MassDevelopment has partnered with BankFive to provide $11 million in loan financing to Bratt, LLC, which will use the funds to build a new 45-unit mixed-income rental housing development at 199 Barnstable Rd. in Hyannis. The apartments will be spread across four buildings and will include 40 market-rate units and five affordable units intended to be rented to households earning up to 65% of area median income.
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 contracting business.
BankFive provided an $8,750,000 construction-to-permanent loan while MassDevelopment provided a $2,250,000 Housing Development Incentive Program (HDIP) tax credit bridge loan. The project previously received a $2.5million HDIP award from the Executive Office of Housing and Livable Communities.
The post MassDevelopment, BankFive Partner on Financing for Hyannis Rentals appeared first on Connect CRE.
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