Image Courtesy of MassDevelopment

The state’s economic development agency has partnered with Lowell-based BankFive to provide nearly $12 million in loan financing to developers who plan to build a 53-unit mixed-income apartment complex in Hyannis.

Standard Holdings plans to build a residence at 850 Falmouth Road, according to MassDevelopment. The three-story complex will feature 43 market-rate units and 10 units designated for households earning no more than 50 percent of the area’s median income – $48,600 for a four-person household.

The housing will go up on the site of the former Whitehall Nursing Home, which MassDevelopment says opened in 1967 and was vacant for 15 years before being demolished in 2019.

“Increasing the availability of year-round housing for individuals and families on Cape Cod is an important part of combatting the Commonwealth’s housing crisis,” Housing and Economic Development Secretary Mike Kennealy, chair of the MassDevelopment Board of Directors, said in a statement Tuesday announcing the deal.

Standard Holdings is a real estate holding entity owned by entrepreneur Timothy Telman, the former CEO of Bank of Cape Cod, and developer Robert Carleton. Bank of Cape Cod was acquired by Rockland Trust in 2016.