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“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 Herbert A. Kolben Senior Vice President, Real Estate Debt Group Call Email Read Herbert A. Kolben’s Full Bio Jonathan McKetney Vice President, Portfolio Operations, Real Estate Debt Group Call Email Read Jonathan McKetney’s Full Bio Robert A. Ship Regional Vice President, Real Estate Debt Group Read Robert A. Ship’s Full Bio William H. Weeks Regional Vice President, Real Estate Debt Group Call Email Read William H. Weeks’s Full Bio Kevin Smith Regional Vice President, Real Estate Debt Group Call Email Read Kevin Smith’s Full Bio Shine Cheng Senior Portfolio Analyst, Real Estate Debt Group Email Read Shine Cheng’s Full Bio John C. Bauer Regional Vice President, Real Estate Debt Group Email Read John C. Bauer’s Full Bio Peter North-Hoy Portfolio Analyst, Real Estate Debt Group Email Read Peter North-Hoy’s Full Bio Daniel V. Malaniak Senior Portfolio Analyst, Real Estate Debt Group Email Read Daniel V. Malaniak’s Full Bio See All Commercial Real Estate Debt Professionals Portfolio View Our Portfolio as of March 31, 2026 Learn more 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”

“Commercial Real Estate Property Developer POVs: Oz Erickson Property Developers POV is a Ullico blog series that highlights the perspectives and experiences of established real estate developers. Oz Erickson is the founder of San-Francisco-based Emerald Fund. July 25, 2024”

“Commercial Real Estate Ullico Invests $12.5 Million to Fund Construction of Two Multifamily Rental Towers in New York City Ullico’s Real Estate Debt Group recently committed to provide up to $12.5 million in a $181 million loan for the construction of a multifamily development located in Manhattan. June 16, 2026”

“Commercial Real Estate Ullico Invests $70 Million to Fund Construction of R&D Facility in Boston Ullico recently committed to provide up to $70 million in a $280 million loan for the construction of a seven-story, 358,324 square foot life science research and development facility in Boston’s Seaport District. May 29, 2024”

“Construction Risk Services”

“Experienced Team Portfolio team with an average of over 25 years in commercial real estate lending.”

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

“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] 1977 Inception Date $3.99B Net Asset Value As of March 31, 2026 152 Investors As of March 31, 2026 66 Holdings ² As of March 31, 2026 1.4 Porfolio Duration ³ Weighted against Net Asset Value 5.34% Net Yield ⁴ As of March 31, 2026”

“Ullico’s Real Estate Debt Group recently committed to provide up to $12.5 million in a $181 million loan for the construction of a multifamily development located in Manhattan. June 16, 2026 Commercial Real Estate”

“Ullico recently committed to provide up to $70 million in a $280 million loan for the construction of a seven-story, 358,324 square foot life science research and development facility in Boston’s Seaport District. May 29, 2024 Read More Contact Sales Professionals Michael L. Pistner Managing Director, Ullico Investment Advisors/Ullico Investment Company (Member FINRA/SIPC), National Consultant Relations Call Email Read Michael L. Pistner’s Full Bio Michael J. Norkus Director, Institutional Sales, Ullico Investment Advisors/Ullico Investment Company (Member FINRA/SIPC), Western Region Call Email Read Michael J. Norkus’s Full Bio Patrick White Director Institutional Sales, Ullico Investment Advisors/Ullico Investment Company (Member FINRA/SIPC), Eastern Region Call Email Read Patrick White’s Full Bio Luke J. Howe Managing Director, Ullico Investment Advisors/Ullico Investment Company (Member FINRA/SIPC), Central Region Call Email Read Luke J. Howe’s Full Bio 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. Ullico Investment Company, LLC is a broker registered with the SEC and a member of the Financial Industry Regulatory Authority and of the Securities Investor Protection Corporation ( http://www.finra.org , http://www.sipc.org ) . 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] P”

“Home Lending Business Lending Services Commercial Real Estate Loans”

“Commercial Real Estate Loans : Finance office buildings, retail spaces, and investment properties”

“Download our printable application. The PDF below contains instructions and “field fillable” boxes you can type directly into. Once completed, simply print out, sign and deliver (or mail) to any of our locations or Commercial Lending Team members. Commercial Loan Application Download the free Adobe PDF Reader.”

