Washington, D.C. (May 28, 2017) — Ullico recently committed to providing up to $116.5 million to finance construction of Block One, a 391-unit for-sale residential development in the Rincon Hill/Transbay neighborhood of Downtown San Francisco.
The project will include a 40-story tower, 8-story podium building, 5-story townhouse building, four retail condominium units with10,120 rentable square feet of ground floor retail, and three floors of subterranean parking for 340 vehicles, on 1.23 acres.
The Block One project is the development of 160 Folsom Street in San Francisco, on the north side of Folsom Street, between Main and Spear Streets, in the Transbay/Rincon Hill neighborhood south of the Financial District and north of South Beach. At this location, residents have easy access to the Embarcadero waterfront, Ferry Building, and AT&T Park (home of the San Francisco Giants).
"San Francisco is one of the country's key economic and cultural centers, and this neighborhood has become one of the most sought after areas due to its close proximity to reliable transit and the city's many amenities," said Herb Kolben, senior vice president of Union Labor Life's Real Estate Investment Group, which provides lending and loan servicing for commercial real estate projects.
Financed by The Union Labor Life Insurance Company through its Separate Account J (known as 'J for Jobs'), the loan was approved with the condition all construction will be built with union labor.
"A strong labor movement and strong communities go hand-in-hand," said Edward M. Smith, president and CEO of Ullico Inc. "We look forward to growing the union workforce and supporting positive economic development in California and beyond."
J for Jobs has a goal of delivering 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 545 real estate projects nationwide totaling in excess of $16 billion.
For more than 90 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.