SearStone Receives Preliminary Approval from PFA to Issue Bonds

Will Help Finance Construction of Retirement Community

2010-12-17

CARY, NC, December 17, 2010 (Press-News.org) Samaritan Housing Foundation, Inc., the nonprofit owner/developer of the planned SearStone continuing care retirement community (CCRC) in Cary, has announced that the organization has received preliminary approval from Public Finance Authority (PFA) to issue up to $125 million in tax-exempt bonds to help finance construction.

Public Finance Authority is a government entity established to issue tax-exempt conduit bonds for public and private entities nationwide. The Authority is sponsored by the National Association of Counties, the National League of Cities, the Wisconsin Counties Association and the League of Wisconsin Municipalities.

Keith Langenhahn, chair of PFA, wrote that the Board of Directors "preliminarily approved the issuance of bonds" at its meeting on Dec. 9.

"This is very encouraging news for our depositors and should help us maintain our timeline of beginning construction in 2011 and having our residents move in by the end of 2012," said SearStone founder Bill Sears.

With over 100 of SearStone's 169 units already presold, the community is very close to meeting the 70 percent mark required before construction can commence.

For more information about the SearStone community, visit http://www.searstone.com or call (919) 466-9366. For additional information on Public Finance Authority, visit http://www.pfauthority.org.

About SearStone
SearStone is a continuing care retirement community being developed on the southeast corner of High House Road and Davis Drive in Cary. The community is not-for-profit and will offer several different home styles for independent residents 62 years and older. SearStone will give residents exclusive access to long-term-care services such as home health care, assisted living and nursing care. SearStone was mentioned in the New York Times and is currently accepting deposits for membership. For more information, visit http://www.searstone.com, call (919) 466-9366 or attend one of our events.

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SearStone Receives Preliminary Approval from PFA to Issue Bonds

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