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MassDevelopment, BankFive Partner on Financing for Hyannis Rentals

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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