Devin Rhodes Of Wheatland Investments Group Secures $10.8 Million Loan For Floret Hill
335 West Madison Avenue
$10,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 9, 2026
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.
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