Crestone Air Partners (Crestone), a comprehensive aviation asset management platform, has announced its acquisition of a Boeing 737-800 aircraft from a securitisation managed by Castlelake. The aircraft is currently on lease with MIAT Mongolian Airlines. This transaction marks the inaugural partnership between Crestone and Castlelake.
Steve Williamson, Principal and Head of Trading at Crestone, commented, “We are pleased to have completed our first transaction with Castlelake and hope that it is the first of many going forward. Their team was professional, attentive and collaborative, working with us to move past any obstacles that we faced in a pragmatic fashion.”
The acquisition was funded through a blend of equity from Mill Road Capital and Air T, Inc., with debt financing provided by Ashland Place Finance. This marks Crestone's third financing collaboration with Ashland Place, following its previous aircraft facility, which included three B737-800SF aircraft.
Kevin Milligan, Chief Executive Officer of Crestone, remarked, “Working with the dedicated and sophisticated Ashland Place team on another successful transaction has been a pleasure. Crestone remains committed to investing in the narrow-body sector and is delighted to have such reliable partners to facilitate these efforts.”
