Kennis Ketchum, owner of Echo Valley Properties Ltd., is tackling her second multifamily project with the Mariposa Villas, an 11-building, gated community going up on about 11 acres. The complex will deliver in September 2003. A first quarter 2003 delivery is planned for the 186-unit Blue Lake Apartments in Waxahachie, south of Fort Worth.
Gayle Temple and Doug Ryan, vice presidents of Dallas-based Malone Mortgage Co., arranged the financing, which carries a 6.65% interest rate and a 40-year term. Malone provided the financing through HUD's 221 (d)(4) Multifamily Accelerated Processing program.
Temple tells GlobeSt.com that 93% is on the high end, but it's tied to a financing for construction and permanent in one package. She points out that the 40-year loan is a non-recourse fully assumable loan, which is a "big draw."
Womack + Hampton Architects LLC designed the community. Shreve Land Construction of Louisiana is the builder.
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