Wallick Closes on Walnut Ridge in Indianapolis

We’re excited to announce that Wallick has officially closed on the tax credit financing for Walnut Ridge Apartments, a 78-unit acquisition-rehabilitation community in Indianapolis, Indiana.

Walnut Ridge was awarded $1.3 million in competitive 9% LIHTC and $500,000 in soft funding from the Indiana Housing & Community Development Authority (IHCDA). This asset previously went through foreclosure in 2024 and was at risk of losing its affordability restrictions and becoming market rate. Wallick is proud that we were able to purchase this asset and take it back through the tax credit program, allowing it to remain affordable for years to come.

Construction is underway, with an anticipated completion in November 2026.

This closing was made possible through incredible teamwork across our Development, Closing, and Construction teams, along with strong collaboration from our external partners.

Project partners include:

CREA (equity investor), Security Bank and Trust (permanent loan lender), Huntington National Bank (construction loan lender), IHCDA (tax credits and soft funding) and RDL Architects (architect).

When finished, Walnut Ridge will offer eight studio units, six one-bedroom units, and 64 two-bedroom units. Residents will enjoy amenities including an enclosed courtyard with a glass greenhouse, dog park, picnic/grill area, community room, fitness center, computer room and high-speed Wi-Fi throughout common areas and units.

A special thank-you to the Development team leads, Sara Ford, Brandon Barcena, and Brennon Davis, and Closing Manager Kim Franks for their dedication in bringing this project to the finish line. We’re proud to continue Wallick’s mission of Opening Doors to Homes, Opportunities and Hope.