$250.7 Million in Loans for New York Projects | Ullico

Ullico Provides $250.7 Million in Loans for New York Projects

Washington, D.C. (Jan. 28, 2015) — Ullico Inc. recently provided $250.7 million in loans to finance the construction or renovation of four new real estate projects in New York City. Financed by The Union Labor Life Insurance Company on behalf of its Separate Account J (known as ‘J for Jobs'), the loans are comprised of:

  • $100,000,000 participation in a $479,000,000 senior letter of credit facility for the construction of Manhattan West Residential, a 61-story, 80/20 residential building with approximately 833 apartment units with common areas and amenities, approximately 3,500 square feet of rentable retail space and parking garage with 85 parking spaces located at 405 West 31st Street in Manhattan. Ullico will provide construction administration for the facility.

  • $75,000,000 in a $500,000,000 loan for the construction of One West End Ave., a 43-story residential building that will contain 247 for-sale luxury condo units, 116 affordable rental units, medical offices and retail space, and below-grade parking.

  • $50,000,000 participation in a $500,000,000 to finance the acquisition and capital improvement of Five Manhattan West, a 16-story, Class-A, multi-tenant office property containing approximately 1,838,000 square feet of net rentable area on a 134,932 square foot parcel of land located at 450 West 33rd Street in the Midtown West section of Manhattan.

  • $25,700,000 million for the development of Cargo Building 78 at the JFK International Airport into a first-class and only USDA-approved animal transshipment terminal in the world.

"New York is a dynamic city that provides excellent investment opportunities for Ullico," 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. "We are pleased to be providing the lending for these projects in New York City."

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

"Valuing the union workplace is Ullico's core mission," said Edward M. Smith, president and CEO of Ullico Inc. "Projects like these put union members and union contractors to work."

J for Jobs has a goal of delivering 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 430 real estate projects nation-wide totaling in excess of $12.5 billion.

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.

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 Account. The ability of borrowers to repay loans issued by Separate Account J will typically depend upon the successful construction or operation of the related real estate project and the availability of financing. The repayment of loans issued for the construction of multifamily housing (i.e condominium loans) will generally depend on the borrower's ability to sell the underlying housing units.

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