Washington, D.C. (November 18, 2013) — Ullico Inc. today announced the closing of a $46 million loan to finance the construction of a 15-story, below market rate (BMR) residential project to be located at 1400 Mission Street in the Mid-Market neighborhood of San Francisco. Financed by The Union Labor Life Insurance Company's Separate Account J (also known as 'J for Jobs'), the building will contain a mix of studios, one, two and three bedroom units and street-level retail.
“Affordable housing is vital to the workers of San Francisco and Ullico is pleased to be participating in the funding of 1400 Mission,” said Edward M. Smith, president and CEO of Ullico Inc. “San Francisco is a great union city and we're proud to be investing in a growing neighborhood while adding union jobs to the local economy.”
As a condition of Ullico's participation in the loan, all construction will be built with union labor.
“Ullico's long history with the City of San Francisco continues with the financing of 1400 Mission,” 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. “The housing market in San Francisco is one of the tightest in the nation resulting in expensive housing and high rents. This project will help individuals and families the opportunity to own a more affordable apartment in San Francisco.”
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 425 real estate projects nation-wide totaling $12.5 billion, including over 40 projects in the Bay Area worth more than $1.2 billion. Earlier this year, Ullico announced the closing of a $35 million loan to finance the construction of 45 Lansing, a 39-story high-rise residential building in the Rincon Hill neighborhood of San Francisco.
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.