70-Unit Build-Out Phase Ready to Rise

Blue Lake Villas will deliver in January 2005 as the build-out stage to a 12-acre development at the intersection of US Highway 77 and Texas 287 in Waxahachie, 40 miles southeast of Fort Worth. Kennis Ketchum, owner of Portfolio Development, tells GlobeSt.com that the site is being prepped for next week's slab pouring for the 5.5-acre expansion on the far northern end of the Blue Lake land. The 186-unit first phase, which delivered last year, is full and there's a waiting list, she says. The expansion will contain units averaging 819 sf and tagged with a market rate of 88 cents per sf.

The build-out phase was fueled by more than $4.2 million in financing from Dallas-based Malone Mortgage Co., which had vice presidents Gayle Temple and Doug Ryan in charge of the transaction. Ryan says the fully amortized, 40-year loan for the market-rate complex was locked in with a 5.8% fixed-interest rate through HUD's 221 (d)(4) Multifamily Accelerated Processing program.

Womack + Hampton Architects LLC in Dallas designed the gated complex, which will be built by Texas BBL, a subsidiary of BBL Construction Services Inc. of Albany, NY. EnviroDesign of Dallas was the landscape architect and Brockette Davis Drake, also Dallas, was the project's civil engineer.