SearStone Granted Conditional Preliminary Certificate from NCDOI
Retirement Community One Step Closer to Construction

CARY, NC, November 05, 2011 /24-7PressRelease/ -- SearStone, a not-for-profit continuing care retirement community (CCRC) planned for Cary, has been notified by the North Carolina Department of Insurance (NCDOI) that it has met the requirements to receive a conditional Preliminary Certificate. This latest development paves the way for SearStone to secure permanent financing through the issuance of construction bonds.

Public Finance Authority (PFA) has already approved the issuance of up to $125 million in tax-exempt bonds by Samaritan Housing Foundation, Inc., the nonprofit owner/developer of SearStone. The Wake County Board of Commissioners has also approved the issuance of construction bonds, fulfilling an Internal Revenue Service requirement for approval from a local governing body.

SearStone anticipates that a Preliminary Official Statement will be mailed the week of Nov. 7, which will initiate the marketing period for the bonds. At present, bond sales are expected to be completed by February 2012.

Having secured more than 126 depositors, SearStone has pre-sold more than 74 percent of its available housing units. Site work has already begun on the property, but construction of the housing component may not begin until all legal and financial considerations are met and NCDOI issues an unconditional Preliminary Certificate. Some of the conditions to be met before construction can begin include securing permanent financing, providing confirmation of the accounts held in escrow, and providing documentation that all depositors have read the latest version of SearStone's Disclosure Statement.

"We are extremely pleased to receive this news and look forward to moving ahead with securing permanent financing," said SearStone founder Bill Sears. "It's been a dream of mine to build a retirement community on the land that's been in my family for generations, and where my parents and my wife and I plan to reside. Today, we're one step closer to realizing that vision."

For more information about the SearStone community, visit www.searstone.com.

Press Release Contact Information:

Morgan Lamphere
SearStone
Director of Sales & Marketing
106 Walker Stone Drive
Cary, NC
USA 27513
Voice: 919-466-9366
Website: Visit Our Website