Brightspire obligated group (The Presbyterian Homes, Inc.: Glenaire, River Landing at Sandy Ridge, Scotia Village)p. 50 | Maryfield, Inc.; ratios for Maryfield, Inc. (sole obligor)p. 47 |
| Audit opinion | Unmodified (clean) opinion, Bernard Robinson & Company, L.L.P.p. 50 | Unmodified (clean) opinion, Forvis Mazars, LLPp. 47 |
| Nursing care, CMS rating | 5 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
River Landing at Sandy Ridge
Type B (modified): 14 grace days a year in the Health Center with no per diem charge (unused days don't carry over), then residents pay 80% of the published per diem rate. A resident may keep the apartment for up to 90 days after the grace days while paying both charges.p. 127
Pennybyrn at Maryfield
Type B (modified): Benefit: 15 grace days per year, at no additional charge, of services above what Medicare or other insurance covers while an independent living resident stays temporarily in assisted living, memory support or nursing. Unused grace days carry over to a cumulative maximum of 45 days, and the benefit lasts only while the resident remains an independent living resident; additional meals and services are extra. After a permanent move residents pay the published health care rates with no stated discount. Residents get priority over non-residents, but a bed is not guaranteed.p. 101