Signature Bank, an independently owned business bank in Illinois, and commercial real estate developer RKR are expanding their financial relationship following Signature Bank's approval of a new financing facility capital to support RKR's future aviation developments, including at Camarillo airport in California. The two companies began working together in 2019 when Signature Bank financed RKR's CloudNine executive hangar in Camarillo, followed by CloudNine's acquisition of Camarillo FBO Channel Islands Aviation (CIA) in 2022. Notably, CIA has secured a 50 year lease with airport operator County of Ventura and has committed to modernising the existing facilities to include a luxury FBO and 64,000 sq ft of hangar and office space.

“One of the key challenges we face in aviation is that it's very difficult to find a lender with an in-depth understanding of our industry and the high cost of development that is essential to a successful partnership,” says CloudNine VP operations Nick Martino. “That is what makes Signature Bank so unique; I don't have to explain aviation industry nuances, best practices or federal obligations. It knows our space, and we both value a successful relationship.”

Created by commercial real estate developer Ronald Rasak of RKR, CloudNine is a luxury, private hangar complex at Camarillo airport offering 255,000 sq ft of ramp space and 121,621 sq ft of hangar and office space. Construction will be completed in 2023 and features upscale amenities and customisation opportunities for aircraft operators. CloudNine has already secured a 50 year lease with operators recognising the long term viability and sustainability of this project. It is the first of several planned CloudNine developments.

“We are thrilled that CloudNine at Camarillo already has secured leases, with the opportunity for additional leases with hangar and office space that can be customised,” says Rasak. “We invite aircraft owners to explore how we can provide them with an unparalleled hangar experience.”

Channel Islands Aviation (CIA) was acquired by CloudNine in 2022 and is one of three FBOs on the Camarillo airfield. The company has been on site since 1976 and is the airport's only full-service FBO. CIA offers a Part 141 flight school with more than 100 active students and is a partner campus to Liberty University for students interested in becoming commercial pilots.

CIA is also a Cessna, Cirrus and ICON service centre and an FAA approved Part 145 repair station, in addition to providing a wide range of other aviation services. CIA offers fuel and maintenance services to aircraft owners who lease at CloudNine in an a la carte format, customised to each client's needs. The company also is an authorised Garmin dealer.

“As a Ventura County native, I was familiar with the legacy of Channel Islands Aviation and knew it would be a huge asset to our offerings at CloudNine,” says Martino. “It is the only full-service FBO at the airport, providing a wide range of aircraft owners streamlined services.”

Signature Bank and RKR/CloudNine worked closely with the County of Ventura on development plans for CloudNine, which is currently the airport's primary development project. This included the acquisition of long-time resident CIA in 2022. CIA provides more than 40 jobs for the Ventura County community, with additional jobs created because of this modernisation project, which includes a 50 year lease and approximately 260,000 sq ft ramp space.

“Signature Bank's customer-centric approach and expertise in the aviation industry allowed us to partner with RKR in California on its unique projects and acquisition opportunities,” says SVP Dave Wymer. “While most of our relationships are concentrated in the Midwest, as our clients grow and expand, we grow and expand with them. We are thrilled to work with RKR as it further solidifies its leadership position in the luxury aviation space, and we appreciate the ease of the dynamic in working with the County of Ventura on the CloudNine at Camarillo project.”