The Union Labor Life Insurance Company’s Separate Account J (J for Jobs) recently provided more than $160 million in loans to finance new commercial real estate projects in Chicago, Los Angeles and New Jersey.
In Chicago, the loans include:
"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."
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 other 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."
Ullico also announced $57.5 million in lead financing on a $210 million loan to finance the construction of 10000 Santa Monica, a 42-story, 283-unit apartment tower in Los Angeles near Century City and Beverly Hills, California.
"Southern California has provided us with many great real estate investment opportunities, and we’re excited to be the lead lender on 10000 Santa Monica," said Kolben. "From the award winning Red Building to the L.A. Live entertainment complex, Ullico is proud to be an important part of this great city."
Ullico recently held groundbreaking ceremonies in both cities and celebrated with members of the local building and construction trades and central labor councils.
"It’s not enough for funds to invest only in Wall Street or emerging markets around the globe," said Jorge Ramirez, president of the Chicago Federation of Labor. "We have to invest here at home. Our country won’t thrive without a middle class and these real estate projects create the kind of jobs that help build and sustain a middle class."
In February, Ullico also announced $12 million in financing on a $117 million loan to finance the construction of Hudson Lights at Fort Lee, a 12-story, 375,000 square foot retail and residential development with a 780-car parking garage in located in Fort Lee, New Jersey.
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. In Southern California, J for Jobs has participated in more than 30 loans totaling over $1 billion.
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.