MassDevelopment has issued a $37.7 million financing package for the YMCA of Metro North.

The package includes a $27.7 million tax-exempt bond and a $10 million New Markets Tax Credit allocation. The YMCA of Metro North will use proceeds from this financing to acquire a half-acre parcel of land next to the Lynn YMCA, on which it will build, furnish and equip a second facility for the center. The 70,000-square-foot, state-of-the-art facility will include a family aquatic center, gymnasium, locker rooms, an indoor track, fitness studios, a family adventure center and child watch area.

The YMCA of Metro North will also use tax-exempt bond proceeds to refinance previously issued debt. The bond was purchased by Boston Private Bank & Trust.

The $10 million New Markets Tax Credit allocation from MassDevelopment is part of a total $21.5 million New Markets Tax Credit package for this project that also includes $5 million from the Massachusetts Housing Investment Corp., $4 million from the Capital One Community Renewal Fund and $2.5 million from Boston Community Capital. Capital One, N.A., was the tax credit investor in the transaction, contributing $7.4 million in equity.