Updated Jul 13, 2026
Devin Rhodes Of Wheatland Investments Group Secures $10.8 Million Loan For Floret Hill
335 West Madison Avenue
$10,800,000
Units
212
Asset Type
MultiFamily
Closing
Jul 9, 2026
About this deal
AI
The property asset involved in this transaction is a multi-family development located at 335 West Madison Avenue in Gardner, KS. The development consists of 212 units, providing affordable housing options. A loan amounting to $10,800,000 was secured for the financing of the property.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $10,800,000
- Lender: Merchants Capital
- Landlord: Devin Rhodes - Wheatland Investments Group
- Market: Gardner, KS
- Units: 212
The deal primarily involved Merchants Capital, which closed the financing for this project. The financing utilized included a Freddie Mac Unfunded Forward TEL loan in conjunction with LIHTC equity and additional debt financing to support the development of affordable housing in the area.
On the Map
$10,800,000
MultiFamily
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Players
Gardner MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.47%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93