Sales Office - for information/schedule a tour
Main Desk - for all other inquiries
Vendors - for sales inquiries
Careers - for career inquiries
SearStone Announces Construction Bond Purchase Agreement
May 18, 2012
CARY, N.C., May 18, 2012 – SearStone has announced that Herbert J. Sims & Co. Inc. has signed a Bond Purchase Agreement for its $117.5 million construction bond offering. The bonds will finance the development and construction of the 169-unit retirement community being built on the corner of High House Road and Davis Drive. More than 200 future residents have already reserved more than 138 residences at SearStone, and are eager to move in and start taking advantage of the amenities and services the community will offer.
SearStone is a not-for-profit Life Care continuing care retirement community that 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.
The final closing of the bond sale can occur only after the North Carolina Department of Insurance (“Department”) has issued to SearStone an unconditional Preliminary Certificate. The issuance of the Preliminary Certificate is contingent upon the Department’s review and approval of the revised disclosure statement and related documents, and the verification that conditions included in the Conditional Preliminary Certificate issued on October 20, 2011, have been satisfied.
Two North Carolina companies will construct SearStone: joint venture Retenbach-CT Wilson and Poythress Building Company will be responsible for completing the community within the projected 16-month construction time frame. Retirement Living Associates, Inc. (RLA), best known for providing management services for Springmoor Life Care Retirement Community in Raleigh, will manage and operate SearStone when it opens.
“This has been a long journey for my family,” said Bill Sears, founder and future resident of SearStone, “but we are so excited to start this next chapter and finally see our vision come to reality.”
“Our future residents have waited so long for this time to come, and we all look forward to this and future milestones for the community,” said Morgan Lamphere, director of sales and marketing.
About SearStone SearStone is a continuing care retirement community being developed on the southeast corner of High House Roadand Davis Drivein 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 has been mentioned in numerous national publications such as the New York Times and is currently accepting deposits for membership. For more information, visit www.searstone.com, call (919) 466-9366 or attend one of our events.
Return to News Article Listing