SearStone Partners with LSA, Receives Bond Approval from Wake Commissioners

CARY, NC, January 20, 2011

SearStone, a not-for-profit continuing care retirement community (CCRC) planned for Cary, has signed an affiliate sponsor agreement with Lutheran Services for the Aging (LSA). As part of the agreement, LSA will provide technical assistance to the SearStone Board of Directors and assist the organization in establishing and maintaining its community benefit program to provide care to the residents of Wake County.

LSA joins Greenbrier Development and Retirement Living Associates as SearStone partners dedicated to establishing a distinctly different community for seniors.

"LSA cares for more than 1,200 North Carolina seniors annually, over 600 of whom require skilled nursing, and in 2009 provided over $6 million in unreimbursed care to low-income seniors," said SearStone founder Bill Sears. "This agreement sets up an alliance between SearStone and LSA as a benevolent brotherhood serving the elderly. Although each organization maintains its autonomy, we hope to leverage their extensive experience to better serve the community."

"Searstone is positioned to be a great service to seniors in the region," said LSA President Ted Goins. "Lutheran Services for the Aging looks forward to assisting this not-for-profit organization and participating in its ongoing community service, primarily to benefit low-income seniors in Wake County."

SearStone Moving Forward
On Jan. 3, the Wake County Board of Commissioners approved the issuance of construction bonds for SearStone, fulfilling an Internal Revenue Service requirement for approval from a local governing body. Cary Mayor Harold Weinbrecht had submitted a letter to the commissioners stating his belief that SearStone would create needed jobs in Cary and provide services benefitting Wake County residents.

In December, Public Finance Authority (PFA) approved the issuance of up to $125 million in tax-exempt bonds by Samaritan Housing Foundation, Inc., the nonprofit owner/developer of SearStone.

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, per N.C. Department of Insurance requirements.

"We are very excited about these recent developments, and are busy hiring additional sales staff and meeting with prospective members," said Morgan Lamphere, SearStone's director of sales and marketing. "We hope to begin construction in 2011 and have our first residents move in by the end of 2012."

SearStone is presently offering pre-construction pricing on a variety of home styles and floor plans. Depositors can save up to $50,000 on entrance fees by acting now.

For more information about the SearStone community, visit http://www.searstone.com or call (919) 466-9366. For information on Lutheran Services for the Aging, visit http://www.lsanc.net or call (704) 637-2870.

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.

About Lutheran Services for the Aging
LSA was founded in 1960 by the NC Synod of the Evangelical Lutheran Church in America to live out Christ's message to care for "the least of these," and established its first ministry, a Hickory nursing home, in 1962. Since that time, LSA has expanded services to include both frail and active seniors, and now operates five nursing homes; two retirement communities; an assisted living residence; an adult day services program; geriatric care management; and information and referral services. For information, visit http://www.lsanc.net or call (704) 637-2870.