HJ Sims Arranges $6.6M for Phase II of SearStone Development in Cary, North Carolina

CARY, N.C. — HJ Sims has arranged $6.6 million in financing for Samaritan Housing’s continued expansion plans at SearStone, a continuing care retirement community in Cary.

Following the original Phase I development, SearStone consists of 131 independent living apartments, 38 independent living estate homes, 14 assisted living units and 25 skilled nursing beds.

Sims financed the first phase of SearStone with a $117.5 million non-rated, fixed-rate bond issue in June 2012 and an expansion of the healthcare center in 2016 with an $8 million issue. Sims provided the original seed capital for the Phase II expansion in 2017.

Phase II will double the size of SearStone with the addition of The Highview at SearStone. The project will add 152 independent living units, 14 assisted living units, 14 memory care units and 24 skilled nursing suites. New dining venues, along with additional common and green spaces are also part of the project.

Retirement Living Associates operates the community, which Greenbrier developed.