MatchCap℠ raise for planned unit development's retirement community

SearStone is a start-up, non-profit CCRC in Cary, North Carolina to be owned by Samaritan Housing, which consists of prominent members of the Cary Community.

It will be an entrance fee lifecare community of 135 independent living apartments, 26 independent living plaza apartments, 46 independent living estate homes, 16 assisted living suites and 32 skilled nursing beds with the amenities of an upscale continuing care retirement community. SearStone is part of a planned unit development and will be built on a 24-acre site valued at approximately $7.2 million (“Phase I Site”), within a 75-acre site (“Development Parcel”) owned by Sears Farm, LLC. Sears Farm, LLC was created to acquire title to the Development Parcel from the Sears family and hold it as the various phases of the development are completed. The Development Parcel consists of (i) the 24-acre Phase I Site, (ii) a 16-acre site that is set aside for complementary commercial and retail uses and (iii) 34 acres that have been preliminarily identified for Phase II of SearStone. Sears Farm, LLC has agreed to transfer the Phase I Site to Samaritan Housing, Inc. at cost (original purchase price plus carrying costs) prior to the construction financing. Retirement Living Services is working with the owners on the development.