O'Neill Properties Group Closes on $159 Million of Financing For The Tower at Carnegie Abbey.

Current Round of Financing for the Vertical Push on The Tower at Carnegie Abbey Will Complete a New Era of Luxury Living on Aquidneck Island 

PORTSMOUTH, R.I. -- Today O'Neill Properties Group announced it has secured financing in the amount of $159 million from Amalgamated Bank and HSBC Bank USA, N. A. for the development of The Tower at Carnegie Abbey, a 21-story condominium building in Portsmouth, R.I. Construction on The Tower at Carnegie Abbey began last summer, and has continued throughout the fall and winter.

This current round of financing will allow O'Neill Properties Group to begin the vertical portion of the project. When complete, The Tower will be the centerpiece of The Carnegie Abbey Club, a private sporting estate dedicated to the art of living well. Located on Narragansett Bay, just minutes from Newport, the Club gives members an oasis of luxury and comfort to pursue life's pleasures.

"We are pleased to be part of this world-class project and to be associated with the O'Neill Properties Group," says Jonathan Schneider, Vice President of Commercial Real Estate with HSBC Bank USA, N. A. "O'Neill Properties' vision for Aquidneck Island will make it one of the most sought-after residential properties in New England and, perhaps, the nation."

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 Tower at Carnegie Abbey has been well received by the Portsmouth community, and is one of the most successful condominium projects in the country, having continued brisk sales due to its unique location on Narragansett Bay and within the Carnegie Abbey estate. Condominium buyers can also purchase yacht slips at the new Carnegie Abbey yacht club, ranging from 40 feet to 74 feet in size. Residences at The Tower at Carnegie Abbey range from $799,000 to $7 million, and feature rare vistas of the Club's Scottish links-style championship golf course, the Adirondack-style clubhouse, equestrian center, yacht club, and panoramic views of the Narragansett Bay.

Carnegie Abbey is one of the country's most exclusive clubs. It hosts the World Leadership Guest Series, which has featured appearances by George H. W. Bush, Bill Clinton, H.S.H. Prince Albert II of Monaco, His Holiness the 14th Dalai Lama, and former leader of the Soviet Union Mikhail Gorbachev, among others. Carnegie Abbey hosted Annika Sorenstam, Paula Creamer, Michelle Wie, and David Leadbetter as guests during the 2006 U.S. Women's Open.

ABOUT THE CARNEGIE ABBEY CLUB

The Carnegie Abbey Club, chaired by Brian O'Neill of King of Prussia, Pa.-based O'Neill Properties Group, is a private sporting estate comprised of over 450-acres featuring a Scottish links-style golf course, a yacht club, an equestrian center, tennis facilities and a spa. A dominant architectural feature of the club will be The Tower at Carnegie Abbey, a dramatic, 220-foot, 21-story condominium tower with breathtaking views currently being built on the site of a former aluminum factory adjacent to The Carnegie Abbey Club grounds.

NOTE TO PRESS

Comprehensive resources are available for this story, including people and/or product photographs, company and/or product logos, executive interviews, industry sources, analyst contacts, answers to frequently asked questions, industry research and data, corporate and product briefs, and more. Please contact Mike Lizun at Gregory FCA, at 610-642-8253, ext. 113, or [e-mail].