MassDevelopment partners with BankFive to provide $11m to Bratt, LLC, to build a 45-unit mixed-income rental dev.
HYANNIS, MA MassDevelopment has partnered with BankFive to provide $11 million in loan financ - ing to Bratt, LLC, which will use the funds to build a new 45-unit mixed-income rental housing development at 199 Barnstable Rd. The apartments will be spread across four buildings and will include 40 market-rate units and five affordable units to be rented to households earning up to 65% of area median income (AMI). Bratt, LLC is a real estate holding entity owned by Bradley Sprinkle and Timothy Telman, who are also serving as developers for this project. The property most recently served as the location for Sprinkle’s family-owned contract - ing business. The site was recently cleared; construction is currently underway and expected to be completed in Q2 2026. BankFive provided an $8.75 million con - struction-to-permanent loan while MassDevelopment provided a $2.25 million Housing Develop - ment Incentive Program (HDIP) tax credit bridge loan. The project
previously received a $2.5 million HDIP award from the Executive Office of Housing and Livable Communities. “Increasing the availability of housing can strengthen a commu - nity’s workforce and stimulate the local economy,” said economic development secretary Eric Paley, who serves as chair of MassDevel - opment’s board of directors. “We are pleased that this collaboration is helping Hyannis add 45 new mixed-income apartments.” “If we want teachers, nurses, hospitality workers and small-busi - ness owners to stay on the Cape, we need more homes at a range of price points,” said Ed Augustus, secretary of the Executive Office of Housing and Livable Com - munities. “The Healey-Driscoll Administration is happy to invest in these 45 mixed-income homes. Increasing the housing supply on Cape Cod gives residents more options, more choices and takes pressure off prices.” “Every new unit of housing makes a difference in addressing
president of commercial lending at BankFive. “Through our con - tinued partnership with MassDe - velopment, BankFive is proud to help bring 45 new mixed-income apartments to Hyannis. Together, we’re supporting local developers like Bratt, LLC in creating housing that meets the needs of our com - munities while driving economic growth across the region.” The new apartments will have an average size of 550 s/f. The units are expected to include quartz countertops, stainless-steel appliances, in-unit laundry, and a mix of wood plank flooring and carpeted hallways. The property will also include surface parking. “The Barnstable Flats devel - opment is possible due to the cooperation among MassDevel - opment, BankFive, the Town of Barnstable, and the Massachusetts Housing Development Incentive Program,” said Telman. “Col - lectively addressing the housing needs on Cape Cod is a powerful recipe for success.” FOR FULL STORY VISIT NEREJ.COM
the housing shortage Cape Cod faces, and we congratulate devel - opers Bradley Sprinkle and Tim- othy Telman for their leadership in creating 45 new mixed-income apartments in Hyannis,” said MassDevelopment president and CEO Navjeet Bal. “With loan financing from MassDevelopment and BankFive, as well as support from the Commonwealth, this project represents what’s possible when private and public partners come together to advance new housing.” “The Village of Hyannis has
seen a lot of new investment over the last few years in the form of redevelopment,” said Barnstable town manager Mark Ells. “Vacant and underutilized properties are seeing new life. 199 Barnstable Rd. is another great example of this. The redevelopment of this location from an aging metal one story commercial building into 45 mixed-income apartments will bring new life to the gateway of the village.” “This project is a good example of the power of collaboration,” said Charlie DeSimone, senior vice
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