Merchants Capital announced $10.8 million in permanent financing for Floret Hill, a 121-unit affordable housing development in Lawrence, Kansas, established as part of a city-supported initiative to expand affordable housing supply.
Merchants Capital secured a Freddie Mac Unfunded Forward TEL loan for Floret Hill. The capital stack also includes federal and state low-income housing tax credit equity and hard and soft debt financing. The City of Lawrence donated 12 acres of land and committed more than $1 million in Affordable Housing Trust Funds to support affordable housing development. Floret Hill is the fourth project that real estate development and management firm Wheatland Investments Group is building in Lawrence and the first affordable housing community on the city’s west side.
Floret Hill will offer one, two and three-bedroom garden-style apartments across 11 residential buildings. Located near Langston Hughes Elementary School, Rock Chalk Park and the South Lawrence Trafficway Trail, Floret Hill provides easy access to schools, recreation and major transportation routes.
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