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SunTrust Leads Lenders in Sheltair’s $260MM Facility

August 24, 2015, 07:20 AM
Filed Under: Real Estate

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. 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.

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