March 24, 2026 |Housing, News

$29M Brings Affordable Senior Housing To Lynn

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From MassDevelopment: MassDevelopment and Citizens Bank Deliver Tax-Exempt Bond for 2Life Communities’ New Affordable Senior Community

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. in Lynn. 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. 

“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.”

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 percent of area median income (AMI), 69 units rented to households earning up to 50 percent of AMI, and 39 units rented to households earning up to 30 percent 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.

“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 Lynn Mayor Jared C. 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. 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.”

MassDevelopment President and CEO Navjeet Bal

“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, service‑rich 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.”

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.

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.

MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.

Rendering of the project, courtesy of  2Life