The Union Labor Life Insurance Company through Separate Account J (J for Jobs) commingled pension account fund, is a premier provider of commercial and multi-family real estate development financing. The nationwide account provides first mortgages for construction, permanent and forward permanent commitments for most income-producing real estate. As a portfolio lender and manager, Union Labor Life has the ability, experience and flexibility required to offer superior execution of complex transactions, to structure large transactions and to lead and participate in bank syndicates, while maintaining a high level of customer service and portfolio management.

Lending parameters

Loan size: $5 - $150 Million

Loan Types:

• Floating or fixed rate construction financing with initial terms up to 36 months with extension options.

• Immediate or forward, fixed rate permanent loans with up to 30-years amortization and initial terms or calls of 5 to 15 years.  Interest only loans available on select properties. 

Property Types:

• Multi-Family (For Sale and Rental)

• Office

• Medical Office

• Retail

• Industrial/Warehouse

• Hotels

• Mixed-Use

Geographic Area:

• Nationwide

Interest Rate (subject to change without notice):

• Construction Loans: Floating over Libor or Prime; Fixed over Libor

• Immediates/Permanents: Fixed upon commitment approval at a spread over the corresponding treasury to the earlier of call or loan maturity.

Fees:

• Competitive with market conditions

Environmental/Engineering Review:

A satisfactory environmental assessment (Level 1 minimum) of the site is required.  Plans and specs are reviewed for approval by third party construction consultants.

Borrower/Sponsorship:

All borrowers must be single asset entities.  The corporate and individuals within the borrowing entity must evidence strong experience developing and managing the property type being considered.

Loan to Value:

Up to 80% for Multi-family rental; 75% for all others.

Loan to Cost:

Up to 90% of cost loans are available for select properties.

Prepayment:

Construction Loans: Generally open to prepayment at any time.
Permanent Loans: Yield maintenance or declining balance.

Labor Standards:

All to-be-built projects must be built by sub-contractors that are signatory to collective bargaining agreements with ULLICO recognized trade unions. 

For questions about REIG’s debt financing, please contact:

Mid-Atlantic: Jerome Clark, Senior Regional Manager,
(202) 682-8772  jclark@ullico.com

Southwest: Alan Robertson, Senior Regional Manager
(310) 309-5084 arobertson@ullico.com

Northwest: John Maxim, Senior Regional Manager,
(415) 658-0230  jmaxim@ullico.com

Midwest (excluding Chicago): Rob Ship, Regional Manager,
(630) 743-4250 rship@ullico.com

Midwest (including Chicago): George Weisz, Senior Regional Manager,
(630) 743-4249 gweisz@ullico.com

Southeast: Dan Cunningham, Vice President,
(202) 962-8424 dcunningham@ullico.com