GreenRock Capital and J.P. Morgan Close $103 Million Tax-Exempt Financing for Ontario Hotel and Conference Center
SAN FRANCISCO/ONTARIO, Calif. – (May 11, 2026) – GreenRock Capital LLC announces the close of a $103 million financing for the Ontario Airport Hotel and Conference Center in Ontario, California. The $103 million package pairs $26 million in tax-exempt C-PACE bonds with $77 million in tax-exempt mortgage revenue bonds, all underwritten by J.P. Morgan and placed with municipal bond investors.
“This innovative and successful transaction was a result of a true team effort, and we are thrilled with the outcome for all,” said Matt Smith, Principal at GreenRock Capital.
National CORE owns the property, which is being transformed into the Hyatt Regency Ontario through a comprehensive renovation and repositioning effort. Financing proceeds will support the redevelopment of the existing 309-room hotel into a 295-room upscale Hyatt Regency destination featuring expanded suites, a redesigned lobby experience, upgraded food and beverage offerings, a new Club Lounge, more than 16,000 square feet of meeting space, and fully renovated guestrooms and common areas.
“This transaction reflects the confidence investors have in both the strength of the project and the experienced team behind it,” said Robert Diaz, Executive Vice President of National CORE and project lead for this effort. “We are grateful to GreenRock Capital, J.P. Morgan, and our partners for helping bring this transformative vision to life. The overwhelming response to the offering reinforces the long-term potential of this property and its impact on the Inland Empire.”
Located near Ontario International Airport, Toyota Arena, and the Ontario Convention Center, the hotel sits at the gateway of Ontario and Rancho Cucamonga and is positioned to become a premier hospitality destination for business and leisure travelers throughout the Inland Empire.
“GreenRock’s insight to layer C-PACE with tax-exempt bond financing was the key piece of the puzzle to get this project capitalized,” said JLL Capital Markets Senior Managing Director Marc Schillinger, who, along with Keaton Yellin, arranged the financing. “Their creativity and confidence in their ability to execute paved the way to a very smooth closing with their team.”
“The financing structure for this project represents an innovative approach to capitalizing hospitality assets in today’s market,” said Fred Schuster of FGS Realty Advisors, who assisted the sponsor with the transaction. “By combining tax-exempt C-PACE with tax-exempt mortgage revenue bonds, the team was able to deliver a compelling financing package that aligns long-term capital with a transformative hospitality investment.”
About GreenRock Capital
GreenRock Capital LLC, based in the San Francisco Bay Area, is a real estate finance company with a primary focus on C-PACE financing. GreenRock team members leverage their extensive background in structured finance, investment banking, and commercial real estate to solution capital needs on behalf of their clients. The co-founders have been active participants in the C-PACE sector since 2014. For more information, visit GreenRock at www.greenrockhc.com or email info@greenrockhc.com to speak with a team member.
About National CORE
Founded in 1992, National CORE is a vertically integrated nonprofit developer and owner with an A+ S&P credit rating and over $3.0 billion in assets under management. The organization, headquartered in Rancho Cucamonga, owns more than 75 properties and over 16,000 multifamily units. The firm has developed more than 4,900 apartment homes valued at $1.3 billion over the last two decades. National CORE has a current construction portfolio of $345 million under contract and $133 million slated to begin by the end of 2026.
About JLL
JLL (NYSE: JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries, and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500 company, to help them confidently buy, build, occupy, manage, and invest across a variety of industries and property types, including office, industrial, hotel, multifamily, retail, and data center properties. Driven by its purpose to shape the future of real estate for a better world, JLL helps clients, people, and communities “See a Brighter Way.” Powered by rich global datasets and leading technology capabilities, the company provides coordinated, end-to-end delivery of real estate services for a broad range of global clients across many industries. Through LaSalle Investment Management, JLL invests for clients globally in both private assets and publicly traded real estate securities. For further information, visit jll.com.
