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The Cypress of Raleigh and The East Tower at Cardinal North Hills compared
Two North Carolina communities about 5 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 Cypress of Raleigh | 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 | Equity | Rental |
| Entrance fee, one person | Purchase + membership fee | None: rental |
| Monthly fee, independent living | $3,828 to $6,560p. 38p. 39 | $7,653 to $15,515p. 19 |
| Refund plans | Not disclosed in the 2026 filing | None: rental contract |
| Highest guaranteed refund | Not disclosed in the 2026 filing | None: rental contract |
| When a refund is paid | Not disclosed in the 2026 filing | None: rental contract |
| Days cash on hand | 182.08 days (FY2025)p. 2Debt service coverage is left blank: FS-1 prints 187.08x for FY2025, but the only debt is vehicle leases (FS-1 footnote, p2), so the ratio says nothing about the community's ability to carry debt. Days cash includes the reserves held under state statute ($6.4M) and the asset replacement reserve ($8.4M); unrestricted cash and cash equivalents alone were $905,060 at year-end, about 11 days. | 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 | Not disclosed in the 2026 filingDebt service coverage is left blank: FS-1 prints 187.08x for FY2025, but the only debt is vehicle leases (FS-1 footnote, p2), so the ratio says nothing about the community's ability to carry debt. Days cash includes the reserves held under state statute ($6.4M) and the asset replacement reserve ($8.4M); unrestricted cash and cash equivalents alone were $905,060 at year-end, about 11 days. | 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 | 100% (2025)p. 21 | 98.9% (2025)p. 16 |
| Net position | $31.8 million (FY2025)p. 104 | −$172,750 (FY2025)p. 39 |
| Whose finances | The Cypress of Raleigh Club, Inc. and The Cypress of Raleigh Owners' Association, Inc. (combined)p. 104 | Tower at The Cardinal, LLCp. 39 |
| Audit opinion | Unmodified (clean) opinion, Dreher Martin CPAs, P.A.p. 104 | 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
The Cypress of Raleigh
Equity: For Membership Agreements signed on or after January 1, 2025, the included care was cut from 90 to 45 lifetime cumulative days in The Rosewood at the regular Monthly Payment; agreements signed before that date keep 90 days. During those days Members pay only extra meals and any room upgrade; after them they pay daily Member rates (2026: $220 private assisted living, $280 semi-private nursing) on top of the Monthly Payment, versus $365 and $450 for non-members. If The Rosewood is full the Club pays any extra cost of care elsewhere.p. 28
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