HTHR Hawthorne Finl (MM)

Hawthorne Savings Funds $16,240,000 Million Construction Loan in Encino EL SEGUNDO, Calif., April 14 /PRNewswire/ -- Hawthorne Savings, F.S.B. ("Hawthorne"), a subsidiary of Hawthorne Financial Corporation , announced today the funding of a $16,240,000 construction loan on Lindley Avenue in Encino for Villa D'Este, LLC. The developer will raze existing structures on the site and replace them with a 129-unit luxury apartment building totaling 140,413 square feet adjacent to the 101 freeway and between the major crossroads of Oxnard Street, Balboa Boulevard and White Oak Avenue. Interiors will feature hardwood floors, granite counter tops, gourmet appliances, tiled kitchen and bath flooring, cultured marble bath vanities, stacking washer/dryer and walk-in closets. The building will have a contemporary facade and there will be a courtyard finished with slate stone flooring. Hawthorne has funded three other loans for the borrower, a customer since 2001. 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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