Washington, D.C. (May 7, 2014) — Ullico Inc. recently provided $87.59 million in loans to finance the construction of 3 new Chicago real estate projects. Financed by The Union Labor Life Insurance Company on behalf of its Separate Account J (known as 'J for Jobs'), the three loans are comprised of:
As a condition of Ullico's participation in the loans, all construction will be built with union labor. Additional funding for the three projects is provided by additional lenders.
“Chicago is a great city with strong labor roots and we are pleased to be adding these three projects to the region,” said Edward M. Smith, president and CEO of Ullico Inc. "These investments will not only benefit union pension funds, but also put union members and union contractors to work."
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 45 projects in metropolitan Chicago worth more than $1.5 billion.
"Ullico has a long history with Chicago and we are so proud to be providing the lending for these prominent new 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. "The city has seen a steady rise in real estate activity and we're pleased to be adding these projects to our portfolio and the Chicago skyline."
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.