**MassDevelopment and BankFive Provide $11M in Financing for New Hyannis Housing Development**
MassDevelopment has partnered with BankFive to deliver $11 million in loan financing to Bratt, LLC for the construction of a new 45-unit mixed-income rental housing development located at 199 Barnstable Road in Hyannis, Massachusetts. The development will consist of four residential buildings, comprising 40 market-rate apartments and five affordable units designated for households earning up to 65% of the area median income.
Bratt, LLC, the project’s developer, is a real estate holding company owned by Bradley Sprinkle and Timothy Telman. The site was previously home to Sprinkle’s family-owned contracting business.
Financing for the project includes an $8.75 million construction-to-permanent loan from BankFive and a $2.25 million Housing Development Incentive Program (HDIP) tax credit bridge loan from MassDevelopment. In addition, the Executive Office of Housing and Livable Communities previously awarded the project a $2.5 million HDIP grant to support the development.
