AIDEA Approves Suite of Loans

In one day, the Alaska Industrial Development and Export Authority unanimously approved a total of six loan participations for projects happening in Anchorage and Wasilla.

Anchorage Loans

Three loans are to RSD Properties, LLC, and each was brought to AIDEA by Alaska USA Federal Credit Union. The purpose of all three of these loans is to refinance existing term debts held by the lender and secured by the collateral.

The first participation is for $3,285,000 (90%) of a $3,650,000 loan. Alaska USA originated the loan and is participating with $365,000. The project is a 29,660 square foot medical office building located in the Anchorage U-Med district.

The second is for $1,746,000 (90%) of a $1,940,000 loan. Alaska USA originated the loan and is participating with $194,000. This project is a two-story 16,671 square foot office building located in the downtown business district of Anchorage.

The third participation is for $2,115,000 (90%) of a $2,350,000 loan. Alaska USA originated the loan and is participating with $235,000. The project is a two-story office building with 20,469 square feet, also located in Anchorage’s downtown business district. These three AIDEA loan participations produce benefit to the borrower by providing a 25-year fixed rate of 3.93%.

Wasilla Loans

Three loans are approved to Sun Mountain Development Group, LLC, and each was brought to AIDEA by Northrim Bank. The purpose of all three of these loans is to pay off construction financing that was provided by Northrim Bank.      

The first participation is for $3,847,500 (90%) of a $4,275,000 loan. Northrim originated the loan and is participating with $427,500. The project is a newly constructed Planet Fitness Center in the core business area of Wasilla. 

The second is for $1,017,000 (90%) of a $1,130,000 loan. Northrim originated the loan and is participating with $113,000. This project is a newly constructed Sonic Restaurant in the core business area of Wasilla.

The third participation is for $2,144,700 (90%) of a $2,383,000 loan. Northrim originated the loan and is participating with $238,300. The project is a newly built retail building for Matanuska Telephone Association and Krispy Kreme, in the core business area of Wasilla. These three AIDEA loan participations produce benefit to the borrower by providing a 25-year fixed rate of 3.78%.

Together these projects will support 365 construction jobs and 95 new, permanent positions.

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% of a commercial loan to a maximum of $25 million, that is sponsored and originated by an eligible financial institution.