Washington, D.C. (Jan. 13, 2015) — Ullico Inc. recently approved a $110 million loan to finance renovation of the Sheraton Hotel at The Bloc, a mixed-use urban development in the heart of downtown Los Angeles.
The Sheraton is an existing 496-room hotel with 40,000 square feet of meeting space. The Bloc is a larger mixed-use property encompassing office space, retail and parking.
"Ullico seeks investment opportunities across the country," 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’re pleased to add another project from the West Coast to our portfolio," added Kolben.
Financed by The Union Labor Life Insurance Company on behalf of its Separate Account J (known as ‘J for Jobs’), the loan was approved with the condition all construction will be built with union labor.
"Valuing the union workplace is Ullico’s core mission," said Edward M. Smith, president and CEO of Ullico Inc. "Projects like this one put union members and union contractors to work."
J for Jobs has a tradition 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 nationwide 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.