Pru Mortgage, ULLICO Form CRE Alliance

Prudential Mortgage Capital Co., Newark, N.J., and the Union Labor Life Insurance Co., Washington, have announced an alliance under which they will co-invest in loans on commercial real estate projects that are built or substantially rehabilitated using union labor.Under the alliance, which will be carried out by ULLICO's J for Jobs fund and Prudential's Union Mortgage Account, each fund has agreed to offer the other a chance to co-invest in mortgage loans it does not plan to hold entirely on its own, the companies said. "This program gives us an opportunity to increase the investment opportunities for both funds while allowing the funds to work toward their goals of stimulating job creation for union labor," said Ronald Skinner, portfolio manager for the Union Mortgage Account at Prudential Real Estate Fixed Income Investors, Pru Mortgage's debt funds management business. The alliance partners can be found online at http://www.prudential.com/mortgagecapital and http://www.ullico.com.