Washington, D.C. (Aug. 6, 2014) — Ullico Inc. today announced the closing of a $20.5 million loan for the construction of Pearl West, a nine-story, 154,000 square-foot office building with 10,478 square feet of ground floor retail and three levels of below grade parking for 150 cars in Portland, Oregon. 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 will be located at NW 14th Avenue and Irving Street in the Pearl District of the city. An additional $20.5 will be provided by additional lenders.
As a condition of Union Labor Life's participation in the loan, all construction will be built with union labor. Since its inception in 1977, J for Jobs has financed more than 430 projects across the country, totaling over $12.5 billion, helping to grow unions and union employers, create union jobs and stimulate local economies.
“Ullico is labor’s company and we’re pleased to be putting union pensions, union members and union contractors to work on Pearl West with this loan,” said Edward M. Smith, president and CEO of Ullico Inc.
“Portland is a vibrant city and this loan will add to the further development of the Pearl District.” 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.
J for Jobs, Union Labor Life's commercial real estate investment vehicle, has a tradition of delivering attractive and competitive fixed-income performance to institutional investors over the long-term. Separate Account J is managed by The Union Labor Life Insurance Company (Union Labor Life) 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.
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 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.