National CORE Closes $103M Financing for Hyatt

Kim Anthony • July 10, 2026

National CORE, one of the nation’s largest nonprofit developers and property managers of affordable housing, has closed approximately $103 million in bond financing to support the transformation of the Ontario Airport Hotel & Conference Center into Hyatt Regency Ontario, an upper-upscale, full-service hospitality destination near Ontario International Airport.


The successful consummation of the bond offerings paves the way to a rapid renovation project that will reimagine the hotel, redefine hospitality in the Inland Empire and drive economic growth in neighboring communities.


“This project represents the rebirth of an iconic property that has long stood at the gateway to our community,” said Jeff Burum, chairman of the board of directors for National CORE. “This is an investment in Ontario and in economic growth that elevates the region for residents, businesses, travelers and the organizations serving this community.”


The project brings together the experienced team of Hyatt as franchisor, Manhattan Hospitality Advisors as hotel operator, M. Arthur Gensler Jr. & Associates, Inc. as architect and National CORE as owner and developer.


“Hyatt Regency Ontario near a major airport will bring a unique value proposition centered on connectivity, convenience, and elevated full-service hospitality. The brand is designed to serve as a dynamic hub for business and leisure travelers by offering expansive meeting and event space, premium food and beverage experiences, flexible gathering areas, and seamless access for travelers in transit,” said Patrick Schumm, senior vice president of franchise operations and owner relations, Hyatt. “Beyond stays, Hyatt Regency hotels are built to attract conferences, corporate meetings, and regional events that generate sustained economic activity and community engagement. We are excited by National CORE’s vision and the opportunity to create a destination that delivers long-term value for travelers, local businesses, and the broader community.”


The bond offerings also mark a major investment in the region and reflect confidence in the project team, the long-term vision for the property and National CORE’s financial strength.


Investor demand for the offering was strong and well in excess of the par amount offered allowing JP Morgan, who served as the sole underwriter, to reduce interest rates to a blended rate for the entire financing (CPACE + Revenue Bonds) of slightly more than 6%.


Robert Diaz, Executive Vice President and project lead with National CORE, noted that “Investors responded to the strength of National CORE’s balance sheet, our longstanding presence in the Inland Empire and our ability to execute complex development projects. This financing structure allowed us to align long-term community investment with a transformational hospitality project that will benefit the region for decades.”


“The highly innovative financing structure we were able to arrange for National CORE was the result of strong collaboration between a team dedicated to making a success out of this effort and was driven by strong partnership from Jones Lang LaSalle (JLL), GreenRock Capital, FrostBrownTodd Gibbons, Chapman and Cutler, Orrick and JP Morgan,” said Fred Schuster of FGS Realty Advisors.


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


The financing package included approximately $27.3 million in Property Assessed Clean Energy (PACE) bonds supporting eligible energy-efficiency improvements and approximately $74.5 million in hotel revenue bonds supporting renovation, construction and project-related costs.


“It is great to work with the team at National CORE, which is a leader in building cost-contained, high-performance developments that minimize impact on natural resources and aligns perfectly with the purposes of PACE financing,” said Joe Euphrat, Co-Founder & Managing Principal of GreenRock.


National CORE views the hotel investment as part of a broader long-term strategy to diversify revenue sources and strengthen organizational stability to further fuel its efforts in furtherance of its mission of providing affordable housing and resident services.


National CORE also views the investment as part of a broader workforce development strategy through its “CORE Academy,” including future hospitality career pathways and training opportunities connected to the hotel industry.

“Our mission has always been about investing in communities in ways that create lasting impact,” Burum added. “This project reflects that same philosophy. We are building something that serves the region today while creating opportunities for the future.”

Illustration: National CORE, Inc.

