Home › Compare
Springmoor Life Care Retirement Community 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 | Springmoor Life Care Retirement Community | 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) | Rental |
| Entrance fee, one person | $144,500 to $622,800p. 18p. 19 | None: rental |
| Monthly fee, independent living | $3,811 to $6,703p. 17p. 18 | $7,405 to $13,240p. 19 |
| Refund plans | Life Occupancy; 50% Refund Entry Fee; 100% Refund Entry Feep. 100p. 102 | None: rental contract |
| Highest guaranteed refund | 100% of the feep. 100p. 102 | None: rental contract |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 100p. 102 | None: rental contract |
| Days cash on hand | 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. | 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 | 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. | 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 | 98% (2025)p. 14 | 98.7% (2025)p. 16 |
| Net position | −$25.2 million (FY2025)p. 46 | $3.3 million (FY2025)p. 39 |
| Whose finances | Springmoor, Inc.; ratios for Springmoor, Inc. (provider only; not part of an obligated group)p. 46 | 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, James A. Lucas and Company, L.L.P.p. 46 | 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
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
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