WASHINGTON, D.C. — Ullico Inc., today announced it will extend up to $20 million in financing through its Separate Account J, also known as “J for Jobs”, for the construction of Loring Park Tower, a 37-story, 354-unit high-rise apartment building in downtown Minneapolis, Minn.
“We are proud to be a part of this great project,” said Edward M. Smith, president and CEO of Ullico Inc., at a celebration event with members of the Building and Construction Trades Council of Minneapolis. “The commercial real estate market has weathered a storm over the last few years. But, we see new and exciting opportunities to make quality investments and generate returns in the marketplace right now. 'J for Jobs' is back and poised for great success.”
As a condition of Ullico's funding, Loring Park Tower will be built with 100 percent union labor. Ullico's Real Estate Investment Group estimates the construction of the tower will require an estimated 2.7 million labor hours annually, resulting in over a 1000 jobs for members of the Minneapolis area construction and building trades. Read more.