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Summit Square and The Colonnades compared
Two Virginia communities about 21 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | Summit Square | The Colonnades |
|---|---|---|
| Location | Waynesboro, VA | Charlottesville, VA |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2025 statement, fiscal 2024 financesPDF |
| Contract types | Type B (modified), Type C (fee for service), Rental | Type C (fee for service) |
| Entrance fee, one person | $71,000 to $373,900p. 100 | $34,550 to $292,775p. 10 |
| Monthly fee, independent living | $2,100 to $5,559p. 100 | $4,800 to $13,750p. 12p. 11 |
| Refund plans | Type I declining refund; Type II declining refund; Type III 50% refundp. 49p. 50 | Non-Refundable Entrance Fee (4%/month for 12 months)p. 10 |
| Highest guaranteed refund | 50% of the feep. 49p. 50 | 0% of the feep. 10 |
| When a refund is paid | When your unit is re-occupied or after 6 months, whichever is firstp. 49p. 50 | Not disclosed in the 2025 filing |
| Days cash on hand | 419 days (FY2025)p. 142Figures for Sunnyside Presbyterian Home (consolidated: Sunnyside, King's Grant, Summit Square). Days cash and coverage are for Sunnyside Presbyterian Home's three campuses together (Sunnyside, King's Grant, Summit Square), not Summit Square alone; Summit Square's own column holds $242,738 cash and $3,938,591 investments (p141). Days cash 419 is the audit note figure (p124); the covenant schedule (Exhibit F, p159) shows 418. Coverage 4.87x is from that management covenant schedule (p157), not the audit. | Not disclosed in the 2025 filingFigures for The Colonnades (column of Welltower CCRC OpCo, LLC combining balance sheet). The Colonnades had $0 in cash and no investments on its own balance sheet at December 31, 2024, so days cash on hand is not reported here (by the standard formula it would be zero). Its cash is held by the Sunrise management company and Welltower affiliates: it owed the management company $15,918,497 and was owed $6,112,967 by an affiliate. Welltower OP LLC has agreed to make funds available for the provider's continuing-care obligations (p5). |
| Its lenders' minimum | At least 150 daysp. 129 | Not disclosed in the 2025 filing |
| Debt service coverage | 4.87x (FY2025)p. 142Figures for Sunnyside Presbyterian Home (consolidated: Sunnyside, King's Grant, Summit Square). Days cash and coverage are for Sunnyside Presbyterian Home's three campuses together (Sunnyside, King's Grant, Summit Square), not Summit Square alone; Summit Square's own column holds $242,738 cash and $3,938,591 investments (p141). Days cash 419 is the audit note figure (p124); the covenant schedule (Exhibit F, p159) shows 418. Coverage 4.87x is from that management covenant schedule (p157), not the audit. | Not disclosed in the 2025 filingFigures for The Colonnades (column of Welltower CCRC OpCo, LLC combining balance sheet). The Colonnades had $0 in cash and no investments on its own balance sheet at December 31, 2024, so days cash on hand is not reported here (by the standard formula it would be zero). Its cash is held by the Sunrise management company and Welltower affiliates: it owed the management company $15,918,497 and was owed $6,112,967 by an affiliate. Welltower OP LLC has agreed to make funds available for the provider's continuing-care obligations (p5). |
| Independent living occupancy | Not disclosed in the 2026 filing | 87.6% (2024)p. 288 |
| Net position | $8.5 million (FY2025)p. 142 | −$3.2 million (FY2024)p. 289 |
| Whose finances | Summit Square division of Sunnyside Presbyterian Home (audited supplementary schedule); ratios for Sunnyside Presbyterian Home (consolidated: Sunnyside, King's Grant, Summit Square)p. 142 | The Colonnades (column of Welltower CCRC OpCo, LLC combining balance sheet)p. 289 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 142 | Unmodified (clean) opinion, Baker Tilly US, LLPp. 289 |
| Nursing care, CMS rating | 4 of 5 (CMS overall) | No CMS record linked |
What care costs later, in each contract
Summit Square
Type C (fee for service): Residents have priority admission to assisted living and the health care center but pay the daily rate; the apartment's monthly fee stops while they are there (except Medicare short-term skilled stays). Type III's 50% refund may be used toward care.p. 4
Type B (modified): Ninety days of assisted living and/or health care, cumulative over the resident's lifetime and non-transferable, during which the resident keeps paying the regular monthly fee; after that the full per diem applies.p. 4
Rental: Rental residents pay the applicable daily fee for assisted living or health care.p. 5
The Colonnades
Type C (fee for service): Assisted living and nursing are paid separately from the monthly fee at the Health Center per diem rates plus ancillaries, adjustable on 30 days' notice. A resident sent to an outside facility for lack of space has the right to return on a priority basis.p. 32