“Construction of building(s) to be sold (usually requires pre-sales)”

“Construction of rental properties”

“Construction or expansion of owner-occupied commercial real estate”

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“The application process for a commercial real estate loan is like that of a home mortgage. You’ll need to produce documentation for the factors listed above, as well as a business plan for your commercial real estate projects. At Union Bank, our real estate development lenders provide personalized service throughout the application process. We are here to answer your questions, help you complete your paperwork, and more. Stay Local with all of your Real Estate Loan needs and Go Far! Want to learn more? Get in touch with our Commercial Lending Team and we’ll walk you through the best options for your business needs.”

“Pay interest only during the construction period.”

“Personal Loans Construction & Renovation Loans”

“It’s hard enough to find the right property for your business. How do you decide if you should buy or lease commercial real estate? Of course, there are pros and cons with both options, including the opportunity to build equity and profit off a future resale that comes with buying property. In this guide, we’ll […] Return to top Personal Checking Accounts Apply Online For a Personal Account UB Checking UB 55 Checking Basic Advantage Checking Advantage Checking Advantage Checking Plus Health Savings Account Mastercard Enhanced Debit Card Mastercard World Debit Card EMV Chip Card Technology U-Design Debit Card Service Value Integrated Package (VIP) Program Overdraft Privilege Savings Accounts Statement Savings Money Market Accounts Certificate of Deposit (CDs) Individual Retirement Accounts (IRAs) Specialty Savings Accounts Save For Success Compare Accounts Deposit Interest Rates Deposit Account Options Advantage Banking Options Mortgage Loans Mortgage Rates Mortgage Lending Team Ask a Loan Officer Personal Loans Construction & Renovation Loans Home Equity Loan Land Loans Installment Loans Visa Credit Card Convenience Services Telebanking Visa Credit Card Moving Away? We Can Move With You! Service Fees Switch Kit Commercial Commercial Checking Accounts Apply Online For A Business Account Business Checking Commercial Checking Business Checking with Interest Non-Profit Business Checking Debit Business Card Check Images Commercial Savings Accounts Commercial Statement Savings Commercial Money Market Commercial Certificate of Deposit (CDs) Commercial Financing Small Business Administration (SBA) Loans in VT and NH Real Estate Loans Term Loans in VT and NH Lines of Credit Visa Business Credit Card Cash Management Merchant Services Commercial Convenience Services Payroll and HR Services Remote Deposit Capture Positive Pay and ACH Filtering Commercial Lending Team Commercial Switch Kit Commercial Client Portal Government Banking Municipal Deposit Accounts Municipal Financing Municipal Lending Team Wealth Management Investment Management Personal Trusts Retirement Strategies Estate Services Commercial Client Services Medallion Signature Guarantee Wealth Management Team Online Banking Online Banking Service Key Features Digital Banking Requirements Quicken and QuickBooks UBP2PHub Personal Financial Management Mobile Banking Mobile Check Deposit Mobile Banking Security Apple Pay My Cards Make Investing Simple Locations Vermont Branches Berlin Fairfax Hardwick Jeffersonville Jericho Lyndonville Morrisville, Main Morrisville, Northgate Plaza St. Albans St. Johnsbury, Portland Street St. Johnsbury, Railroad Street Operations and Loan Center Shelburne Stowe Williston Williston Loan Center New Hampshire Branches Groveton Lincoln Littleton, Dells Road Littleton, Main Street North Conway ATM Listings Holiday Hours Security About Our Security Preventing Fraud Mitigating Fraud Risk ATM Security Security Resource Links Positive Pay and ACH Filtering Octobe”

“Renting vs. Buying Commercial Real Estate in Vermont and New Hampshire It’s hard enough to find the right property for your business. How do you decide if you should buy or lease commercial real estate? Of course, there are pros and cons with both options, including the opportunity to build equity and profit off a future resale that comes with buying property. In this guide, we’ll […]”

“Commercial Loan Application”

“Subdivision infrastructure construction”

“A good to excellent FICO credit score A debt-to-income ratio of less than 36 percent Proof of income and employment history Down payment”