Image courtesy of Bratt LLC
MassDevelopment and BankFive have provided an $11 million loan to a development team planning 45 mixed-income apartments in Hyannis.
“Every new unit of housing makes a difference in addressing the housing shortage Cape Cod faces, and we congratulate developers Bradley Sprinkle and Timothy Telman for their leadership in creating 45 new mixed-income apartments in Hyannis,” MassDevelopment President and CEO Navjeet Bal said in a statement. “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.”
Sprinkle is a local developer and contractor. Since selling his start-up Bank of Cape Cod to Rockland Trust in 2016, Telman has entered the development business, as well.
The apartments at 199 Barnstable Road 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 percent of the area median income, MassDevelopment said. The units will have an average size of 550 square feet and are expected to feature quartz countertops, stainless steel appliances and in-unit laundry. The property will also include surface parking.
The property most recently served as the location for Sprinkle’s family-owned contracting business. Construction is currently underway and expected to be completed in the second quarter of 2026.
This isn’t the first time that MassDevelopment and BankFive have partnered for a project by Sprinkle and Telman. The lenders provided an $11.87 million loan to an LLC controlled by the duo to build a 53-unit mixed-income apartment complex elsewhere in Hyannis, at 850 Falmouth Road, in 2022
“If we want teachers, nurses, hospitality workers and small-business owners to stay on the Cape, we need more homes at a range of price points,” Secretary of the Executive Office of Housing and Livable Communities Ed Augustus said in a statement. “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.”
