AIDEA Board Approves Mat-Su Loan
The Alaska Industrial Development and Export Authority (AIDEA) Board unanimously approved a loan participation for a project located in Wasilla.
The loan, to 600 E. Railrad Avenue, is for $3,915,000 (90 percent) of a $4,350,000 loan brought to AIDEA by Northrim Bank. Northrim originated the loan and is participating with $435,000.
The purpose of this loan is for the acquisition of a 33,186-square-foot office/school building located at 600 E. Railroad Avenue in Wasilla. The building is leased to the Matanuska-Susitna Borough School District (24,988 square feet) and the Legislative Affairs Agency (6,927 square feet).
This AIDEA loan participation produces economic benefit to the borrower by providing a 25 year term at a fixed rate of 3.5 percent. The project supported three new jobs and retained forty-seven existing jobs.
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.
AIDEA is a public corporation of the state. Its purpose is to promote, develop, and advance the general prosperity and economic welfare of the people of Alaska.
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