Aviation property manager lands $260M credit deal

Miami /
Aug.August 22, 2015 02:00 PM

Sheltair obtained a $60 million credit line and a $200 million senior credit facility for business acquisitions and for facility expansion at Fort Lauderdale-Hollywood International Airport and other airports.

SunTrust Bank led a group of lenders who participated in the $250 million credit deal, including BankUnited, Capital Bank, Fifth Third Bank, Florida Community Bank, Mercantil Bank and Synovous Bank.

Sheltair will use some of the $250 million of financing to build eight additional hangars at the Fort Lauderdale airport. The company opened a $25 million hangar and office complex at the airport in 2013, the first phase of a three-phase project, the Daily Business Review reported. Mortgages on Sheltair’s airport leaseholds serve as the collateral for the financing.

Fort Lauderdale-based Sheltair manages over 3 million square feet of aviation-related properties at 22 airports in Florida, Georgia and New York. The company has 16 fixed-base operations (FBOs), which are refueling stations for private aircraft. The company’s FBOs in the Sunshine State are located at airports in Fort Lauderdale and eight other Florida cities.

Saavedra Goodwin, one of the attorneys who represented Sheltair in the bank negotiations, told the Daily Business Review that, “banks are attracted to a company that is as healthy as Sheltair. … It is well managed, well positioned and has a wonderful portfolio of property.” [Daily Business Review] – Mike Seemuth


Related Articles

arrow_forward_ios
4238-4276 Northwest 7th Street in Miami, Avison Young’s Michael Fay, John Crotty, David Duckworth, Brian de la Fé, Emily Brais and Berkley Bloodworth
Mixed-use Le Jeune Road dev site heads to market for $17M
Mixed-use Le Jeune Road dev site heads to market for $17M
Vlad Doronin, Len Blavatnik, and 3425 Collins Avenue (Credit: Google Maps, Gesi Schilling, and Mark Neyman / GPO)
Developer of Aman-branded towers in Miami Beach scores $35M loan
Developer of Aman-branded towers in Miami Beach scores $35M loan
Rendering of 57 Ocean and Marcelo Kingston (Credit: DBOX)
57 Ocean in Miami Beach scores $59M construction loan
57 Ocean in Miami Beach scores $59M construction loan
JPMorgan Chase CEO Jamie Dimon (Credit: Win McNamee/Getty Images, Google Maps, iStock)
JPMorgan Chase buys own branch in West Palm
JPMorgan Chase buys own branch in West Palm
Alitza Weiss, principal of Weiss Group of Companies and a rendering of Towers at Blue Lagoon
Weiss Group scores $21M loan for mixed-use project near MIA
Weiss Group scores $21M loan for mixed-use project near MIA
Four Seasons Hotel Miami at 1435 Brickell Avenue (Credit: Averette/Wikipedia)
Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds
Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds
South Florida lenders and landlords battle new coronavirus reality
South Florida lenders and landlords battle new coronavirus reality
South Florida lenders and landlords battle new coronavirus reality
5900 Northwest 176th Street (Credit: Google Maps)
Mac Papers inks deal, sells warehouse near MIA for $15M
Mac Papers inks deal, sells warehouse near MIA for $15M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...