By Kim Anthony August 18, 2026
The third-generation, Black-owned business has turned a family recipe into a West Coast enterprise—while remaining rooted in the community that helped it grow. By Urban Business Journal Staff For 70 years, the ovens at 27th Street Bakery have produced more than sweet potato pies. They have helped sustain a family legacy, create neighborhood jobs and preserve an important piece of Black business history in South Los Angeles. Located at 2700 South Central Avenue, the third-generation, Black-owned bakery is celebrating seven decades in business—a milestone few small businesses ever reach. Best known for its homemade sweet potato and pecan pies, 27th Street Bakery has grown from a neighborhood favorite into what the company describes as the largest manufacturer of sweet potato pies on the West Coast. From Southern Roots to a Los Angeles Landmark The business began during the 1930s when Harry and Sadie Patterson opened a restaurant along Central Avenue, then the cultural and commercial heart of Black Los Angeles. The Pattersons brought Southern recipes and traditions with them, creating food that offered Los Angeles’ growing Black community a familiar taste of home. In 1956, the family converted the restaurant into a specialty bakery producing sweet potato pies, fruit pies, cakes and other desserts. That transformation established the business now known as 27th Street Bakery. The next generation assumed leadership in 1980, when the founders’ daughter, Alberta Cravin, and grandson, Gregory Spann, took over the operation. Today, the bakery is led by sisters Denise Cravin-Paschal and Olympic gold medalist Jeanette Bolden-Pickens, along with Bolden-Pickens’ husband, Al Pickens. Five additional family members are reportedly involved in the business, continuing a tradition of shared ownership and responsibility. More Than a Bakery The bakery’s longevity is especially significant because of where it stands. Central Avenue was once home to a thriving collection of Black-owned hotels, nightclubs, restaurants and professional offices. As Los Angeles changed and families dispersed into other neighborhoods, many of those businesses disappeared. 27th Street Bakery remained. Its presence represents both economic endurance and cultural preservation. Across several generations, the company has provided employment, stability and a trusted gathering place for neighborhood residents. The bakery has also learned how to grow without abandoning its roots. Customers can still walk into the Central Avenue storefront and purchase fresh pastries, but the company now accepts online orders, offers nationwide shipping through Goldbelly and provides local delivery through services including DoorDash, Uber Eats and Postmates. The company was also selected as an approved supplier for the Super Bowl LVI Business Connect program—an initiative that identified qualified, diverse Los Angeles-area companies to compete for contracting opportunities connected to the event. That combination of tradition, distribution and supplier readiness offers a valuable lesson for other community-based businesses: longevity often depends on preserving what customers love while continually developing new ways to reach them. Seventy Years—and Still Growing In recognition of the anniversary, 27th Street Bakery is offering slices of sweet potato pie for 70 cents on select Saturdays through October 31, according to reporting from LA Local. The promotion is more than an anniversary special. It is an invitation for Los Angeles residents to support a business that has supported its community for generations. At a time when many independent restaurants and neighborhood businesses are struggling with rising costs, changing consumer habits and increased competition, reaching the 70-year mark is an extraordinary achievement. It demonstrates the power of family succession, a trusted product, community loyalty and the willingness to adapt. The Business Lesson The story of 27th Street Bakery offers several practical lessons for entrepreneurs hoping to build companies that last: Build around a signature product. The bakery became widely recognized for one distinctive offering—its homemade sweet potato pie. Protect the brand’s story. Its history and family recipe are not simply sentimental details; they are competitive advantages that distinguish the company from mass-market producers. Prepare the next generation. Leadership has successfully transferred through three generations, allowing the company to preserve family ownership. Expand how customers can buy. Nationwide shipping, online ordering and delivery platforms have taken the bakery beyond the geographic limitations of its storefront. Pursue supplier opportunities. Certification and participation in procurement programs can expose established small businesses to larger contracts and new institutional customers. Remain connected to the community. The company’s enduring relationship with South Los Angeles has created a level of loyalty that advertising alone cannot purchase. For entrepreneurs throughout Los Angeles, the Inland Empire and beyond, 27th Street Bakery is proof that a neighborhood business can preserve its identity, expand its reach and build an enterprise capable of outliving its founders. Seventy years later, the family is still baking—and Los Angeles is still showing up for another slice. Support This Legacy Business 27th Street Bakery 2700 S. Central Avenue Los Angeles, CA 90011 Tuesday–Saturday, 8 a.m.–4 p.m. 323-233-3469 Order or learn more at 27thStreetBakery.com This story was inspired by the CBS Los Angeles report celebrating the bakery’s 70th anniversary . Additional historical information was verified through the 27th Street Bakery , the Los Angeles Conservancy and LA Local .
