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Ullico Invests $228 Million in Two Philadelphia Projects

Washington, D.C. (May 4, 2015) — Ullico recently committed to provide up to $228 million in loans to finance two real estate projects in Philadelphia. The loans are:

  • $141 million facility for the construction of a mixed-use building with 322 residential units, 107,000 square feet of retail space and 201 below-grade parking spaces. Located at 1100 Market St. in the Market East section of the city, buyers will be within blocks of well-known landmarks such as City Hall and Reading Terminal Market.

  • $87 million facility for the construction of a ground-up residential tower in Philadelphia. The project will be a for-sale luxury condominium building that will consist of 38 units with a 26-story tower containing 129,650 net sellable square feet located at 500 Walnut Street in the Rittenhouse Square section of the city. Buyers will have an unobstructed view of Independence Hall, one of the most significant structures in American history.

"Philadelphia is one of the last underdeveloped metropolitan markets. We see great opportunity to capitalize on its untapped potential," 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.

Financed by The Union Labor Life Insurance Company on behalf of its Separate Account J (known as ‘J for Jobs’), the loans were approved with the condition all construction will be built with union labor.

"In a city known for its historical impact, Ullico’s recent projects in Philadelphia will have an employment impact by creating union jobs," said Edward M. Smith, president and CEO of Ullico Inc.

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.

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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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