Franklin wireless-tower company borrowing $20M
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CTI Towers, a Franklin wireless-tower company, said Thursday it is borrowing $20 million from New York City financial firm CIT Group to help fuel its growth, with the option to borrow $20 million more.
CTI Towers owns 208 cell towers and manages another 435 under the Comcast cable portfolio. Comcast Ventures, a venture capital arm of Comcast, founded CTI Towers in 2011 and remains its primary equity investor, according to CTI Towers.
Tony Peduto, CTI Towers's CEO, said the company could expand to 2,000 towers in the next five years. Borrowing for expansion, he said, "positions us well for future growth as the wireless industry continues to explode."
CTI Towers, which has about 20 employees, sold its entire portfolio of 294 towers in 2015 before starting up again, surpassing 200 towers in the last two years.
The company has cell towers across the country, including 14 in Massachusetts. It says it serves national wireless carriers, regional carriers, utility companies and state and federal agencies. Tower heights generally range between 50 and 300 feet.
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