HJ Sims arranged two financings for Landis Communities in Lititz, Pennsylvania. The first was $25 million for Landis Place on King, a to-be-built affordable housing project, and the second was $53 million for Landis Homes Retirement Community (LHRC), which operates a CCRC.
Landis Place on King will contain 79 units, with Orrstown Bank providing draw-down capital financing for the property, with a 15-year commitment. There is a 30-year amortization period and a fixed rate of 2.35% for the first 10 years of the 15-year commitment.
LHRC serves 850 residents currently as of 2021 across residential, personal care, memory support and skilled nursing units. It refinanced three outstanding variable-rate bank loans that provided $5 million of capital for renovations with $53.385 million of Series 2021 bonds. They came with a 35-year maturity, a five-year premium redemption option, and are amortized to wrap around one of LHRC’s existing Series 2015A bonds to provide level debt service.
