Investment - Hell's Kitchen | Ullico

Ullico Invests $204 Million in Hell’s Kitchen Project

Ullico recently closed a $204 million loan to finance construction of 311 West 42nd Street, a luxury residential development located in Manhattan, New York City, at the vibrant intersection of Times Square and Hell’s Kitchen. The project site is in proximity to the Port Authority of New York, and adjacent to 12 subway lines with direct access to Grand Central, Hudson Yards and Penn Station, making it one of the most transportation-convenient locations in the city.a

The 33-story building will include 330 units spread across 367,000 square feet and 41,678 square feet of retail space. Tenants will enjoy an additional 18,000 square feet of enclosed amenities and 20,000 square feet of outdoor amenities, including a rooftop pool and a landscaped outdoor space that will be accessible by residents across multiple floors.

“This project is poised to take advantage of strong demand from renters and retailers. The large lot size will allow for sweeping views and protected light and air on the residential floors while providing a retail foothold in one of the most heavily foot-trafficked markets in New York City,” 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 through its Separate Account J (known as ‘J for Jobs’), the loan was approved with the condition all construction will be built with union labor.

"We’re proud to participate in another New York City project that supports unions,” said Edward M. Smith, President and CEO of Ullico Inc. “Through J for Jobs, we help increase the vast economic power of the labor movement while bolstering local economies.”

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 545 real estate projects nationwide, totaling in excess of $16 billion.

“Ullico is known for bringing together expert resources and partners to better meet the needs of institutional and tax-exempt investors. This investment is another example of how our clients and their advisers benefit from the support of a dedicated team of professionals,” says Joe Linehan, President of Ullico Investment Advisors.

Separate Account J ("the Fund") is offered through a group annuity contract issued by The Union Labor Life Insurance Company ("Union Labor Life") and is sold through Ullico Investment Company, LLC (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Fund will only be offered to qualified institutional and accredited investors. Investments in commercial mortgage loans secured by illiquid real estate are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor's units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments.

About Ullico

For more than 90 years, Ullico has been a proud member of the labor movement, keeping union families safe and secure. In 2010, the Ullico Infrastructure Fund (UIF) was established to assist in the construction, maintenance and refurbishment of America's infrastructure. UIF currently has over $4 billion in investor commitments on behalf of over 200 investors, with 20 portfolio investments across water, wastewater, telecommunications, electricity transmission, power generation, transportation and gas transmission sub-sectors and is exploring opportunities in all infrastructure related sub-sectors.

From insurance products that protect union members, leaders and employers, to investments in building and infrastructure projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes: The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC (Member FINRA/SIPC); and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.

Ullico Infrastructure Tax-Exempt Fund, LP:

The Ullico Infrastructure Tax-Exempt Fund, LP (“UIF”) is a Delaware limited partnership designed to permit qualified tax-exempt purchasers to invest in core infrastructure investments located in the United States and Canada. The fund and the units issued will not be registered under the Securities Act of 1933, as amended, the Investment Company Act of 1940, as amended, or under state securities laws. UIF is being offered and sold in reliance on the exemption from the securities registration requirements of the Securities Act set forth in Regulation D (the “Rule”). UIF will only be sold to “accredited investors” as that term is defined under the Rule. The portfolio consists primarily of private equity and debt investments in infrastructure companies located in the United States and Canada. UIF does not have a meaningful comparison because there is no benchmark available for private infrastructure investments. The Ullico Infrastructure Tax-Exempt Fund, LP was incepted in November 2012.

Ullico Investment Advisors, Inc. ("UIA") is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”) in accordance with the Investment Advisers Act of 1940, as amended. Ullico Investment Advisors, Inc. has two majority owned subsidiaries: Ullico Infrastructure Management Company, LLC and UIA Investment Management, LLC. Both are Relying Advisers in reliance upon the SEC staff's no-action letter to the American Bar Association dated January 18, 2012. The firm's full list of composite and pooled fund descriptions is available upon request.


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