AIDEA Board Approves Loan for New Visitor Facility in Seward
Financing provided for Gateway Hotel
Exterior rendering of Gateway Hotel in Seward.
ANCHORAGE—The Alaska Industrial Development and Export Authority (AIDEA) Board unanimously approved a loan participation for a project located in Seward.
The loan, to Seward Wildlife Cruises, LLC, is for $8,100,000 (90 percent) of a $9,000,000 loan brought to AIDEA by First National Bank Alaska (FNBA). FNBA originated the loan and is participating with $900,000. The purpose of this loan is to pay off construction financing provided by FNBA for the new eighty-room Gateway Hotel located at 1115 4th Avenue, in Seward.
The project created thirty construction jobs and will support thirty-five new permanent positions. Additionally, this AIDEA loan participation produces economic benefit to the borrower by providing a twenty-five-year term at a fixed rate of 3.41 percent. The new hotel is set to open in June 2020.
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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The Marx Bros. Café
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.