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SOURCE Bay Communications II, LLC
MANSFIELD, Mass., Dec. 30, 2013 /PRNewswire/ -- Bay Communications II, LLC today 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."
ABOUT BAY COMMUNICATIONS II
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.
ABOUT BANKERS SOUTH
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. By providing reliable service and more flexible rates and terms than traditional banks, Bankers South is able to lend across America, and provide lending facilities that are customized to fit client's needs.
The company has team with over 100 years of combined lending experience. One of Bankers South's goals is to provide the needed capital to expanding communication tower companies to help further their growth.
ABOUT SEAPORT CAPITAL
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, information and business services sectors. Seaport works with talented management teams to create valuable companies that are leaders in their market segments. Seaport's substantial extensive investing experience enables it to develop winning strategies; its relationships and resources help achieve them. Seaport is an experienced investor in the tower development industry; Bay Communications represents the company's fourth investment in the sector. The firm seeks to invest $5 to $25 million of equity capital in each portfolio company.
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