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Springmoor Life Care Retirement Community and The East Tower at Cardinal North Hills compared
Two North Carolina communities about 4 miles apart, 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 East Tower at Cardinal 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 | $7,653 to $15,515p. 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. | 8 days (FY2025)p. 2Cash on hand covered 8 days of operating costs at the end of 2025, 2 days at the end of 2024 and 0 days at the end of 2023 (FS-1, p2): year-end 2025 cash was $538,885 against about $26M a year of expenses, most of it $12.7M rent. The state-required operating reserve is not held as cash or investments; it is met by a $6.8M irrevocable standby letter of credit from Credit Agricole, which cannot be drawn for any purpose, including fee refunds, without regulator approval (pp27-28). |
| 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 filingCash on hand covered 8 days of operating costs at the end of 2025, 2 days at the end of 2024 and 0 days at the end of 2023 (FS-1, p2): year-end 2025 cash was $538,885 against about $26M a year of expenses, most of it $12.7M rent. The state-required operating reserve is not held as cash or investments; it is met by a $6.8M irrevocable standby letter of credit from Credit Agricole, which cannot be drawn for any purpose, including fee refunds, without regulator approval (pp27-28). |
| Independent living occupancy | 98% (2025)p. 14 | 98.9% (2025)p. 16 |
| Net position | −$25.2 million (FY2025)p. 46 | −$172,750 (FY2025)p. 39 |
| Whose finances | Springmoor, Inc.; ratios for Springmoor, Inc. (provider only; not part of an obligated group)p. 46 | Tower at The Cardinal, LLCp. 39 |
| Audit opinion | Unmodified (clean) opinion, James A. Lucas and Company, L.L.P.p. 46 | Unmodified (clean) opinion, WithumSmith+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 East Tower at Cardinal North Hills
Rental: No care is prepaid. Assisted living is on site at market monthly fees plus point-based care charges; memory care and nursing require moving to the affiliate's Health Center at the adjacent Cardinal at North Hills, which ends this agreement and is fee-for-service.p. 111