Champaign Workforce Housing Development Launches Lease Up
Royse + Brinkmeyer announced the start of lease-up for The Pilot, a new mixed-income residential community that will deliver 151 modern apartments, townhomes, and lofts to Champaign’s historic In-Town Neighborhood.
Supported by a unique blended financing structure from PNC Bank, The Pilot includes five planned properties designed to expand workforce housing options in the city. “The Pilot offers a meaningful solution for the missing middle – our educators, public-sector and healthcare workers, young families, and emerging professionals who are increasingly priced out of the communities where they work. R+B cares that their needs are met,” said Mike Royse, Majority Investor, Royse + Brinkmeyer.
PNC Bank provided financing through a combination of traditional lending and an equity-equivalent investment. The project supports the City of Champaign’s goal to increase housing units by 2035 as part of a broader strategy to address the region’s supply shortage.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout