Wallick Achieves Two Closings & Two Awards in North Carolina
Wallick has reached four major affordable housing milestones in North Carolina:
- The nearly $15 million Onyx Place in Wilmington and the $15 million Archer Commons in Morganton closed on their tax credit financing.
- Wallick received two new competitive 2026 9% Low-Income Housing Tax Credit (LIHTC) awards for Sinclair Landing in Yadkinville and Woodhaven Reserve in Mount Airy.
Together, these four developments will add 206 affordable homes across the state. They bring Wallick’s North Carolina presence to 506 homes across eight communities that are open, under construction or in development.
Wallick’s 2026 North Carolina Project Map
Onyx Place Moves into Construction
Onyx Place will bring 48 affordable apartment homes to seniors age 55 and older in Wilmington. The community will include 28 one-bedroom and 20 two-bedroom homes serving households earning between 30% and 80% of the Area Median Income.
The site is located near grocery stores, pharmacies, healthcare providers, retail destinations, public transportation and community amenities.
The apartments will offer residents access to amenities including a community room with kitchenette, computer center, exercise room, gazebo, indoor and outdoor gathering areas, laundry facilities and storage. Six homes will be mobility accessible.
Construction begins this month and is scheduled for completion in November 2027.
Onyx Place Rendering
Partners & Financing Details for Onyx Place
The project’s nearly $15 million capital stack includes resources from numerous partners.
Funding and Financing:
- North Carolina Housing Finance Agency – Rental Production Program and Workforce Housing Loan Program
- City of Wilmington – HOME Funds
- Merchants Capital Investments – Investor
- Live Oak Bank – Investor & Construction Lender
- Security Bank and Trust Company – Permanent Lender
Development & Project Team:
- TightLines Designs, Inc. – Architect
- MC2 Engineering – Civil Engineer
- Partnership Property Management – Property Management
Special thanks to Rosemarie Borrelli, Senior Closing Manager, whose leadership was critical to navigating the project’s complex closing, and to Jake Gill, Vice President of Development, and our North Carolina Development and Closings teams for bringing Onyx Place to this milestone.
Archer Commons Reaches Closing Milestone
Archer Commons will bring 48 affordable apartment homes to seniors age 55 and older in Morganton. Like Onyx Place, this community will include 28 one-bedroom and 20 two-bedroom homes serving households earning between 40% and 60% of the Area Median Income.
The site is located close to one of Morganton’s main corridors and offers stellar views of the Blue Ridge Mountains. Future residents will also be conveniently located near the Morganton Heights Shopping Center and the city’s charming downtown.
The apartments will offer residents access to amenities including a community room with kitchenette, computer center, exercise room, gazebo, indoor and outdoor gathering areas, laundry facilities and storage. Six homes will be mobility accessible.
Construction will begin in September and is scheduled for completion in fall 2027.
Archer Commons Front Elevation
Partners & Financing Details for Archer Commons
The project’s $15 million capital stack includes resources from numerous partners.
Funding and Financing:
- North Carolina Housing Finance Agency –Workforce Housing Loan Program
- Western Piedmont Council of Governments – HOME Funds
- CREA – Investor
- Merchants Bank of Indiana – Construction Lender
- Security Bank and Trust Company – Permanent Lender
Development & Project Team:
- TightLines Designs, Inc. – Architect
- MC2 Engineering – Civil Engineer
- Partnership Property Management – Property Management
With the closings of Onyx Place and Archer Commons, Wallick is one of only a handful of developers to close projects in 2026 that received 2025 tax credit awards. Reaching these milestones is due in large part to the dedicated and relentless efforts of our Closing and Development teams to bring these communities from concept to reality.
Sinclair Landing & Woodhaven Reserve Receive Tax Credit Awards from NCHFA
In addition to both closings, two Wallick developments received 2026 tax credit awards from the North Carolina Housing Finance Agency.
Sinclair Landing received a $1.1 million 9% LIHTC award. The planned family community will include 46 affordable homes off Progress Boulevard in Yadkinville, consisting of nine one-bedroom homes, 23 two-bedroom homes and 14 three-bedroom homes.
Amenities will include a community room, playground, outdoor seating areas, computer center, exercise room and covered picnic area.
Sinclair Landing Site Plan
Woodhaven Reserve received a $1.5 million 9% LIHTC award. The planned senior community will include 64 affordable homes off Pine Terrace Drive in Mount Airy, including 39 one-bedroom homes and 25 two-bedroom homes.
Amenities will include a multipurpose room, indoor sitting areas, computer center, exercise room, tenant storage and a screened porch.
Woodhaven Reserve Front Elevation
TightLines Designs, Inc. and MC2 Engineering are supporting both developments. NCHFA also awarded Rental Production Program funding for Sinclair Landing.
Thank you to Brandon Barcena and Nate Dedrick, who played instrumental roles in identifying the sites and preparing the successful applications for both projects.
As Wallick celebrates 60 years of opening doors to homes, opportunities and hope, our affordable housing work in North Carolina continues to grow.
