TowerCo, a new firm launched by former executives with tower operator SpectraSite, has secured a $35 million loan for tower acquisitions.
The company said it plans to own 1,000 towers by 2009.
“We are pleased with the growth TowerCo has achieved over its first 10 months,” said Richard Byrne, the firm’s chief executive officer, “and we believe our asset portfolio and the agreements we have in place have put TowerCo on a path to becoming a significant player in the tower industry.”
TowerCo secured the loan from CapitalSource Finance.
TowerCo was launched 10 months ago and already owns 115 towers. It recently signed at agreement with Nextel Partners for the purchase, construction and ownership of another 300 towers. The firm said it also has in place agreements to add another 500 towers over the next 24 months.
Cingular signed a contract with TowerCo for 50 towers in February.
Tailwind Capital Partners provided the startup with its original financing of up to $50 million.
SpectraSite is in the process of merging with American Tower. It also is based in Cary.
TowerCo: www.towerco.com
