Bay Communications II said it has closed a USD10m debt facility with Bankers South 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.”
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.
Founded in 1997, Seaport Capital provides capital to middle market companies in the communications, information and business services sectors.