GreenRock Capital announced the close of a $103 million financing for the Ontario Airport Hotel and Conference Center in Ontario, Calif. 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 gu
