A heating, ventilation, and air conditioning (HVAC) system includes a hot water sub-system including a first heat exchanger and a condenser, a cold water sub-system including a second heat exchanger and an evaporator, and a refrigerant sub-system for transferring heat from the cold water sub-system to the hot water sub-system. The first and second heat exchangers transfer moisture and heat between a liquid desiccant and air. The refrigerant sub-system includes a compressor, the condenser, an expansion valve, the evaporator, and a refrigerant-air heat exchanger. The condenser transfers heat from compressed refrigerant to the hot water sub-system. The evaporator transfers heat from the cold water sub-system to uncompressed refrigerant. The refrigerant-air heat exchanger transfers heat from a portion of the compressed refrigerant to air in a first operating mode, and transfers heat from the air to a portion of the uncompressed refrigerant in a second operating mode.