CARY, N.C. — HJ Sims has arranged $77.8 million in financing for SearStone Retirement Community, a continuing care retirement community (CCRC) in the Raleigh suburb of Cary.
Samaritan Housing Foundation operates the community.
In June 2012, Sims financed the first construction phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue. Sims had previously provided $6.8 million in pre-development capital. In December 2016, Sims financed $8 million of tax-exempt, fixed-rate bonds.
The 2016 bonds were for an independent living expansion at the property. The new bond issuance will fund further expansion.