The ULTRA Fund closed on Gallery Place in July 2001. Gallery Place is a mixed-use project consisting of retail, entertainment, office, residential, and parking components. The ULTRA Fund and ULLICO's J for Jobs were 50% co-lenders on the interim construction loan for the Gallery Place project. The ULTRA Fund is now participating in the permanent construction loan. The Gallery Place project will create over 765,000 hours of 100% union labor (entire project).
Total rehabilitation and conversion of an existing 23-story office building totaling approximately 125,000 s. f. to 142 apartment units, and 8,000 s. f. of commercial office space. Located in the heart of Center City Philadelphia just around the corner from Rittenhouse Square. The Fund is the lead lender on this loan with a 68% participation.
The Heritage will be a 57-story, 356 unit high-rise condominium tower with 1,118,787 gross sq. ft. overlooking Lake Michigan. The structure will rise from behind the historic Cultural Center. The Fund is a $20 million participant in the total construction loan.
The Fund is a 50% participant in this $44.7 million construction and renovation project that will transform an existing PECO power plant to over 390,000 square feet of commercial Class "A" office space on the Delaware River in Chester, Pennsylvania. This project will create 150,000 hours of union labor.
Gateway Terrace is located in the South End of Boston Massachusetts and is a new construction residential loft condominium. There will be 133 units in three buildings, "The Hallet" "The Vose" and "The Emerson" constructed over a a two-level 176 space parking garage. Several units will have terraces averaging 10 x 15 feet in size and there will be an extensive common area in the courtyard over the garage. The Fund is the Lead Lender with $28 million invested. This project will create over 275,000 hours of 100% union labor.
This project is a light industrial and business park located in Camarillo California and encompasses construction of the park's infrastructure and up to six buildings that will be built for end users. The Fund has approved a $26.3 million loan. This project will create approximately 50,000 hours of 100% union labor.
York Square is a new construction six-story loft condominium building comprised of 60 units and 52 basement parking spaces located on Vine Street in Old City Philadelphia. There will be six residential levels over one level of indoor parking. The Fund is the Lead Lender and has approved a $14.6 million loan. This project will create over 150,000 hours of 100% union labor.
- Loan Amount: $30.5 Million Total, Fund is Lead Lender
- Project Type: Conversion and total renovation of a six-story 174,365 sq. ft. garage into 85 residential condominiums with 85 parking spaces on the ground level.
- Loan closed – April 13, 2004
- Location – 23 S. 23RD Street, Philadelphia, PA
- Union Jobs – 188,000 hours
- Status: Existing building is being prepared for renovation.
