Lumber Road project lifted by $12.6M loan

Bill San Antonio

A project to convert the former Nassau-Suffolk Lumber Corp. yard at 17-21 Old Northern Blvd. into a mixed-use retail and residential complex is being financed with a $12.6 million loan.

Brokered by the New York City firm Meridian Capital Group, the loan enables the creation of the three-story property, which would include 20 rental apartments and approximately 24,500 square feet of retail space, company officials said.

The 18-month loan has a 3.75 percent fixed rate and a six-month option, officials said. 

“Meridian provided our client with a unique opportunity by obtaining a construction loan with attractive terms for a project in line with the Village of Roslyn’s Comprehensive Master Plan,” Meridian Vice President Baruch Pelcovitz said in a statement. “As a construction project along the Hempstead Harbor, the development of this asset will contribute to the establishment of a working and recreational waterfront, strengthen the linkages between the village and downtown and the waterfront and protect the waterfront’s harbor, natural features and vistas.”

Work to the 56,500 square-foot site owned by Lumber Earth Realty LLC consists of the demolition of one building and the renovation of two others.

Approved by the Village of Roslyn in August 2013, the project was also granted assistance by the Nassau County Industrial Development Agency in March 2014.

Lumber Earth Realty LLC will pay about $3.524 million during a 15-year payment-in-lieu-of-taxes agreement. The work is projected to create 40 full-time construction jobs and 44 full-time permanent jobs.

Lumber Earth Realty is controlled by contractors Kevin Dursun and John Santos, the latter of which is on the village’s historic district board and is vice president of the Roslyn Landmark Society.

Efforts to reach Dursun and Santos were unavailing.

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