**MassDevelopment and BankFive Partner to Finance New Housing Development in Hyannis**
MassDevelopment and BankFive have jointly provided $11 million in loan financing to support the development of a 45-unit mixed-income rental housing project at 199 Barnstable Road in Hyannis, Massachusetts. The financing will be used by Bratt, LLC to construct four new residential buildings comprising 40 market-rate apartments and five affordable units. The affordable units will be designated for households earning up to 65% of the area median income.
Bratt, LLC is a real estate holding entity owned by Bradley Sprinkle and Timothy Telman, who are also serving as the developers of the project. The site was previously home to a family-owned contracting business operated by Sprinkle.
The financial package includes an $8.75 million construction-to-permanent loan from BankFive and a $2.25 million tax credit bridge loan from MassDevelopment, utilizing funds through the Housing Development Incentive Program (HDIP). The project had already secured a $2.5 million HDIP award from the Massachusetts Executive Office of Housing and Livable Communities.
This development represents a continued effort to address housing needs in the region through public-private collaboration, offering both affordable and market-rate options for residents in the Hyannis area.
