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Chicago & Midwest  + Midwest  + Hospitality  |  August 6, 2018
Paul Bubny
By: Paul Bubny

Oz Furnishes Senior Debt for Twin Cities Cambria Hotel Project

Choice Hotels’ third Twin Cities-area Cambria project will move forward with senior construction financing provided by an affiliate of Och-Ziff’s Oz Real Estate platform. Financial terms weren’t disclosed on the non-recourse financing for the 170-key Cambria Hotel Minneapolis-St. Paul Airport in Bloomington, MN.

The project, which is slated to open in August 2019, is a collaboration between Ceres Enterprises, The Orlean Company, BGL Real Estate Advisors and Choice Hotels. Oz may purchase the leased fee interest on the stabilized property.

“We have been working closely with BGL for over three years on multiple projects; they have proven time and again that their perseverance and tenacity are unmatched in the industry,” said Ceres president David Crisafi. “This is the fourth Cambria Hotel we’re developing, but this was by far the most challenging and labor intensive structure to-date, so we were fortunate to have a trusted partner in BGL on our side.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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