Washington, D.C. (July 30, 2013) — Ullico Inc. today announced $50 million in lead financing on a $75 million loan to finance the construction of Hill 7, an 11-story, 286,000 square foot office building with a 353-car parking garage in the Belltown neighborhood of Seattle, Washington. Financed by Ullico Inc. subsidiary The Union Labor Life Insurance Company's (Union Labor Life) Separate Account J (also known as 'J for Jobs'), the building is located at 1099 Stewart Street. An additional $25 million in construction financing was provided by additional lenders.
As a condition of Union Labor Life's participation in the loan, all construction will be built with union labor. J for Jobs, the company's flagship commercial real estate investment vehicle, has a 36-year tradition of delivering attractive and competitive fixed-income performance to institutional investors.
“Through J for Jobs, we invest union money through their pension funds, get a safe return on investment, and create jobs for union members,” said Edward M. Smith, president and CEO of Ullico Inc. “It's a great example of union jobs helping to create other union jobs while growing the local economy. We're proud of our participation in Hill 7 and the many other projects in Washington state.”
Since its inception in 1977, J for Jobs has participated in the funding of nine real estate projects in Washington state totaling more than $250 million. Nationwide, J for Jobs has financed 425 projects, totaling $12 billion, helping to grow unions, create union jobs and stimulate local economies.
“The financing of Hill 7 is a great addition to our investment portfolio,” 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 be adding to the success of J for Jobs and the economy of Seattle with this fantastic project.”
Hill 7 Developers, LLC will be responsible for developing, leasing and managing the Hill 7 property.
For more than 85 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees, businesses and investments. The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.
For more information, contact: