A large CCRC in Lititz, Pennsylvania (Lancaster area) that expanded in 2008 (tough time to do that…) recently refinanced $123 million of Series 2008 bonds, as well as $10 million of Series 2015 bonds, with the help of HJ Sims. Tracing its roots to 1897, the community now features 505 independent living units, 141 assisted living/personal care units, 120 skilled nursing beds and a 20-bed rehab center. In 2008 it expanded its IL offering and also reconfigured its healthcare services, which was funded by $123 million of bonds. Then in 2015, the CCRC opened its rehab center, in addition to upgrading its buildings and technology, with $10 million of bonds funding the project. The call date for the 2008 bonds was approaching this summer, and the not-for-profit looked to lower its interest rate burden. They also wanted to increase their borrowing capacity to fund a proposed IL expansion project. So HJ Sims secured $98 million in tax-exempt, fixed-rate bond financing to refund the 2008 bonds, while it arranged tax-exempt direct bank financing for the already-commenced IL expansion. The latter came with a variable interest rate to maximize prepayment flexibility by utilizing entrance fees. In the end, the CCRC realized approximately $16 million in net present value savings.