Hyannis, MA – MassDevelopment has partnered with BankFive to provide $11,873,784 in loan financing to Standard Holdings, LLC, a real estate holding entity, that will use funds to build and equip a 53-unit mixed-income apartment complex at 850 Falmouth Rd. in Hyannis dubbed Residence at 850.
The three story, 72,000sf complex will consist of 43 market-rate units and 10 affordable units rented to households earning no more than 50% of area median income ($48,600 for a four-person household). It will be located on the site of the former Whitehall Nursing Home, which opened in 1967 and was vacant for roughly 15 years before being demolished in 2019. MassDevelopment is providing a $6 million loan, while BankFive is providing a $5,873,784 loan that MassDevelopment enhanced with a loan guarantee.
Residence at 850 complex will be comprised of 44 two-bedroom, two-bathroom units and nine one-bedroom, one-bathroom units. Each unit will have granite countertops, stainless steel appliances, and smart home technology. Amenities include elevators, a mail and secure package room, climate-controlled self-storage, access to high-speed 5G fiber optic internet, a rooftop solar farm, an electric auto charging station, fitness center, common lobby, and a pet-friendly policy.