Cambria Hotel in Hillsboro Scores Construction Financing
A joint venture of Palladius Capital Management and Marquee Funding Group has originated an $11.5-million loan to finance the construction of Cambria Hotel Hillsboro, a four story, 115-key asset located at 5523 NE Huffman St. in Hillsboro, OR. The fixed-rate, 24-month loan was provided to sponsors Evergreen Hospitality Development and Fine Hotel Group.
“We are excited to provide this financing to two high quality sponsors who understand the local market exceptionally well and have a sound business plan to own and operate a high performing hotel supported by multiple demand generators,” said Afshin Kateb, CFO and head of hospitality investments at Palladius.
The 22,000-square-foot upscale hotel will be constructed on land owned by Majestic Realty Co. and adjacent to Majestic Brookwood Business Park, a master-planned 118-acre commercial development in Hillsboro’s business sector. Hillsboro, the fifth largest city in Oregon, has been called “Silicon Forest” given the area’s heavy tech presence.