Washington, D.C. (Aug 6, 2014) — Ullico Inc. recently announced the closing nearly $77.5 million in loans to help finance the construction of Chicago’s River Point and 545 McClurg Court. Both projects are financed by The Union Labor Life Insurance Company on behalf of its Separate Account J (known as ‘J for Jobs’). As a condition of Ullico's participation in the loans, all construction will be built with union labor.
Up to $47.5 million in financing will be provided for River Point, a 52-story office building in Chicago’s West Loop. The 1.05 million sq foot property located at 444 W. Lake Street includes a 150 car parking garage and will be LEED Pre-Certified Gold. An additional 262.25 million will be provided by additional lenders.
Nearly $30 million in financing will be provided for 545 McClurg Court, a 45-story luxury apartment building with approximately 5,000 square feet of ground level retail and a 290-car parking structure in the Streeterville neighborhood of downtown Chicago. An additional $89.9 million will be provided by additional lenders.
“Chicago is one of the strongest organized labor cities in the country and we’re proud to be able to add to the skyline of this great union town,” said Edward M. Smith, president and CEO of Ullico Inc. “The hard-working union members will benefit not only from the pension investment, but also with the union jobs the construction will create.”
Earlier this year, Ullico announced $87.59 million in loans to finance the construction of 3 other Chicago real estate projects: Wolf Point West, New City and 200 N. Michigan.
J for Jobs 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 in excess of $12.5 billion, including over 40 projects in metropolitan Chicago worth more than $1.5 billion..
“This is our fourth and fifth loan in Chicago this year and we’re very pleased to provide the lending for these new construction projects,” 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.
Separate Account J is managed by The Union Labor Life Insurance Company 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.