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Ullico Invests $396.5 Million in Real Estate Projects in Q4 2022

May 22, 2023

During the fourth quarter of 2022, Ullico committed to providing up to $396.5 million to finance construction of real estate projects located in Honolulu, Philadelphia, San Francisco, and Seattle. Financed by The Union Labor Life Insurance Company through its Separate Account J (known as ‘J for Jobs’), the loans for each of the four projects were approved with the condition all construction will be built with union labor.

The four projects include:

  • 35 Stone, Seattle. Ullico will provide up to $81.7 million to finance the construction of a 5-story, 120,241 rentable square foot mixed-use building comprised of office and ground floor retail space with parking for 135 vehicles and 126 bikes, in suburban Seattle, Washington. The building is part of the Living Building Pilot Program’s green building standards and is anticipated to reduce energy usage by at least 25% compared to other buildings in the area. Anchored by The Fremont Collective and Building Project, the property is located within Campus Seattle, a master-planned development and situated approximately 5-miles from Seattle’s central business district.
  • 200 Spring Garden, Philadelphia. Ullico will provide up to $142 million to finance the construction of a 13-story mixed-use development comprised of 360 apartment units and 23,289 square feet of retail space. The property is located within Northern Liberties, a neighborhood ranked among the most desirable in the city. Northern Liberties features a dynamic collage of luxury residences, trendy boutiques, diverse restaurants, popular bars, and art galleries in both converted warehouses and brand-new buildings.
  • Tidal House, San Francisco. Ullico will provide up to $122.7 million to finance the construction of a 220-feet-high 22-story residential property in San Francisco. The building will have 250 units comprising 206,098 rentable square feet, and a four-level podium parking structure for 120 vehicles. The site is located on Treasure Island, a 403-acre manmade island in the San Francisco Bay, connected by a 900-foot causeway to Yerba Buena Island, which in turn has on and off-ramps to Interstate 80 on the San Francisco-Oakland Bay Bridge. Treasure Island and Yerba Buena Island are currently undergoing a $6 billion master-planned LEED ND-Platinum redevelopment. Ultimately the redevelopment is projected to provide more than 2,000 union construction jobs.
  • Ulana Condos, Honolulu. Ullico will participate up to $50 million in a $264 million facility to finance the construction of 697 condominium units in the Ward Village master-planned community in Honolulu. The Ulana tower will be 42 stories, with 32,000 feet of retail space and an adjacent nine-story parking structure with 1,228 spaces. Ward Village is located in Kaka’ako, a lively urban center in Honolulu that sits on the southern shoreline between Ala Moana and Waikiki areas to its east and downtown Honolulu to its west.

“Despite rising interest rates and economic uncertainty, we continue to make investments in promising real estate projects. These are dynamic, resilient markets with attractive economic and cultural amenities for new and current residents,” said Herbert A. Kolben, senior vice president of Ullico Investment Advisors’ Real Estate Investment Group, which provides lending and loan servicing for commercial real estate projects.

“Every dollar we provide to help finance these projects supports the labor movement,” said Edward M. Smith, CEO of Chairman of the Board of Ullico Inc. “These buildings will be constructed with union labor, and that’s just one way we help increase the vast economic power of the labor movement by while bolstering local economies.”

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 550 real estate projects nation-wide totaling in excess of $20 billion.

“Ullico is known for bringing together expert resources and partners to better meet the needs of institutional and tax-exempt investors. These investments are another example of how our clients and their advisers benefit from the support of a dedicated team of professionals,” says Joe Linehan, President of Ullico Investment Advisors.

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. 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.

About Ullico

For more than 95 years, Ullico has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, Inc.; Ullico Investment Company, Inc.; and Ullico Investment Advisors, Inc. For additional information, visit