WORKER APPRECIATION LUNCHEON HELD AT THE NATIONAL APARTMENTS IN OLD CITY
Philadelphia, PA (October 10, 2018)- Over 100 union tradespeople were honored at a worker appreciation luncheon hosted by the AFL-CIO Building Investment Trust (“BIT“), the Philadelphia Council AFL-CIO, and the Philadelphia Building & Construction Trades Council. The event took place at the BIT’s development, The National, a 192-unit apartment project expected to be completed in November 2018.
Local and state labor leaders gathered to thank the union workers at the site for their skill and dedication.
With a total estimated development cost of $65 million, work on The National will help to create hundreds of thousands of union construction work hours by completion, and many more in the servicing and maintenance of the completed project.
The National will bring high-end finishes, luxury amenities, and 3,000 square feet of ground floor retail space in Philadelphia’s Old City, one of the country’s oldest neighborhoods.
President Eiding was joined in attendance by Fred Cosenza, business representative for the Philadelphia Building & Construction Trades Council for the regions of Center City Philadelphia, Chester County, and Delaware County.
The National is the BIT’s fourteenth investment in Pennsylvania since its inception in 1988. In its thirty years history the BIT has invested in assets with combined total development and acquisition costs of more than $460 million, helping to create nearly 3 million hours of union construction work in the state.
Important Notes Regarding the AFL-CIO Building Investment Trust:
Transactions listed here are not a complete list of transactions but contain a sampling of transactions during this time period. A complete list of transactions may be provided on request. Opinions or statements herein by third parties are not representations, warranties, or opinions of PNC Bank. The inclusion or listing of these third parties also should not be considered an endorsement by these third parties or participants.
The AFL-CIO Building Investment Trust (the “BIT”, the “Trust”, or the “Fund”) is a bank collective trust for which PNC Bank, National Association (“PNC Bank”) is the trustee. PNC Bank is an indirect, wholly-owned subsidiary of The PNC Financial Services Group, Inc. (“PNC”). PNC may use the service mark “PNC Institutional Asset Management” in connection with certain activities of the Trust. PNC Bank has retained PNC Realty Investors, Inc. (“PRI”) to provide real estate investment advisory and management services for the BIT. PNC has retained the AFL-CIO Investment Trust Corporation (the “ITC”) to provide investor and labor relation services and AFL-CIO ITC Financial, LLC (“ITC Financial”), an indirect, wholly-owned subsidiary of the ITC, to provide marketing services in connection with the BIT. ITC Financial is a registered broker dealer under the U.S. Securities and Exchange Commission (“SEC”) Act of 1934, as amended, and member with the Financial Industry Regulatory Authority, Inc. (“FINRA”). PNC Bank licenses the ability to use the “AFL- CIO” name in the name of the Trust and in connection with the activities of the Trust.
Fees and Expenses: The Trustee pays a trustee fee (the “Trustee Fee”) from the assets of the Trust. The Trustee charges 1.0% on net assets up to or equal to $2 billion, .85% on net assets over $2 billion and less than or equal to $3 billion, and .80% on net assets above $3 billion. The Trustee also charges a .10% fee on capital that has not been committed to a real estate investment. The Trustee pays the fees for the services of PNC Realty Investors, Inc., AFL-CIO Investment Trust Corporation, and AFL-CIO ITC Financial, LLC out of the Trustee Fee (and not from the assets of the Trust). Other than General Administrative Expenses, the Trustee pays from Trust assets all expenses incurred in connection with the investment, administration and management of the Trust out of trust assets (and not out of the Trustee Fee).
Risk Factors: A participant’s investments in the BIT are not bank deposits, nor are they backed or guaranteed by PNC or any of its affiliates, and are not issued by, insured by, guaranteed by, or obligations of the FDIC, the Federal Reserve Board, or any government agency. Investment in the BIT involves risk. Investment return and principal value of an investment in the BIT will fluctuate so that a participant’s investment, when redeemed, may be worth more or less than the original investment. A participant’s redemption of its investment or units in the Trust, or a portion thereof, may be delayed by Trustee for one year (or longer if permissible under applicable law) from the date of the request for such redemption.
The BIT generally invests directly or indirectly in commercial real estate through equity investments. The BIT may also in the future invest in real estate through the provision of financing. Equity investments are subject to risks inherent in or customarily associated with the ownership of income-producing real estate, and real estate financing involves risks inherent in or customarily associated with the risks of financing secured directly or indirectly by income producing real estate.