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Tax-Exempt Bond Helps Finance New Seniors Housing in Lynn
MassDevelopment has issued a $29-million tax-exempt bond on behalf of 2Life Solimine 4% LLC, an affiliate of 2Life Communities Inc., which is developing 150 new units of seniors housing at 500 Lynnfield St. in Lynn. The bond supports construction of 105 of the project’s 150 total housing units and was purchased by Citizens Bank.
In addition to the MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities in approving federal low-income housing tax credits that will provide approximately $20.2 million in equity for the project.
“As more of our workforce ages into retirement, the demand for high-quality seniors housing continues to grow,” said Economic Development Secretary Eric Paley, who chairs MassDevelopment’s Board. “2Life Communities is creating a new place for older adults to call home, that will ensure they have the care they need and opportunities to remain active and engaged within a community setting.”
- ◦Development
- ◦Financing
