WEST HEMPSTEAD, NY – Bank OZK, a regional bank headquartered in Little Rock, Arkansas, known for its aggressive and specialized real estate lending, has extended a $156.3 million nonrecourse construction loan to Heatherwood for the development of Heritage Westminster, a 428-unit luxury apartment complex in West Hempstead, Long Island, according to The Commercial Observer.
This transit-oriented project is strategically located near the West Hempstead Long Island Rail Road station, providing residents with convenient access to Manhattan. Scheduled for completion in 2026, the development will feature a mix of one-, two-, and three-bedroom apartments, including townhome options. Amenities planned for the community encompass a heated pool, fitness center, multiple lounges, a craft room, and a 2-acre courtyard.
The project is being constructed on a 9.4-acre site at 111 Hempstead Turnpike, previously occupied by National Wholesale Liquidators. Heatherwood commenced demolition in September 2023, addressing extensive asbestos and lead-based paint remediation. The development also includes 5,575 square feet of retail space and parking for 740 vehicles. The project received economic incentives from the Town of Hempstead Industrial Development Agency, creating approximately 250 construction jobs and expected to generate seven permanent jobs upon completion.
Heatherwood has a longstanding presence in Long Island real estate, with a portfolio of over 30 residential and commercial properties. Founded in the 1950s, the company has expanded from constructing homes to building and managing rental and commercial properties across Brooklyn, Queens, and Long Island.
Notably, Heatherwood developed Tower 28, a 57-story residential skyscraper in Queens, completed in 2017. The building, which includes around 450 residential units, secured a $215 million refinancing loan from Morgan Stanley in 2019, replacing a $154 million construction loan from PNC Bank.
In 2022, Heatherwood reached a $3 million settlement with the New York Attorney General’s office over allegations of underpaying workers at two luxury apartment buildings in Long Island City and Williamsburg, violating the conditions of a tax break.
The Heritage Westminster project represents Heatherwood’s continued commitment to developing luxury residential communities in the New York area, leveraging its extensive experience and strategic partnerships.
