The legendary mansions of Newport are joined by Carnegie Abbey's own exquisite residences.

O’Neill Properties Secures $14.1 Million to Acquire Hood Marina

Picturesque Waterfront Property Now Set to Become New England’s Largest Marina, and the Centerpiece of Aquidneck Island’s West End District

PORTSMOUTH, R.I.--(BUSINESS WIRE)--Today, O’Neill Properties Group announced it has closed on $14.1 million in financing to acquire Hood Marina, 44.5 acres of picturesque waterfront property on Aquidneck Island, plus 100 acres out into the cove itself. With the acquisition complete, O’Neill can move forward with plans to develop The Newport Club, a 1,495-slip marina with retail shops, restaurants, residences, and marine-related support facilities.

O’Neill Properties secured financing through HSBC Bank USA, N. A. and the Arsenal Fund. HSBC Group is one of the largest banking and financial services organizations in the world, with well-established businesses in Europe, the Asia-Pacific region, the Americas, the Middle East, and Africa.

“The Newport Club is a unique project that will transform the west side of Aquidneck Island, and this financing brings us one step closer to that dream,” says Brian O’Neill, Founder and Chairman of O’Neill Properties Group. “This is a rare opportunity to develop something that’s perfectly in line with the community’s vision. We couldn’t have accomplished this without our solid relationship with HSBC and the Arsenal Fund.”

Since beginning operations on the Island in 2004, O’Neill Properties Group has quickly become the Island’s largest investor announcing projects totaling close to $1 billion that will create over 1,200 new jobs over the next 10 years. During that time, the company has also contributed more than $200,000 to local charities and non-profit groups.

When complete, The Newport Club will boast as many as 1,495 slips ranging up to 500 feet, allowing large boat owners to dock in New England. Newport, R.I., just a few miles from Portsmouth, is a prime embarkation point for cruise lines and charter ships sailing from the Atlantic Ocean to the Caribbean Sea. The Newport Club is expected to draw more megayacht traffic to the region, infuse the local economy with $1 billion in sales, and create up to 4,000 jobs in New England’s boat-building industry.

O’Neill Properties previously partnered with HSBC to finance The Carnegie Tower, a 21-story condominium building in Portsmouth. When complete, The Carnegie Tower will be the architectural centerpiece of The Carnegie Abbey Club, a 450-acre private sporting estate on the Narragansett Bay.

“The Newport Club was a chance for us to get in on the ground level on what’s sure to become a landmark for Aquidneck Island, and for yachters from around the world,” says Jonathan Schneider, Vice President of Commercial Real Estate with HSBC Bank USA, N. A. “O’Neill Properties has the potential to create the East Coast marina destination, and we’re confident that with Brian O’Neill’s vision behind it, The Newport Club will be all that and more.”

ABOUT O’NEILL PROPERTIES GROUP

O'Neill Properties is a leading national real estate investment and development company headquartered in King of Prussia, Pa., which is developing a portfolio that it currently values at over $2 billion. The company focuses on development of luxury multifamily residential housing, Class ‘A’ office and retail space in the Northeast through the recycling and renovation of surplus brownfield industrial and military real estate. O’Neill Properties has completed development of over 13 million square feet of office space and 700 apartments. Currently, O’Neill has over 2 million square feet of mixed-use and residential developments under construction and development plans for an additional 4.5 million square feet of office and retail space. When complete, the estimated value of the O’Neill portfolio will exceed $4 billion. Notable projects in the O’Neill portfolio are the Worthington Town Center in Chester County, Pa.; the rejuvenation of Conshohocken, Pa., with the creation of the Millennium Class ‘A’ office buildings and the Riverwalk properties of multifamily residential homes; Corinthian luxury condominiums in Philadelphia, Pa.; and The Carnegie Abbey Club and Residential Tower in Newport, R.I.


Press Contact
Gregory FCA
Mike Lizun
Senior Vice President
610-642-8253 ext. 113
610-585-7594 (mobile)
Mike@GregoryFCA.com
http://www.GregoryFCA.com

Back to Press Releases

Printable Version