MassDevelopment Backs Lynn Health Center

Massachusetts Development Finance Agency, a state-sponsored lender and investment banking entity focused on economic development in the Bay State, has provided $11.5 million in financing to Lynn Community Health Inc.

The money, a combination of debt and private grants, will support the initial stages of construction of a 29,300-square-foot ambulatory care facility. Some $6.5 million in funds were provided through a tax-exempt bond issued by MassDevelopment on behalf of Lynn Health. The bond was purchased by Cambridge Savings Bank.

Another $3 million came in the form of a grant from Partners HealthCare.

The new facility will include a walk-in clinic with 10 exam rooms as well as offices for LCH staff. The site’s second floor and basement will remain undeveloped to accommodate future renovations. MassDevelopment said the job is expected to create more than 100 construction and permanent health care jobs.

Founded in 1971, Lynn Community Health is one of the North Shore’s largest provider of out-patient health services, supporting more than 33,000 patients annually.

Article by:

Craig M. Douglas, Real Estate Editor

Boston Business Journal