Washington, D.C. (December 16, 2013) — Ullico Inc. today announced the closing of a $37.5 million loan to finance renovation and new construction of West End City Apartments, a collection of three historic high-rises with 318 apartments, is located at 275 Union Blvd in St. Louis, Missouri. Financed by The Union Labor Life Insurance Company's Separate Account J (also known as 'J for Jobs'), the new phase will contain a brand new, modern mid-rise building with 82 luxury apartments as well as the renovation of the existing amenity spaces and common areas. As a condition of Ullico's participation in the loan, all construction will be built with union labor.
"During my early career as an Ironworker, I worked on projects financed by J for Jobs," said Joseph J. Hunt, chairman of Ullico Inc. and president emeritus of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers. "Now as chairman of the company, I am pleased to see this investment in my hometown of St. Louis supporting the next generation of union workers and pension funds."
"We're so proud to be investing in this great city and adding union jobs to the local economy," said Edward M. Smith, president and CEO of Ullico Inc. "Having worked most of my career in Southern Illinois and St. Louis, this project has special significance for me."
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. Since its inception in 1977, J for Jobs has participated in the funding of more than 430 real estate projects nation-wide totaling $12.5 billion.
Village Green owns and manages the community, while Brinkmann Constructors will oversee renovation and construction.
Separate Account J is sold through Ullico Investment Company, Inc. and is made available 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, 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.