JLL arranges $103.5M tax-exempt bond financing for Hyatt Regency Ontario repositioning

LOS ANGELES, May 15, 2026 – JLL Capital Markets announced today it has arranged $103.5 million in tax-exempt bond financing for the repositioning of a 295-key Hyatt Regency hotel in Ontario, California. The financing structure combines $77.1 million in tax exempt hotel revenue bonds and $26.5 million in tax exempt C-PACE bonds.

JLL worked on behalf of the borrower, National CORE, to secure the financing, with J.P. Morgan as the bond underwriter and GreenRock as the C-PACE administrator. The transaction represents approximately 80% of total project cost with a 35-year fixed interest rate and includes a five-year interest-only period followed by a 30-year amortization schedule. 

An affiliate of National CORE acquired the asset through a bankruptcy auction in August 2024 and secured a franchise agreement with Hyatt. The 233,000-square-foot hotel sits on 8.69 acres with 335 surface parking spaces. The redevelopment, designed by Gensler, will reduce the key count from 309 to 295 through the creation of larger suites on the upper floors. The renovation includes a lobby redesign, food and beverage additions including a three-meal restaurant, lobby bar, grab-and-go market, poolside food truck and Regency Club Lounge. The property will feature 16,469 square feet of meeting facilities across two floors, renovated guestrooms and corridors, upgraded fitness center, redesigned outdoor pool area and infrastructure improvements. National CORE is serving as general contractor for the project. Beyond restoring a distressed hospitality asset, the redevelopment is expected to create local jobs, support nearby demand drivers and bring a higher-quality hotel product to a rapidly growing Ontario/Rancho Cucamonga corridor.

The Hyatt Regency Ontario is located at 700 North Haven Ave. on the border between Ontario and Rancho Cucamonga in Southern California's Inland Empire. The property is less than one mile from Ontario International Airport, which served more than 7 million passengers in 2024, and the 11,000-seat Toyota Arena.

The hotel is within 10 minutes of more than $10 billion in planned developments, including the Brightline West high-speed rail terminal connecting Rancho Cucamonga to Las Vegas, opening in fall 2028, and the $200 million Toyota Arena District mixed-use expansion, scheduled for winter 2027. Additional projects include the Ontario International Airport expansion, Ontario Convention Center capacity doubling and the Ontario Sports Empire Complex, a 200-acre facility expected to attract 1.2 million visitors annually upon its October 2026 opening.

Investor demand for the offering exceeded $1 billion, representing approximately 10 times the amount of bonds ultimately issued and reflecting strong market confidence in the project, sponsorship and long-term vision for the property.

“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 JLL, 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.”

“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 National CORE 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.”

The JLL Capital Markets team representing the borrower included Senior Managing Director Marc Schillinger, Keaton Yellin, Ace Sudah and Cameron Sepahi.

"The complexity of structuring a hospitality tax-exempt bond financing required creativity and a dedicated team of the best professionals in the business,” said Marc Schillinger. “National CORE’s A-plus credit rating, continued track record of improving the community through development and dedication to transform this asset were key factors in getting this transaction closed together.”

Keaton Yellin added, “This financing reflects what is possible when a strong sponsor, creative capital and disciplined execution come together around a compelling project. We are proud to have helped deliver a financing solution that supports National CORE’s vision for transforming this asset.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

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, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

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 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 end of 2026.