1977
Separate Account J is introduced for the purpose of investing in commercial mortgages and to create construction jobs for organized workers.
1977
First Investor– The United Brotherhood of Carpenters invest $5 million.
1977
First Project - The Higgins Retail Center in Hannibal, Missouri.
1977
$94.6 million is funded for 65 projects. Average loan size is $1.45 million.
1981
$55.8 million is funded for 28 projects. Average loan size is $1.99 million.
1986
J for Jobs exceeds $200 million in asset value.
1987
J for Jobs exceeds $300 million in asset value.
1988
J for Jobs exceeds $400 million in asset value.
1988
$217.7 million is funded for 46 projects. Average loan size is $4.7 million.
1989
$212.5 million is funded for 23 projects. Average loan size is $9.24 million.
1993
$912.2 million is funded for 68 projects. Average loan size is $13.4 million.
1993
J for Jobs exceeds $500 million in asset value.
1993
Herb Kolben joins ULLICO and assumes responsibility for Separate Account J.
1994
J for Jobs exceeds $600 million in asset value.
1994
J for Jobs funds its first construction loan, The Santa Maria Condominium in Miami, Florida for CMC Group. The tower will be the tallest residential structure south of New York City. The loan also represents the first loan syndication in which J for Jobs is the lead lender.
1995
J for Jobs exceeds $700 million in asset value.
1995
J for Jobs provides construction and permanent financing for Harbor Terrace, an award winning Section 8 project developed by The Related Companies of California.
1996
J for Jobs exceeds $800 million in asset value.
1996
A year of firsts for J for Jobs. The first condominium loan in to the Emerald Fund; the first loan to Donald Trump for 40 Wall Street in Manhattan; the first major flagged hotel to be constructed in Brooklyn by the Muss Organization; the first new major office building to be constructed in Washington since the start of the real estate recession in 1990; and the first office tower to be converted to rental apartments in Manhattan by Crescent Heights.
1997
J for Jobs exceeds $900 million in asset value.
1998
$2.95 billion is funded for 88 projects. Average loan size is $33.5 million.
1998
J for Jobs exceeds $1 billion in asset value.
1998
J for Jobs participates in the construction financing of 845 UN Tower, a 90-story residential building developed by Donald Trump in New York city. J for Jobs also finances the first new luxury high-rise condominium tower on Wilshire Boulevard in Los Angeles developed by Crescent Heights.
1999
J for Jobs exceeds $1.2 billion in asset value.
1999
J for Jobs provides the financing for the renovation of the Space Needle in Seattle and also participates in the construction financing of the first luxury high-rise condominium tower in Las Vegas developed by Turnberry Associates.
2001
J for Jobs exceeds $1.7 billion in asset value.
2002
J for Jobs exceeds $2 billion in asset value.
2003
$4.5 billion is funded for 76 projects. Average loan size is $59.7 million.
2004
J for Jobs participates in the largest non-public financed construction loan, the Wynn Hotel in Las Vegas. The project created over 30 million union construction working hours and 16,386 union jobs. J for JobsÂ’ $100 million dollar participation in a $1 billion loan helped enable the project.
2005
J for Jobs exceeds $2.5 billion in asset value.
2005
J for Jobs issues its single largest commitment to date, $179 million, for the One Rincon Hill Condominium Tower in San Francisco developed by Urban West Associates. The loan is ultimately syndicated to other lenders.
2006
J for Jobs provides the permanent financing for the Gramercy Park Hotel in Manhattan that was renovated by RFR and Ian Schrager. J for Jobs also provided the renovation loan.
2007
J for Jobs exceeds $3 billion in asset value in June.
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30th Anniversary Timeline
The Union Labor Life Insurance Company’s signature real estate investment product, J for Jobs, provides a large pool of capital dedicated to financing new construction and renovation projects in the U.S. Since 1977, J for Jobs has financed more than 436 projects around the country, representing $12 billion of investment and 584 million hours of union work in a variety of trades including roofers, plumbers, ironworkers, bricklayers, laborers and electrical workers.
