Atlanta, GA, April 21, 2014 – Municipal Communications, LLC today announced the closing of a debt facility of up to $12.5 million to support the continued growth of the company’s tower development portfolio. Municipal Communications, based in Atlanta, develops, constructs and operates cell phone towers nationwide. Municipal Communications partnered with private equity investor Seaport Capital in 2010.
Peter Corry, CEO of Municipal Communications, said, “Our tower development pipeline continues to grow and this debt facility with Bankers South will assist the company in executing on our business plan. I look forward to Bankers South being our debt financing partner during this exciting time as we build our portfolio of towers.”
Brian Philpot, Managing Member of Bankers South, said, “We are pleased that we have the opportunity to partner with Municipal Communications. The Company has developed a strong collection of assets and has an impressive pipeline of opportunities. We also are excited about partnering again with Seaport Capital to assist another of their tower development portfolio companies.”
Bob Tamashunas, a Partner of Seaport Capital, said, “This is our second tower development debt financing transaction with Bankers South in the last year. We look forward to growing our relationship with Bankers South as both Municipal Communications and Bay Communications continue to deploy capital to grow their tower portfolios. We appreciate our relationship with the Bankers South team and look forward to deepening our relationship with them in the future.”
About Municipal Communications
Founded in 2010, Municipal Communications develops, constructs, and owns cell phone towers nationwide with a particular focus in the southeastern United States. The company’s principals have decades of tower investing experience and relationships with all the major wireless carriers.
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; Municipal Communications is one of the company’s four investments in the sector. The firm seeks to invest $5 to $25 million of equity capital in each portfolio company.