"INDYMAC
BANK COMMITS $15 MILLION CONSTRUCTION LOAN TO Berendo Tower,
LLC"
Pasadena, Ca - IndyMac Bancorp, Inc. (NYSE:NDE) announced
that its Homebuilder Division recently closed a $15.4 million
construction loan to Berendo Tower, LLC. The loan will provide
funding for the building of 77 condominiums near downtown
Los Angeles.
Barcelona at Berendo, as the project is known, will be a 7-story
110,000 square foot building with 9,600 square feet of office
and retail condominum space on the ground floor. The six levels
of residential condominiums above will be two and three bedroom
floor plans.
"First-time homebuyers will find "Barcelona at Berendo" an
exciting addition to downtown Los Angeles," stated Scott Van
Dellen, president of IndyMac Bank's Homebuilder Division.
"We're particularly delighted that the Berendo Tower LLC will
allow us to provide mortgage financing for their homebuyers
through our business relationship with Pacific Financial,
one of our biggest providers of mortgage loans on new home
sales."
Rebecca Hull
Homebuilder Division
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