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Ullico Provides $93.3 Million in Loans for Two Chicago Projects

Washington, D.C. (September 21, 2015) — Ullico Inc. recently provided $93.3 million in loans to finance the construction of two new real estate projects in Chicago. Financed by the Union Labor Life Insurance Company on behalf of its Separate Account J (known as 'J for Jobs'), the two loans are comprised of:

  • $70,000,000 for the renovation of an existing 20-story office building into a 285 key Conrad Hilton hotel situated in Chicago's River North neighborhood. Located at the southeast corner of East Erie Street and North Rush streets, the hotel, upon completion of the renovation, will also include street-level retail, a full-service restaurant with rooftop lounge, meeting rooms and more.

  • $23,333,333 participation in a $71,500,000 loan to finance the construction of a luxury 32-story, 306-unit rental apartment located at 347 Chestnut Street in the River North neighborhood.

As a condition of Ullico's participation in the loans, all construction will be built with union labor. Additional funding for the two projects is provided by additional lenders.

"Chicago has a long tradition of supporting the labor movement," said Edward M. Smith, president and CEO of Ullico Inc. "These investments will not only benefit union pension funds, but also put union members and union contractors to work."

J for Jobs has a tradition of delivering attractive and competitive fixed-income performance to institutional investors over the long-term. Since its inception in 1977, J for Jobs has participated in the funding of more than 450 real estate projects nation-wide totaling in excess of $15 billion, including over 45 projects in metropolitan Chicago worth more than $1.5 billion.

"Chicago continues to be a source of attractive real estate activity," said Herbert A. Kolben, senior vice president of Union Labor Life's Real Estate Investment Group, which provides lending and loan servicing for commercial real estate projects. "Ullico has made many investments in the city, we are pleased to be providing the lending for these two new projects."

Separate Account J is managed by The Union Labor Life Insurance Company and sold through Ullico Investment Company, Inc. (member FINRA/SIPC), both subsidiaries of Ullico Inc., and is offered to properly qualified institutional and accredited investors only.

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For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc.


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