J for Jobs – Commercial Real Estate Debt

We invest in mortgages on real estate projects in the United States through our flagship product, J for Jobs, on behalf of our institutional investors.


Separate Account J (“the Fund”) is a pooled separate account offered through a group annuity contract issued by Union Labor Life. The Fund is invested in high quality construction and permanent first mortgages in commercial real estate projects. All loans are secured by properties geographically diversified throughout the United States. All construction must be performed by union contractors. Separate Account J is designed to provide tax-exempt pension plans a specialized fixed income investment alternative that seeks to enhance performance returns, reduce portfolio volatility and stimulate the unionized construction industry.  

Since its inception in 1977, the Fund has closed over 500 loans in excess of $19 billion thus creating over 600 million hours of work for union members.[1]


Inception Date


Net Asset Value [2]


Investors [3]


Holdings [4]


Porfolio Duration [5]


Porfolio Yield [6]

What Sets J for Jobs Apart?

  • Long Term View

    An open-ended fund with a strategic and patient approach to lending.

  • Strong Partnerships

    Strong relationships with developers, borrowers, union contractors and union labor.

  • Disciplined Process

    A portfolio of first mortgages diversified by geographic and property type.

  • Experienced Team

    Portfolio team with an average of over 25 years in commercial real estate lending.

  • Responsible Asset Management

    Conservative lending parameters backed by a strong responsible contractor policy.

  • 45-Year History

    Since its inception in 1977, the Fund has closed over 550 loans in excess of $21 billion thus creating nearly 700 million hours of work for union members.[1]

Meet Our Investment Professionals


View Our Portfolio as of June 30, 2022

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J for Jobs Portfolio

Responsible Investing

View Our Responsible Contractor Policy

Union Labor Life requires that borrowers follow a Responsible Contractor Policy for all construction work done on J for Jobs projects.

J for Jobs Responsible Contractor Policy

  • Lending Parameters

    Ullico’s Real Estate Investment Group is always looking for prudent investment opportunities that benefit investors and union labor. We offer conservative yet flexible underwriting, deal structuring and execution.

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Note: Separate Account J 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. Investments in commercial mortgage loans secured by illiquid real estate 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 determined 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.

[1] Prior to October 1, 2012, job creation totals were internally calculated based upon estimated labor costs of construction financings. Since October 1, 2012, direct union impact figures are 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.

[2]  As of March 31, 2024

[3]  As of March 31, 2024

[4] Includes all performing and non-performing loans as of March 31, 2024

[4] As of March 31, 2024

[5] As of March 31, 2024

[6]  As of March 31, 2024