Union Labor Life provides $1.8b

Real Estate Weekly, March 26, 2003

The Union Labor Life Insurance Company (ULLICO) has provided a total of over $1.8 billion in construction and forward permanent financing for real estate projects throughout the New York area since 1994. Investments are made through ULLICO's mortgage investment program known as "J for Jobs" which provides mortgages on quality properties throughout the nation.

Construction loans make up approximately $721.8 million of this $1.8 billion-dollar figure while approximately $944.4 million comes from permanent financing.

With a portfolio topping $2 billion today, the "J for Jobs" account has grown steadily over the past four years according to Herb Kolben, vice president, Real Estate Investment Banking Group at ULLICO. "The program not only helps to fund major projects, but also creates good jobs for organized workers," stated Kolben. In the New York area alone, ULLICO's commitment to projects over the years represents over 28.7 million square feet and provides jobs for an estimated 20,000 union workers.

Current investments include City Center, an apartment complex in White Plains, NY, which has received a $70 million forward mortgage commitment; a residential project at East 53rd and 2nd Avenue which has been issued a $66.8 million construction and forward loan, and a $55 million loan which was issued for the construction of the New York University Health Center (NYUCH) Cancer Center in Manhattan. Construction is currently underway at all of these sites.

ULLICO has also issued a $37 million commitment to a Greenwich Village project called Morton Square. The project includes 149 luxury condominiums, 11,000 SF of rental space and a 140-space parking garage in Manhattan.