SearStone, a proposed retirement community in Cary, announced Wednesday that the state Department of Insurance has issued it a preliminary certificate allowing the project to close on its recent bond sale and begin construction.
SearStone expects to hold a groundbreaking on June 26, said spokeswoman Morgan Lamphere, with construction expected to take about 15 months.
Last month, SearStone signed an agreement to sell $117.5 million in bonds to finance the construction of the 169-unit project.
SearStone is a continuing-care retirement community for people 62 and older. CCRCs offer residents a range of medical services – skilled nursing, assisted living, independent living – all in one place.
The state regulates CCRCs to ensure that residents receive proper care and that the projects are financially sound.
SearStone received approval from Wake County officials last year to issue the bonds through the Public Finance Authority, a group that partners with private borrowers and local governments.
The bonds will cover the cost of the project’s first phase of construction.
More than 138 of SearStone’s units under contract.
The community will be operated by a nonprofit, Samaritan Housing Foundation, which will be responsible for setting the monthly fees for the community.
The project is being built on 24 acres at High House Road and Davis Drive.