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The Chesapeake and Harbor's Edge compared
Two Virginia communities about 18 miles apart, compared from their own disclosure statements. Tinted rows are where they differ; each page tab opens the filing at the figure.
| Figure | The Chesapeake | Harbor's Edge |
|---|---|---|
| Location | Newport News, VA | Norfolk, VA |
| Filing used | 2026 statement, fiscal 2025 financesPDF | 2024 statement, fiscal 2023 financesPDF |
| Contract types | Type A (life care), Type B (modified) | Type A (life care) |
| Entrance fee, one person | $149,000 to $855,000p. 15p. 17 | $283,079 to $2,164,084p. 14 |
| Monthly fee, independent living | $3,520 to $6,751p. 15p. 17 | $4,213 to $9,196p. 15p. 14 |
| Refund plans | Standard Refundable; 90% Refundablep. 89p. 65 | 80% Refund; 50% Refund; 0% Refundp. 42 |
| Highest guaranteed refund | 90% of the feep. 89p. 65 | 80% of the feep. 42 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 89p. 65 | In turn, from a fund of new residents' entrance feesp. 42 |
| Days cash on hand | 266 days (FY2025, interim)p. 100Figures for LifeSpire of Virginia Obligated Group. | 200 days (FY2023)p. 120 |
| Its lenders' minimum | At least 120 daysp. 25 | Not disclosed in the 2024 filing |
| Debt service coverage | 2.31x (FY2025, interim)p. 100Figures for LifeSpire of Virginia Obligated Group. | 2.98x (FY2023)p. 120 |
| Independent living occupancy | 96.8% (2025)p. 24 | 78% (2023)p. 150 |
| Net position | −$7.9 million (FY2025)p. 100 | −$69.1 million (FY2023)p. 120 |
| Whose finances | Virginia Baptist Homes, Inc. dba LifeSpire of Virginia and Subsidiaries (consolidated); ratios for LifeSpire of Virginia Obligated Groupp. 100 | Fort Norfolk Retirement Community, Inc. and Affiliate (Foundation), consolidated; ratios for Fort Norfolk Retirement Community, Inc.p. 120 |
| Audit opinion | Unmodified (clean) opinion, CliftonLarsonAllen LLPp. 100 | Unmodified (clean) opinion, Walker Healthcare Services Group (a division of King, Shores & Preston, LLC)p. 120 |
| Nursing care, CMS rating | 3 of 5 (CMS overall) | 5 of 5 (CMS overall) |
What care costs later, in each contract
The Chesapeake
Type A (life care): Life-Care residents keep paying their independent-living monthly fee in assisted living, memory care or the Health Care Center, plus two extra meals a day and ancillary charges. If the Health Care Center is full, residents get priority admittance when a bed opens.p. 82
Type B (modified): Fee for Service residents pay the published daily rate for assisted living, memory support and the Health Care Center, less 10%. If the Health Care Center is full, residents get priority admittance when a bed opens.p. 15
Harbor's Edge
Type A (life care): Life Care residents who move permanently to assisted living, memory support or nursing keep paying their apartment's monthly fee plus a $700 monthly transition fee, regardless of level of care (p16). Residents get priority admission to assisted living and the Nursing Center (p10).p. 16