Ullico Bulletin

J for Jobs has Another Momentous Year

Last year, Ullico's Real Estate Investment Group (REIG), through its Separate Account J (J for Jobs), continued to generate momentum, as it closed 23 transactions in 12 states throughout the continental U.S. and Hawaii for approximately $1.4 billion of first mortgages.

Of the loans, $743.4 million were for 10 new construction projects that will generate approximately 6,000 full-time jobs and 11.8 million working hours for union members.

Another $588.9 million were for 10 permanent loans, along with an additional $74.3 million for one land and two residential loans.

2019 Transactions - New Construction, New Jobs

The momentum from last year continues in 2019, as REIG has closed on five transactions for a total of $187.5 million through J for Jobs.

Three were construction loans for which Ullico provided $111 million in financing (see below).

As always, REIG seeks to originate and manage highquality commercial first mortgages while delivering attractive and competitive fixed-income performance to investors while requiring that construction projects use 100% union labor.

DISCOVERY PARK

CAMBRIDGE, MA

A $30 million participation in a $150 million financing for the construction of two adjacent, 260,000 square foot life/science and office buildings that are part of the 820,000 square foot master development known as Cambridge Discovery Park.

740 N. ABERDEEN

CHICAGO, IL

A $21 million participation in a $42 million financing for the construction of an 11- story, 188-unit luxury apartment building, with approximately 2,400 square foot ground floor retail and parking.


A' ALI' I

HONOLULU, HI

A $60 million participation in a $293.7 million financing for the construction of a 42-story, residential condominium tower with 751 units comprised of 601 market-rate units and 150 affordable units.



Separate Account J (“The Fund”) is offered through a group annuity contract issued by The Union Labor Life Insurance Company (Union Labor Life) and is sold through Ullico Investment Company, LLC. (Member FINRA/SIPC), both subsidiaries of Ullico Inc. The Fund will only be offered to qualified institutional and accredited investors. Investment in illiquid real estate and commercial mortgage loans are subject to additional risks including the potential inability of an investor to redeem units. The investment return and principal value of the Fund will fluctuate so that an investor's units, when redeemed, may be worth more or less than original cost. In addition, fluctuations in interest rates and market volatility may limit available financing for real estate investments held by the Fund, thereby adversely affecting the value of the underlying investments, the investment return and the liquidity of the investments. Furthermore, the loan values could vary significantly from the prices at which the investments would sell because market prices can only be determined by negotiation between a willing buyer and seller. The ability of borrowers to repay loans issued by the Fund will typically depend upon the successful construction or operation of the related real estate project and the availability of financing. The repayment of loans issued for the construction of multifamily housing (i.e condominium loans) will generally depend on the borrower's ability to sell the underlying housing units. There is no guarantee that Union Labor Life will attain its investment objectives. Potential investors in the Fund should carefully read the Fund Disclosure Memorandum for a description of the potential risks associated with investment in the Fund.

Economic Impact: Direct union impact figures provided by an economic impact study performed by Pinnacle Economics through input-output analysis utilizing IMPLAN modeling software. The study was performed using estimated project costs and union prevailing wage data from state departments of labor as provided by Ullico Investment Advisors, Inc. Jobs, Hours of Work and FTE figures reflect totals over the life of the project. All construction impacts are temporary in nature, and unfold as construction spending unfolds. This is an illustration of the projected economic impact of selected commercial real estate projects. All projections assume the completion of the relevant construction project which can depend on several factors including borrowers meeting all lending obligations. Projections are based on overall project costs which include the participation of Separate Account J.



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