Insurance company reports busy quarter

Real Estate Weekly, April 4, 2001

The Union Labor Life Insurance Company announced its fourth quarter activity, as well as performance and year end results, for the company's $1.5 billion mortgage separate account J, known as J for Jobs.

The account is designed to provide tax-exempt pension plans, a sound means to invest in a portfolio of high-quality mortgages received by income producing properties. It stipulates that all construction and renovations be done by organized contractors and subcontractors.

As of December 31, 2000, the portfolio contained 124 mortgages with a market value of $1.47 billion. There are 41 outstanding loan commitments, totaling $1.41 billion of financing, of which J for Jobs is required to fund $1.02 billion. It is estimated that the current loan commitments, which represent almost 13 million SF of future development, will generate more than 23,000 full-time construction jobs for union tradesmen.

J for Jobs' net assets increased 29 percent last year, from $1.196 billion to $1.537 billion. The $341 million net asset gain included a record $182 million in net client deposits.