The Newport Beach Club, a picturesque, oceanfront, resort community in Portsmouth, Rhode Island has changed hands to a Maine Developer, Velocity NBC, LLC, for $10.225MM. In addition to assistance on structuring the deal, GenX Capital Partners underwrote $2.5MM of the equity component.
“It’s an amazing asset, no question. We found it off market about a year ago, liked it so much we put it under contract, brought it to a group in Maine we knew that could maximize its use and we underwrote $2.5MM in equity from our investors to help close the deal. Prior to closing, however, we got inundated with too many additional deals, so as a firm we decided to assign all our interest in the deal to Velocity NBC LLC, who we believe will do an amazing job in taking this project to the next level. It literally is the definition of one of kind,” McClure ended.