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AIDEA Board Approves Mat-Su Loan

Sep 17, 2020 | Finance

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.

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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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Alaska Business has been celebrating the corporations that have a significant impact on Alaska’s economy since 1993. At the time, the corporations weren’t ranked as the list didn’t have specific ranking criteria. Instead, the Alaska Business editorial team held long, detailed, and occasionally passionate discussions about which organizations around the state were providing jobs, owned or leased property, used local vendors, demonstrated a high level of community engagement, and in general enriched Alaska.

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