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The Fairfax and Greenspring Village compared
Two Virginia 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 | The Fairfax | Greenspring Village |
|---|---|---|
| Location | Fort Belvoir, VA | Springfield, VA |
| Filing used | 2025 statement, fiscal 2024 financesPDF | 2024 statement, fiscal 2023 financesPDF |
| Contract types | Type B (modified) | Type C (fee for service) |
| Entrance fee, one person | $135,598 to $1,027,327p. 118p. 119 | $144,000 to $1,280,000p. 101 |
| Monthly fee, independent living | $4,157 to $7,640p. 118p. 119 | $2,660 to $5,430p. 101 |
| Refund plans | 90% Refundable; 50% Refundable; 0% Refundablep. 15 | 90% Refund Amountp. 24 |
| Highest guaranteed refund | 90% of the feep. 15 | 90% of the feep. 24 |
| When a refund is paid | When your unit is re-occupied and the new resident has paidp. 15 | In turn, from a fund of new residents' entrance feesp. 24 |
| Days cash on hand | Not disclosed in the 2025 filingNo days cash on hand or debt service coverage is reported. The Fairfax has no debt, and its balance sheet holds no unrestricted cash or investments: its liquidity sits in $31,277,284 due from a Healthpeak affiliate and a $32,361,790 note receivable from the Healthpeak landlord affiliate (p134, p137). | 1246 days (FY2023, interim)p. 112Figures for Greenspring Village, Inc. Management's figure counts a $259.9M beneficial interest in National CCRC Business Trust I (a related trust). Cash and short-term investments alone come to about 133 days. |
| Its lenders' minimum | Not disclosed in the 2025 filing | At least 120 daysp. 132 |
| Debt service coverage | Not disclosed in the 2025 filingNo days cash on hand or debt service coverage is reported. The Fairfax has no debt, and its balance sheet holds no unrestricted cash or investments: its liquidity sits in $31,277,284 due from a Healthpeak affiliate and a $32,361,790 note receivable from the Healthpeak landlord affiliate (p134, p137). | Not disclosed in the 2024 filingFigures for Greenspring Village, Inc. Management's figure counts a $259.9M beneficial interest in National CCRC Business Trust I (a related trust). Cash and short-term investments alone come to about 133 days. |
| Independent living occupancy | 76.1% (2024)p. 374 | 95.8% (2023)p. 155 |
| Net position | $23.3 million (FY2024)p. 137 | $18.1 million (FY2023)p. 112 |
| Whose finances | SH OpCo The Fairfax, LLCp. 137 | Greenspring Village, Inc.p. 112 |
| Audit opinion | Unmodified (clean) opinion, Baker Tilly US, LLPp. 137 | Unmodified (clean) opinion, PricewaterhouseCoopers LLPp. 112 |
| Nursing care, CMS rating | 3 of 5 (CMS overall) | 1 of 5 (CMS overall) |
What care costs later, in each contract
The Fairfax
Type B (modified): Stays in the Health Center of less than 30 days in any 90-day period cost only the resident's monthly fee plus two extra meals a day. Longer stays are billed at one fixed contract daily rate for every resident, the 'F Unit Equivalent' in the published Care Fees ($188/day for a standard assisted living room or semi-private nursing bed and $335/day for a private nursing room in 2025, against per diem rates of $219, $526 and $601), plus two meals a day and ancillaries; residents who give up their apartment stop paying its monthly fee.p. 53
Greenspring Village
Type C (fee for service): Residents who move permanently to assisted living, memory care or nursing pay the monthly package or daily rate for that unit (memory care $12,742/month, nursing $592/day in 2025). Outside admissions to these units pay a $103,000 deposit.p. 102