In 2014, The Union Labor Life Insurance Company’s Separate Account J (J for Jobs) provided more than $1.36 billion in permanent, land, and construction loans to finance projects across the country. The loans comprised $813 million in construction loans; $477 million in permanent loans; and $73 million in other loans.
"Ullico continued to demonstrate the strength of the J for Jobs program by utilizing the investment money for a variety of projects," said Herbert A. Kolben, senior vice president of Union Labor Life’s Real Estate Investment Group. "We look forward to building on the fund’s success in 2015."
Ullico invested $813,000,000 in construction loans for projects nationwide in 2014, including a to-be-built mixed-use development in the Midtown section of Manhattan, New York; a to-be-built luxury high-rise apartment building in Los Angeles; a to-be-built 1,050,000 square foot office building in downtown Chicago; and more.
Not only were fund dollars put to work for investors, they put union members literally to work. As a condition of Union Labor Life’s participation in construction loans, all construction will be built with union labor. Approximately 8,500 full-time jobs were created as a result.
"Labor leaders founded our company to provide financial security to the movement’s members and their families," said Edward M. Smith, president and CEO of Ullico Inc. "With our in-depth knowledge of the labor market, no other company comes close to serving the union workplace like Ullico."
Ullico also financed more than $477,000,000 in permanent loans last year. Some of those permanent loan projects include refinancing of a multi-family rental building in Baltimore; the refinancing of a 25-story apartment in downtown Detroit and the acquisition of a 162,000 square foot mixed-use office building in Manhattan, New York.
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 430 real estate projects nationwide totaling in excess of $12.5 billion.
Separate Account J is managed by The Union Labor Life Insurance Company (Union Labor Life) 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.
Separate Account J is offered through a group annuity contract issued by The Union Labor Life Insurance Company. The group annuity contracts are marketed and sold through Ullico Investment Company, Inc. (Member FINRA/SIPC) to qualified institutional investors. Separate Account J will only be sold to US pension and profit-sharing plans that meet the qualifications of Section 401 of the Internal Revenue Code of 1986 (IRC), annuity plans which meet the requirements for the deduction of the employers’ contribution under IRC section 402(a)(2), or subject to certain conditions, governmental plans as defined in the IRC Section 414(d). Investment in illiquid real estate and commercial mortgage loans are subject to additional risks including the potential inability of an investor to redeem units. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the Account.