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Bay Communications Closes on $ 10MM Facility With Bankers South

December 24, 2013, 07:17 AM
Filed Under: Communications

Bay Communications II, LLC announced the closing of a $10 million debt facility to support the continued growth of the company’s tower development portfolio. Based in Mansfield, MA, Bay Communications II develops, constructs and operates cell phone towers in the northeastern United States. Bay Communications II is backed by equity partner Seaport Capital, who initially invested in the company in 2011.

Jim Riley, CEO of Bay Communications, said, “Closing a debt facility with Bankers South will help allow the company to execute on its strategic and tower development objectives. I appreciate Bankers South’s confidence in the company and the assets Bay has developed to date. The company has a significant pipeline of tower development opportunities and I  am pleased that we identified a financing partner who is going to help it achieve its goals.”

Brian Philpot, Managing Member of Bankers South, said, “We are pleased that Bay Communications and Seaport Capital had the confidence in Bankers South to provide a debt facility to support the company’s continued growth. We are impressed with the company’s existing collection of tower assets and are excited about its growth potential.”

Bob Tamashunas, a Principal of Seaport Capital, said, “We believe we found the right debt financing partner to assist the company in realizing its development goals. We appreciate the relationship we have developed with the Bankers South team and look forward to working with them in the future.”

Founded in 2011, Bay Communications II develops, constructs, and operates cell phone towers in the northeastern United States. The company’s principals have decades of tower investing experience and relationships with all the major wireless carriers. Before Bay Communications II, the principals of the company operated Bay Communications I, which
was sold to SBA Communications in 2009.

Bankers South Lending & Finance, LLC, a subsidiary of Land South Group of Lakeland, Fla., is a nationally licensed and regulated lending company. The company offers a variety of loan products including communication tower lending, bridge financing, and agricultural real estate lending.

Founded in 1997, Seaport Capital provides capital to middle-market companies in the communications, information and business services sectors.

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