Washington, D.C. (April 17, 2015) — Ullico Inc. recently closed on its commitment to provide $242 million in loans to finance the construction of two new real estate projects in Hawaii. Financed by The Union Labor Life Insurance Company on behalf of its Separate Account J ('J for Jobs'), the two loans are:
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 other lenders.
"Hawaii, with its strong union affinity and robust economy has always been an excellent state for Ullico to invest," 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.
"Our mission is to protect and grow the union workforce, and I promise you, we are working every day to meet that goal," 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.