Ullico Invests More Than $1.36 Billion in 2014
Washington, D.C. (March 11, 2015) — In 2014, Ullico closed more than $1.36 billion in construction, permanent and other loans to the commercial real estate community.
Financed by Ullico's affiliate The Union Labor Life Insurance Company primarily through its Separate Account J (known as 'J for Jobs'), the loans were comprised of:
- $813 million in construction loans
- $477 million in permanent loans
- $73 million in other loans
"Ullico continued to demonstrate the strength of our commercial real estate investment vehicles by utilizing fund assets for a variety of projects," said Herbert A. Kolben, senior vice president of Union Labor Life's Real Estate Investment Group. "We look forward to building on our success in 2015."
"The impact of these investments are designed not only to provide returns for our investors, they provide job creation to union members and union contractors," said Edward M. Smith, president and CEO of Ullico Inc. "With our in-depth knowledge of the labor market, no other company comes close to serving the union workplace like Ullico."
Construction Loans Create Union Jobs
Ullico invested $813,000,000 in construction loans in 2014, including letter of credit financings. Construction loans are approved with the condition all construction will be built with union labor. Some of the construction projects financed by Ullico in 2014 include:
- 605 West 42nd Street, a senior letter of credit facility for a to-be-built mixed-use development with 1,173 residential units, 52,000 square feet of retail space, a 45,000 square foot health center, 63,000 square feet of dealership space and a 350 space parking garage. The project is located the Midtown section of Manhattan, New York.
- 10000 Santa Monica, a to-be-built 42-story, 283- unit luxury high-rise apartment building with 708 parking spaces, a business center, fitness center, swimming pool, movie theatre and other recreational amenities. This project which borders Beverly Hills, is located on the SW corner of Santa Monica Boulevard and Moreno Drive in the Century City area of Los Angeles, California.
- River Point, a to-be-built 52-story, 1,050,000 square foot office building with a 150 space parking garage. The project will feature a 1.5 acre plaza and river walk, a 5,000 square foot fitness center, conference center and a 12,000 square foot restaurant along with 4,000 square feet of retail space. The project is located at 444 West Lake Street on the south branch of the Chicago River in downtown Chicago, Illinois.
Permanent Loan Activity
Ullico financed more than $477,000,000 in permanent loans in 2014. Some of the permanent loan projects financed by Ullico in 2014 include:
- Bank of America: An acquisition and capital improvement loan to finance the purchase of a real estate portfolio comprised of 10 Bank of America offices with an aggregate of 1.7 million square feet located in the Conejo, Simi and Antelope valleys north and west of Los Angeles, California.
- Renaissance City Apartments: The refinancing of a 25-story, 338-unit apartment building on top of a 7-story parking garage with 300 spaces located on the southwest corner of East Congress Street and Brush Street in downtown Detroit, Michigan and is connected to GM's world headquarters via the skywalk.
- 240 West 35th Street: The acquisition of a 17-story, 162,000 square foot mixed-use office building with mezzanine level retail, restaurant space and basement storage. The property is located on the south side of West 35th Street between 7th and 8th Avenues in the Midtown West section of Manhattan, New York.