LITITZ, Pa. — HJ Sims has arranged $25 million in financing for Landis Place on King (LPK) and $53 million for Landis Homes Retirement Community (LHRC), which operates a continuing care retirement community in Lititz, approximately midway between Philadelphia and Harrisburg.
Landis Communities operates a home and community services subsidiary, Landis HCBS, and a middle-market housing subsidiary, Landis Quality Living. As of 2021, LHRC serves 850 residents on its campus with residential living (cottages, apartments, hybrid homes and suites), personal care, skilled nursing and memory support services.
The first loan will fund the construction of LPK, a mixed-use development, which will bring 79 middle- and low-income seniors housing units to downtown Lancaster. The second was the permanent refinancing of three outstanding variable rate bank loans that provided capital for renovations.
Sims determined that the lower costs associated with bank financing were the most attractive option for the first transaction. Orrstown Bank provided $25 million in draw-down capital financing, along with a fixed rate for the first 10 years of its 15-year commitment.
Sims provided bond underwriting in connection with the refinancing of $48 million of LHRC’s recent bank loans, and provided $5 million in capital for campus renovations.