Story ID: 
Sheltair Boosts Its Buying Power
By: Curt Epstein
Caption: Sheltair will used the $260 million credit facility to continue its expansion of its existing bases, as well as to fund future acquisitions.
Word Count: 154
Aviation real estate company Sheltair, which operates FBOs in New York, Florida and Georgia and manages more than 3 million sq ft of aviation properties, secured a $260 million credit facility with SunTrust Bank last month. According to the privately held company, the proceeds will be used as additional capital for continued expansion of its 16 bases, as well as to fund future acquisitions and strategic alliances.

“This is a significant accomplishment for our company,” noted Sheltair CEO Jerry Holland. “The facility provides the financial resources under the optimal structure necessary to pursue our strategic plans for our growing network of bases.” The Fort Lauderdale-based company has begun a $1 million renovation on its FBO at Long Island’s Republic Airport including a modernized lobby, new ramp drainage system and new roof on its historic WWII-vintage hangar, which can accommodate aircraft up to a G650. The project is expected to be completed this fall.