AIDEA Board Authorizes Loan Participation
Financing Provided for Wasilla Project
(Anchorage) – Today the Alaska Industrial Development and Export Authority (AIDEA) Board of Directors approved a loan participation to Wasilla Center Development, LLC for a project located in Wasilla.
The loan participation is for $1,215,000 (90%) of a $1,350,000 loan brought to AIDEA by First National Bank Alaska, which originated the loan and is participating with $135,000 (10%). The purpose of the loan is for long-term financing of a recently constructed retail and warehouse project located at 617 South Knik Goose Bay Road.
AIDEA’s Loan Participation Program provides permanent financing, both taxable and tax-exempt, to borrowers through a qualified originator for the purpose of developing, acquiring or enhancing Alaska business enterprises. The Loan Participation Program provides the benefit of long-term fixed or variable rate financing on the portion of the loan purchased by AIDEA. AIDEA does not originate loans, but is able to purchase up to 90% of a commercial loan to a maximum of $20 million, that is sponsored and originated by an eligible financial institution.
The Alaska Industrial Development and Export Authority is a public corporation of the state. AIDEA’s purpose is to promote, develop and advance the general prosperity and economic welfare of the people of Alaska.
Posted: January 14, 2011