First, Dr. Wade Erickson cherished the success of Capstone Family Medicine and its nearby medical office buildings. Then he looked to the future of the Matanuska-Susitna Valley and knew expanding the businesses made sense.
“Despite some of the economic uncertainties surrounding the state, the Mat-Su is still growing,” Erickson said. “We created a game plan for expanding our business and the medical complex around us. We feel like we’re moving in the right direction at the right time.”
Published reports suggest the Mat-Su will see the state’s largest population growth in the next 30 years, with an expected 80-percent uptick. Those current and future Alaskans will certainly need access to quality healthcare.
A general practitioner, Erickson started talking to medical professionals about expanding the Meridian Park medical complex in Wasilla, which is home to Capstone Family Medicine. He also met with First National Bank Alaska, which facilitated a transaction that included the Alaska Industrial Development and Export Authority (AIDEA).
“By next year, the Meridian complex is going to feature a complete dental center, surgery center, robust radiology services, gynecology, OB-GYN, pediatrics and surgery specialists,” Erickson said. “We’re aiming to meet the needs of all our neighbors.”
Erickson and the collected team of medical professionals working out of the Meridian Park complex will do so with the strong financial backing of AIDEA and Alaska’s largest locally owned bank, First National Bank Alaska.
Various means of financing
AIDEA is a public corporation of the State of Alaska. According to its mission statement, AIDEA means to promote, develop and advance economic growth and diversification in the state by providing various financing and investment options.
First National works closely with AIDEA because the program offers low rates and extended terms to customers.
“AIDEA loans are very appealing to businesses looking to build or expand because they offer long-term, low fixed rates for the full amortization of the loan and a 25-year amortization,” said First National Vice President Chris Longacre. “The loans mitigate interest rate risk and benefit the customer by getting locked into a low-fixed rate. The longer amortization also allows the customer a lower monthly payment so they can use capital elsewhere.”
Good business decisions
Earlier this year, First National and AIDEA confirmed their faith in Capstone’s ever-growing medical complex and the general health of the Mat-Su. A story in The Frontiersman newspaper focused on more than
$10 million in financing, including new construction for Erickson and his fellow medical professionals. First National originated the loan and participated with $780,000.
According to The Frontiersman, the AIDEA participation included a loan
of $7,020,000, which comprised 90 percent of the package. Capstone was specifically part of another AIDEA refinancing package totaling $2,430,000. The bank participated with the final $270,000 of that loan.
“We’re so appreciative of First National and AIDEA,” Erickson said. “Because of the low rates and other parts of the loan program, these entities provide the financial backing needed to help our businesses flourish.”
According to Longacre, building a stronger relationship with Erickson while he builds in the Mat-Su will remain a priority for First National.
“What Wade is doing doesn’t just happen,” Longacre said. “Similar to what we do as bankers, he’s established relationships around his community. So when a new medical professional moves into the area, he or she knows who to talk to about office space and starting a practice.
“Together, I think we’ve really accomplished something that will only help brighten the future of the Mat-Su community.”
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