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Ullico Bulletin

J for Jobs Lending Activity Nears $1.2 Billion

So far this year, The Union Labor Life Insurance Company's Separate Account J (J for Jobs) has provided more than $771 million in permanent, land, and construction loans to finance projects across the country. The loans comprised of $624 million in construction loans; $47 million in permanent loans; and $100 million in other loans.

An additional $424 million in loans has been approved and are in closing process, bringing total lending activity to approximately $1.2 billion in transactions that have either closed or been approved.

"Last year, we demonstrated the strength of J for Jobs by putting more than $1.36 billion to work," said Herbert A. Kolben, senior vice president of Union Labor Life's Real Estate Investment Group. "This year, we're building on that momentum with another $1.2 billion in lending activity through June."

Construction Loan Activity

Ullico invested $624 million in construction loans for projects nationwide, including the construction of two 4-story Class A buildings with 407,400 square feet of office space, located in the Playa Vista submarket of West Los Angeles; the construction of a regional mall in Kapolei, Oahu, with approximately 630,388 net rentable square feet of retail area; the construction of a mixed-use building with 322 residential units, 107,000 square feet of retail space and 201 below-grade parking spaces in the East Market section of Philadelphia; and more.

"We want to own the trophy assets in all the major markets, but we want to create a couple-hundred-million-dollars' worth of construction jobs along the way. In this project alone, we're going to create 1,100 construction jobs for East Market," said Daniel Killinger, managing director, development, for National Real Estate Development, during the project's groundbreaking.

J for Jobs is a unique program that puts fund dollars to work for investors while literally putting union members to work. As a condition of Union Labor Life's participation in construction loans, all construction will be built by union workers.

Permanent Loan Activity

Ullico also financed $47 million in permanent loans so far this year. Some of those permanent loan projects include financing for a 74-unit class A, garden-style residential community known as North Pointe in the Boston suburb of Hanover, Mass.; and support for renovation and repairs to an existing portfolio of 11 buildings, totaling 1.7 million square feet on 20 acres in Milwaukee.

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 450 real estate projects nation-wide totaling in excess of $15 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.

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.

Lending Activity in 2015 through June

Account Name Loan Type Property Type Sep J Participation
($ in millions)
City State
450 West 33rd Street (Modification) Construction Office $10.0 New York NY
North Pointe Permanent MF Rental $12.0 Hanover MA
Playa Vista 1 & 2 Construction Office $158.0 Los Angeles CA
347 Chestnut Street Construction MF Rental $23.3 Chicago IL
Madison 30 31 LLC Land Land $100.0 New York NY
East Market Construction MF Rental $141.0 Philadelphia PA
The Oakman Construction MF for Sale $49.5 Jersey City NJ
Waiea & Anaha Condominiums Construction MF for Sale $75.0 Honolulu HI
Ka Makana Ali’i Construction Mixed Use $167.0 Kapolei HI
WMI Milwaukee Permanent Industrial Multi-Tenant $35.5 Milwaukee WI
11 Bond Street Acquisition Retail $20.5 New York NY
500 Walnut Street (Modification) Construction MF For Sale $94.2 Philadephia PA
3rd and Harrison Construction Office $71.8 Seattle WA
167 W. Erie Street Construction MF Rental $100.2 Chicago IL
6-26 New Street Permanent MF Rental $78.1 Boston MA
1634 Pine Street Construction MF Rental $60.0 San Francisco CA

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).



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