By Kim Anthony August 18, 2026
Inland Empire companies planning to hire, expand or invest may qualify for tax credits, financing assistance and no-cost guidance from the state. California business owners do not have to navigate growth, permitting, financing and state regulations alone. The Governor’s Office of Business and Economic Development, commonly known as GO-Biz, continues to provide no-cost assistance to companies seeking to start, remain or expand in California. Services include help identifying business incentives, selecting sites, navigating permits, resolving regulatory challenges, accessing international markets and working with state agencies. One of the most immediate opportunities is the California Competes Tax Credit, a competitive income tax credit for businesses that want to locate, remain or grow in the state. GO-Biz is accepting applications for the first 2026–27 funding period through August 10, 2026. Businesses of any size, industry or California location may compete for more than $180 million in available tax credits. Applications are evaluated using factors that include the number of full-time jobs created, the amount of investment proposed and the project’s importance to the state or regional economy. GO-Biz is also offering an application webinar on July 30 from 3 to 4 p.m. Pacific. A recorded webinar, application guide and frequently asked questions are available for businesses that cannot attend. Why This Matters for Inland Empire Businesses The program could be particularly relevant to Inland Empire companies preparing to open another location, increase hiring, purchase equipment, expand manufacturing or make other significant investments. The tax credit is competitive and not every applicant will receive an award. However, smaller businesses should not assume the program is reserved only for large corporations. Eligibility is open to businesses of all sizes, and the economic importance of a project to its region is among the factors considered. For business owners who are not ready to pursue the California Competes Tax Credit, GO-Biz provides access to several other forms of assistance. Its business incentives resources include information about research and development tax credits, funding for employee training, manufacturing-related sales and use tax exemptions, zero-emission vehicle infrastructure incentives and utility discounts for qualifying high-energy businesses. GO-Biz consultants also provide confidential, no-cost assistance to help companies identify relevant tax credits, grants and financing programs. Businesses struggling with licenses, certifications or regulatory requirements can also request assistance. GO-Biz helps companies understand local, state and federal registration processes and identify the permits they may need to start, maintain, relocate or expand their operations. California’s network of Small Business Support Centers provides another entry point. Through the California Office of the Small Business Advocate, entrepreneurs can access no-cost one-on-one consulting and no-cost or low-cost training on business planning, financing, marketing, e-commerce, resiliency and growth. The Orange County Inland Empire Small Business Development Center Network serves entrepreneurs in Riverside and San Bernardino counties. Companies interested in international markets may also explore the California State Trade Expansion Program. Its Export Voucher can reimburse eligible small businesses for up to 75% of pre-approved export promotion expenses, with reimbursement capped at $10,000 per federal fiscal year. Eligible activities may include trade shows, international marketing materials, export-related services and website globalization. What Business Owners Should Do Now Business owners considering the California Competes Tax Credit should begin by documenting their proposed investment, projected hiring, expansion timeline and expected economic impact. They should also: Review the eligibility requirements and application guide. Attend or watch the California Competes webinar. Gather financial, employment and project information before beginning the application. Contact GO-Biz for no-cost guidance. Speak with a local Small Business Development Center advisor for additional assistance. The larger opportunity is not limited to one tax credit. GO-Biz operates as a gateway to state programs that many entrepreneurs may not know exist. For Inland Empire businesses preparing to grow, the first step may be as simple as asking what assistance is available before making the next major investment.
By Kim Anthony August 18, 2026
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