Roslyn, Holiday Organization to develop golf community

JERICHO, N.Y. - Mt. Sinai Ventures LLC, an affiliate of Roslyn Bancorp Inc., has partnered with The Hamlet at Willow Creek Development Co. LLC, an affiliate of The Holiday Organization, to develop a 177-unit, $105 million residential golf community. The Mt. Sinai-based development will be known as the Hamlet at Willow Creek.

The partners expect the project to be completed in 24 to 36 months. The terms of Roslyn's investment call for a preferred return of 1 percent over the bank's prime lending rate on a total investment of $25 million, plus a 50 percent share in the residual profits and losses. According to John R. Bransfield Jr., vice chairman of Roslyn Bancorp and president of Roslyn Savings Bank, the company expects its share of the profits to be in excess of $10 million.

The homes currently under construction range from $485,000 to $625,000 and range in size from 2,200 square feet to 3,900 square feet. They will be adjacent to the 18-hole golf course and practice range. Also included in the golf club are tennis courts, playgrounds, basketball courts and an in-ground swimming pool. Once completed, the club will accept only a limited number of memberships from non-homeowners.

Roslyn and The Holiday Organization previously teamed to construct a 370-unit residential community in Oyster Bay, which should be completed later this year.

The Holiday Organization has constructed similar projects throughout New York, Pennsylvania, New England and Florida.

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