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AIDEA Approves Suite of Loans

May 23, 2019 | Construction, Finance, Government, Monitor, Retail

Financing provided for projects ranging from fitness to fast food

Digital rendering of Planet Fitness Center in the core business area of Wasilla.

AIDEA

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%.

Digital rendering of a newly built retail building for Matanuska Telephone Association and Krispy Kreme in the core business area of Wasilla.

AIDEA

Digital rendering of a newly constructed Sonic restaurant in the core business area of Wasilla.

AIDEA

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.

 

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The Marx Bros. Café

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Jack Amon and Richard “Van” Hale opened the doors of the Marx Bros. Café on October 18, 1979; however, the two had already been partners in cuisine for some time, having created the Wednesday Night Gourmet Wine Tasting Society and Volleyball Team Which Now Meets on Sunday, a weekly evening of food and wine. It was actually the end of the weekly event that spurred the name of the restaurant: hours after its final service, Amon and Hale were hauling equipment and furnishings out of their old location and to their now-iconic building on Third Street, all while managing arguments about equipment ownership, a visit from the police, and quite a bit of wine. “If you’ve ever seen the movie ‘A Night at the Opera” starring the Marx Brothers, that’s what it was like,” Hale explains.

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