LAWRENCE, KAN. — Merchants Capital has secured a $10.8 million Freddie Mac loan for Floret Hill, a 121-unit affordable housing development in Lawrence. The developer, Gardner, Kansas-based Wheatland Investments Group, also has obtained federal and state Low-Income Housing Tax Credit equity, while the City of Lawrence donated 12 acres of land and committed approximately $1 million to the project.
Floret Hill will offer one-, two- and three-bedroom apartments across 11 residential buildings, with 37 units restricted to residents earning up to 40 percent of area median income (AMI) and 84 units restricted at 60 percent AMI. Affordability will be maintained for 30 years via the Declaration of Land Use Restrictive Covenants for Low-Income Housing Tax Credits, a federal regulatory program with the Kansas Housing Resources Corp. A completion date was not disclosed, but a document filed with the City of Lawrence says pre-leasing may begin in mid-2027.