Greenbrier
announced that Samaritan Housing Foundation, Inc. has obtained financing and
construction has begun on SearStone located in Cary, North Carolina. Herbert J. Sims & Co. successfully placed
$117,450,000 of non-rated tax-exempt bonds to fund the project. SearStone is a
lifecare CCRC that will consist of 169 independent living apartment and estate
homes, as well as eight assisted living suites and 16 skilled nursing
suites.

SearStone
is part of an overall mixed-use master planned development that is the vision of
Bill Sears of Sears Farm, LLC who endeavored to transform the Sears family farm
into an innovative retirement community with surrounding complementary retail,
hotel and other amenities.

Greenbrier
was engaged in 2009 to restructure SearStone to better align with the new market
and financial realities that exist today. Greenbrier worked with Samaritan, Sims
and Sears Farm to reduce the size of the initial phase from approximately 205
independent living units to 169 and to refine the unit mix to provide a larger
ratio of apartments to estate homes. Initially Greenbrier provided only
development services, but in January of 2010 was engaged to oversee the
marketing for SearStone. Part of the strategic recommendations included
bringing in more local credibility.

As
a result, Retirement Living Associates ("RLA") of Raleigh, NC was engaged as the
management company which has managed Springmoor, another Raleigh based CCRC,
successfully for 27 years. Since that point, Greenbrier and the team took the
project, which had achieved approximately 50% pre-sales during a more than
three-year pre-sale period, to more than 80% pre-sales.

This
success came despite a five-month period where pre-sales were halted due to new
regulatory filings. Greenbrier credits much of the marketing success to an
outstanding local sales team and marketing director, the local credibility of
RLA, Sears Farm and the Board, and to the growing local senior
demographics.

The
SearStone development and finance team overcame tremendous challenges to
complete the financing. The financing could not have been completed without the
dedication and tenacity exhibited by Bill Sears, Stan Brading (President of
Samaritan), Sims and the entire finance and development team. SearStone is an
exciting development which is poised to enhance the lives of Cary's seniors for
many generations.