CBRE Investment Management, on behalf of funds it manages, announced the successful refinancing of its portfolio company, CitySwitch Tower, LLC. CitySwitch develops, owns and operates wireless macro tower assets across the U.S. that provide critical infrastructure to its mobile carrier customers.
The successful refinancing included the issuance of CitySwitch’s inaugural $125 million private placement, which received an investment-grade rating from a ratings agency. The issuance was more than four times oversubscribed and included support from a number of established institutional investors, according to CBRE. In addition, the company closed a $60 million revolving development facility that will provide construction financing support for new macro tower builds.
