SearStone Reaches Goal for Pre-Sales of Homes

Retirement Community Poised to Issue Bonds, Begin Construction

2011-04-14

CARY, NC, April 14, 2011 (Press-News.org) SearStone, a not-for-profit continuing care retirement community (CCRC) planned for Cary, has achieved a major milestone by reaching the 70-percent presales requirement that is the typical standard set by prospective bond investors before construction can begin. As a result, SearStone has initiated the process to complete the proper bond documents, feasibility study and Preliminary Official Statement, and hopes to break ground for new housing this fall.

"My family and I have waited a long time for this day," said SearStone founder Bill Sears, "and we are extremely pleased to take this giant step toward realizing our dream of building a vibrant and aesthetically pleasing retirement community in Cary."

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. In January, the Wake County Board of Commissioners approved the issuance of construction bonds, fulfilling an Internal Revenue Service requirement for approval from a local governing body.

Having presold 119 of the community's 169 housing units, SearStone staff will continue to sell the remaining homes while construction bonds are issued. SearStone is presently offering pre-construction pricing on entrance fees and a variety of home styles and floor plans to future residents who act now.

"Our team at SearStone is thrilled to reach this milestone, and we believe it is a real testament not only to the appeal of our unique, new urbanism design and spacious floor plans, but also our refundable entrance fees and all-inclusive health care offering," said Director of Sales and Marketing Morgan Lamphere. "We are excited for the future residents who have chosen the SearStone lifestyle, and we look forward to introducing new residents to the community."

SearStone has partnered with Greenbrier Development and Retirement Living Associates to develop and manage this distinctly different community for seniors, and has retained Rentenbach-Wilson Construction and Poythress Construction to help build the community.

For more information about SearStone, visit http://www.searstone.com or call (919) 466-9366.

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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