HTHR Hawthorne Finl (MM)

Hawthorne Savings Funds $2,250,000 Million Bridge Loan for Vintage Hollywood Apartment Building EL SEGUNDO, Calif., April 14 /PRNewswire/ -- Hawthorne Savings, F.S.B. ("Hawthorne"), a subsidiary of Hawthorne Financial Corporation , announced today the funding of a $2,250,000 bridge loan for the acquisition and renovation of the Villa Bonita in Hollywood. The seven-story Villa Bonita is a Renaissance Revival style apartment building, designed by local architect Frank Webster in 1929 at a cost of $75,000. The building's original owner was Sidney Ullman, Rudolph Valentino's business manager and agent. Nestled in a neighborhood that was popular, part-time living for noted stars of the early film industry, the Villa Bonita catered to those behind the camera. The property, listed on the National Historic Registry, will not receive any exterior renovations. Interior renovations for each unit will consist of removal of carpeting and refinishing of hardwood floors, replacement of appliances and painting. Renovations will take place as tenants vacate. There are 19 units with 4-units per floor, primarily of single or one-bedroom plans with one three-bedroom penthouse. About Hawthorne Savings Hawthorne Savings, F.S.B., an El Segundo, California-based financial institution, and federally-chartered savings bank, was incorporated in 1950 and commenced operations on May 11, 1951. The Bank's 15 full-service retail branches are located in the coastal communities of Southern California, from Westlake Village to Mission Bay in San Diego, with its newest branches located in Baldwin Hills and Irvine. Hawthorne maintains a strong presence in the South Bay region of Los Angeles County and was voted 'Best Bank in the South Bay' for three of the last four years. Hawthorne also specializes in real estate secured loans within the markets it serves. Loan types comprise: 1) permanent loans collateralized by single family residential property, 2) permanent loans secured by multi-family residential and commercial real estate and 3) loans for the construction of multi-family residential, commercial and individual single family residential properties and the acquisition and development of land for the construction of such projects. The Company funds its loans predominantly with retail deposits generated through its fifteen full service retail offices and FHLB advances. For more information, please call 888-TRUE-411 or visit the bank online at http://www.hawthornesavings.com/. DATASOURCE: Hawthorne Savings, F.S.B. CONTACT: Michelle Menna, Marketing Liaison of Hawthorne Savings, F.S.B., +1-310-725-1866 Web site: http://www.hawthornesavings.com/

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