MassDevelopment and BankFive have joined forces to provide $11 million in loan financing to Bratt, LLC for the development of a new mixed-income rental housing project in Hyannis, Massachusetts. The development will be located at 199 Barnstable Road and will feature 45 apartments spread across four buildings. Of these, 40 units will be market-rate, while five units will be designated as affordable housing for residents earning up to 65% of the area median income.
Bratt, LLC is a real estate holding company owned by Bradley Sprinkle and Timothy Telman, who are also the developers behind this project. The site previously operated as the home of Sprinkle’s family-owned contracting business.
BankFive has issued an $8.75 million construction-to-permanent loan, while MassDevelopment has contributed a $2.25 million tax credit bridge loan through the Housing Development Incentive Program (HDIP). Additionally, the project was awarded $2.5 million in HDIP funds from the Executive Office of Housing and Livable Communities.
The development aims to support the growing demand for rental housing in the Hyannis area by blending market-rate and affordable options within a thoughtfully designed community.
