Skyway Tower Investors Increase Equity Commitment by $75 Million

February 10, 2013

Skyway Towers has received an additional $75 million equity commitment from its investors, Tinicum and Permit Capital Private Equity Fund.

Proceeds will be used to continue Skyway’s development of cell towers on a build-to-suit basis, according to Skyway’s chief development officer Eric Bondurant.

The transaction was the Skyway Towers’ most recent involving Tinicum and Permit Capital Private Equity Fund, which increased their equity commitment from $30 million to $55 million in March 2009. Trip Zedlitz, a partner at Tinicum, said the investment was proof the firms’ continuing confidence in the cell site developer.

“The Skyway team has achieved substantial success in the marketplace. We are pleased with our investment to date and look forward to continuing our relationship for many years into the future,” he said.

It has been a year and a half since Skyway completed a $65 million debt facility with Goldman Sachs Specialty Lending Group.

In June 2011, Skyway reported that it owned more than 250 multi-tenant broadband towers nationwide, from Maine to Hawaii, including suburban and urban towers in the Washington D.C., Baltimore, Virginia, Philadelphia, New York, Los Angeles, Dallas, Houston, Atlanta, Tampa/Orlando and Detroit metropolitan markets.