Press Release: 10/8/2025

$11M for New Housing in Hyannis

 

MassDevelopment & BankFive Partner to Provide Loan Financing to Bratt, LLC for Construction of 45 Mixed-Income Apartments

October 07, 2025 

Kiara Ford, 978-844-1380

kford@massdevelopment.com

Renderings of project, courtesy of Bratt LLC

HYANNIS, Mass. – 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 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 Mr. Sprinkle’s family-owned contracting business. The site was recently cleared; construction is currently underway and expected to be completed in Q2 2026. 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 $2.5 million HDIP award from the Executive Office of Housing and Livable Communities.

“Increasing the availability of housing can strengthen a community’s workforce and stimulate the local economy,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’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-business 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 Communities. "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 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,” 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 Road 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 President of Commercial Lending at BankFive. “Through our continued partnership with MassDevelopment, 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 communities while driving economic growth across the region."

The new apartments will have an average size of 550 square feet. 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 development is possible due to the cooperation among MassDevelopment, BankFive, the Town of Barnstable, and the Massachusetts Housing Development Incentive Program,” said Bratt, LLC Co-Owner Tim Telman. “Collectively addressing the housing needs on Cape Cod is a powerful recipe for success.”



Bradley Sprinkle has more than 35 years of experience in the construction field and has considerable experience developing, building, and managing many housing projects across Cape Cod and southeastern Massachusetts. Tim Telman is a local entrepreneur on Cape Cod and the former President and CEO of Bank of Cape Cod, which he founded in 2006, operated for 10 years, and then sold to Rockland Trust.  

In 2022, MassDevelopment partnered with BankFive to provide $11,873,784 in loan financing to Standard Holdings, LLC, a real estate holding entity owned in part by Mr. Telman, that used funds to build and equip a 53-unit mixed-income apartment complex at 850 Falmouth Rd. in Hyannis dubbed Residence at 850.

MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.