The Union Labor Life Insurance Company - Real Estate Investment Group
The Real Estate Investment Group (REIG) is responsible for the origination, underwriting and administration of real estate mortgage and equity investments. REIG is headquartered in Silver Spring, MD and has regional offices in Chicago, San Francisco and Los Angeles. The 23 member professional team manages over $3.5 billion in commercial mortgages and real estate equity investments. (As of 9/30/2009)
The largest managed fund is the $3.6 billion Separate Account J (also known as J For Jobs) that was formed in 1977 and has evolved into one of the best known and most respected mortgage lenders in the country. Since inception, the fund has participated in over $26.4 billion of first mortgages for construction and permanent financings, with J For Jobs providing $12.5 billion of the total amount. Over its 31-year history the fund has created over 263,000 union construction jobs involving over 533 million hours of union work.
In addition to Separate Account J, REIG also manages third party assets invested in real estate debt and equity opportunities that will create union jobs.
Separate Account J “J for Jobs” and all privately offered funds are marketed and sold through the ULLICO Investment Company (Member FINRA/SIPC) to qualified institutional investors. Separate Account J will only be sold to US pension and profit-sharing plans that meet the qualifications of Section 401 of the Internal Revenue Code of 1986 (IRC), annuity plans which meet the requirements for the deduction of the employers’ contribution under IRC section 404(a)(2), or subject to certain conditions, governmental plans as defined in the IRC Section 414(d). Investment in illiquid real estate and commercial mortgage loans are subject to additional risks including the potential inability of an investor to redeem units. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the Accounts.