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AIDEA Board Approves Anchorage Business Loan

Apr 19, 2019 | Finance, Government, News

Financing provided for Hyatt House Hotel

ANCHORAGE—The Alaska Industrial Development and Export Authority (AIDEA) Board unanimously approved a loan participations for a project located in Anchorage, Alaska.   

The loan, to MT Four, LLC, is for $17,406,000 (80 percent) of a $21,757,500 loan brought to AIDEA by Northrim Bank. Northrim originated the loan and is participating with $4,351,500. The purpose of this loan is to refinance the Northrim loan for the 144-room Hyatt House Hotel located at 251 West International Airport Road in Anchorage. The hotel has been in operation since May 2017, and supports fifty-one jobs.

This AIDEA loan participation produces economic benefit to the borrower by providing a 25-year term for the Real Estate (R/E) portion of the loan at a fixed rate of 4.14 percent, and a 15-year term for the Furniture, Fixtures, and Equipment (FF&E) portion of the loan at a fixed rate of 3.81%.

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, or for a qualified energy development project. 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 percent of a commercial loan to a maximum of $25 million, that is sponsored and originated by an eligible financial institution.

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