Preliminary Official Statement Published for SearStone Bonds
Clears Path for Issuance of Construction Bonds

CARY, NC, November 18, 2011 /24-7PressRelease/ -- SearStone, a not-for-profit continuing care retirement community (CCRC) planned for Cary, is pleased to announce that its investment banking team of Herbert J. Sims & Co., Inc. (HJ Sims) and BB&T Capital Markets (BB&T) has distributed a Preliminary Official Statement in conjunction with the sale of the tax-exempt bond offering through the Public Finance Authority (PFA) for the construction and permanent financing of the SearStone project. The initial offering amount for the bonds is $114,795,000.

The Preliminary Official Statement allows Samaritan Housing Foundation, Inc., the nonprofit owner/sponsor of SearStone, to sell bonds to investors to finance construction of the community. HJ Sims and BB&T have begun marketing the bonds, and SearStone anticipates completion of the bond sales within the first quarter of 2012. Construction will commence soon after the bond sales are complete.

SearStone has pre-sold more than 74 percent of its available housing units, and site work has already begun on the property.

"This is wonderful news for our future members," said SearStone founder Bill Sears. "They're very eager to experience the active SearStone lifestyle, and every day we get closer to construction is a day closer to realizing that expectation."

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