EL SEGUNDO, Calif., April 14 /PRNewswire/ -- Hawthorne Savings, F.S.B.
("Hawthorne"), a subsidiary of Hawthorne Financial Corporation (Nasdaq: HTHR),
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.
SOURCE Hawthorne Savings, F.S.B.
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Related links:
http://www.HawthorneSavings.com
CONTACT:
Michelle Menna, Marketing Liaison of
Hawthorne Savings, F.S.B., +1-310-725-1866
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