2Life Communities issued $29m for 150 new units of senior housing

Lynn, MA 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 senior housing at 500 Lynnfield St. MassDevelopment’s tax-exempt bond is supporting construction of 105 of the project’s 150 total housing units. The tax-exempt bond, purchased by Citizens Bank, helped the borrower achieve a lower cost of capital.

In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Executive Office of Housing and Livable Communities with the approval of federal low-income housing tax credits that will provide approximately $20.2 million in equity for the project.

The new development will feature three new interconnected buildings that will include 138 one-bedroom apartments and 12 two-bedroom apartments. The development will include 40 units rented to households earning up to 60% of area median income (AMI), 69 units rented to households earning up to 50% of AMI, and 39 units rented to households earning up to 30% of AMI. Two apartments will house live-in staff that will be on call 24 hours per day for residents in the development. Once complete, the development will connect via a walkway to the Program of All-Inclusive Care for the Elderly Center (PACE), a unique health care program for seniors.

MassDevelopment has previously supported 2Life Communities, including issuing tax-exempt bonds for its senior housing developments Leland House in Waltham and Opus Newton. 2Life Communities also owns and operates Shirley Meadows, a 58-unit affordable senior housing development in Devens, the 4,400-acre former military base in north-central Massachusetts that MassDevelopment is redeveloping into a sustainable mixed-use community.

“We are thrilled to see the beginning of this project, which marks a major step forward in providing more affordable, accessible housing opportunities for our seniors,” said mayor Jared Nicholson. “This development will guarantee a new community where they can flourish and connect.”

“MassDevelopment is pleased to partner with Citizens Bank to support construction of this new senior housing development in the Gateway City of Lynn,” said MassDevelopment president and CEO Navjeet Bal. “2Life Communities is a leader in creating spaces where our seniors can age in community, and we are proud to be a financing partner in this mission.”

“As more of our workforce ages into retirement, the demand for high-quality senior housing continues to grow,” said economic development secretary Eric Paley, who serves as Chair of MassDevelopment’s Board of Directors. “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.”

“This project represents the kind of thoughtful, collaborative investment that expands housing options for older adults and strengthens the fabric of our communities,” said Lisa Murray, President of Citizens Massachusetts. “We’re proud to support 2Life Communities and our public partners in bringing more deeply affordable, servicerich homes to Lynn—ensuring more seniors can age with dignity, independence, and connection in a place they call home.”

“2Life is thrilled to be expanding to the North Shore by creating a vibrant new service-enriched community where 150 of Lynn’s older adults can age affordably,” said 2Life Communities President Lizbeth Heyer. “Thanks to MassDevelopment’s pivotal support, Lynn’s treasured seniors will thrive at Solimine House, living with purpose, dignity, and peace of mind in a 100% affordable, beautiful, accessible, and energy-efficient building.”

2Life has been at the heart of positive change in the affordable senior housing ecosystem since 1965. The organization develops, manages, and advocates for high-quality, affordable housing and services that support aging in community, helping older adults and their families enjoy stability, dignity, and peace of mind. Its mission is to ensure that every older adult has the opportunity to live a full life of connection and purpose in a dynamic, supportive environment.