SearStone Partners with LSA, Receives Bond Approval from Wake Commissioners
Retirement community moving forward.

CARY, NC, January 20, 2011 /24-7PressRelease/ -- 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 www.searstone.com or call (919) 466-9366. For information on Lutheran Services for the Aging, visit www.lsanc.net or call (704) 637-2870.

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