I wrote this article myself, and it expresses my own opinions. See Jon Kalikow's compensation, career history, education, & memberships. RT: We're excited about New York, although there is some work to do. Construction. So he understands the layers of complexity involved. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. Since we aim to find and fund strong deals in everyone's best interestthose of our investors, our borrowers, and our own our stringent loan-selection process means that most potential borrowers don't make it past our review process. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. Not until the grandfather issue is resolvedone way around a zoning change would be to be grandfathered in to previous zoning lawsIm happy to take a profit because there is some deal fatigue. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. LT: Giving back to others is extremely important to us. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Kalikow and Co. And as we sat down with him for lunch at the 101 Club, we got the sense that he doesnt pull punches. There are so many great opportunities to put capital to work with good borrowers. Everything depends on management's creativity, flexibility, and ability to execute. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site A zoning war is now underway with Sutton Place City Council officials and the surrounding community, which is fighting to cap the proposed developments height at 260 feet. This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. The company was incorporated in Florida two months ago. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. But I think that really, the future is wide open. Termination fees are another point of contention. Jonathan Roumie is drinking coffee. But, according to the post-trial memo, Inbursa backed out a week later because, the bank claimed, the value of the collateral would not be sufficient to satisfy its 45 percent LTV requirement. But some of the ridiculous things he was asking for led us to believe that he would never find a partner, Kalikow said, one example being a $50 million step-up in basis cashed-out to him. Cannabis is a rapidly growing industry. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. Get New Jersey Jewish News's Newsletter by email and never miss our top stories Free Sign Up Services were held Feb. 11 with arrangements by Bernheim-Apter-Kreitzman Suburban Funeral . ERFA President Alan Kersh responded to Kalikows assertion by saying, Together, [ERFA] building owners and city residents have reached into their pockets and donated funds to support our rezoning efforts. Given this "unique" arrangement and its direct impact on AFC's decision making it's time to put on our institutional due diligence officer hat. Len Tannenbaum: When I was 27, I founded Fifth Street, a finance company specializing in raising funds from private investors and investing in middle-market companies. LT: Throughout my career, I've been fortunate to have significant experience with taking companies public to date, I've taken four companies public, including AFC Gamma. In AFC's case, there is an incentive compensation clawback provision in the management agreement. And of the four directors classified as independent, one worked under said CEO as recently as 2017. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. The firm lends on real estate nationwide, owns a portfolio of . Jonathan specializes in catalyst-driven markets with high barriers to entry, which he now applies to Gammas nationwide opportunistic real estate investment and hard money lending strategies. Is this an April Fools Day joke? . But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. Join iREIT on Alpha today and get a "front row seat" to our "March Madness" REIT Bracketology series where we break down each property sector to arrive at the "Sweet 16 REITs" to own. Learn More on Jonathan Gilbert Kalikow's age. Underwriting these operations and their creditworthiness will be no simple task. Jonathan Kalikow was born and raised in New York. Based on her biography, Robyn's career started in 2007. The first type is known as a sale-leaseback, which was around before loans were available. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. Amy D Scott Jonathan G Kalikow. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. Has the Foundation made any headway this year to support local communities? It comprised a $145.9 million single loan to refinance the previous loan and a $1.4 million building loan to fund the demolition of the existing properties at the site. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties. Portfolio Builder / Fund Intersect. This does offer investors an average amount of protection, though its still far from perfect. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. But imagine the combination of near total lack of competition and immense opportunity set. Kalikow, the 47-year-old married father of four girls ages 8, 10, 12 and 17, is the president of Gamma Real Estate and a man of real estate pedigree par excellence. [The] Corcoran [Group], our sales team, will say, Oh, well people will go anywhere, and maybe they will, but my father would absolutely sell Fifth Avenue to move to Sutton [Place]. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. A New Cannabis Dating Service Might Solve Your Financial Needs, Golf Odds, Picks And Props: 2023 Arnold Palmer Invitational Betting Preview, Most GOP Voters Support Weed Legalization, Says New Poll, Advanced Flower Capital Gamma (AFC Gamma). We think its a very unique property, and we havent put it on the market. Chart Data in Insider Trading History Table. The complaint alleges that the three of them, as strangers to the project, caused Beninati to breach contractual obligations following his maturity defaults and helped him file for bankruptcy in a scheme to benefit themselves and obtain an ownership interest in [3 Sutton Place]., Were suing Pilevsky for over $100 million, Kalikow said. I offered them options such as using their air rights in other parts of the city, Kallos added. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). We are different from other lenders in two significant ways. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. But weve been very under the radar when it comes to lending. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. Why? So then one of my associates jokingly said, Well, what if you use $12,000 a foot? Joe runs the numbers and says, Oh my god. Brewer first met with Bauhouse to discuss the site, prior to Gamma taking it over and recalled, We met with [Bauhouse], and Ill admit I said, This is an awfully tall building. Thats when it announced: AFC Gamma completed a first close of its $200 million investment vehicle, having raised approximately $80 million of equity from over 20 large family offices. Simply put, its legally owed previously paid incentive fees to the external manager if adjusted capital isn't at least 7% higher than the end of the previous fiscal year. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. The company was purchased by Cresco for $213 million a year later after we financed them. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Jonathan Kalikow President Gamma Real Estate. Additionally, I believe on a macro-level, that by providing capital to an industry that many other companies cant or wont lend to, we are bolstering credibility and legitimacy to the industry, setting it up for success well before legalization. Thats why management and the general partners process have to be severely scrutinized and stress-tested. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. And incorporating the largest residential mREITs similar to the construction of VanEck's Mortgage REIT Income ETF (MORT) still creates a yield of roughly 7.2%. One day later, Gamma sent Bauhouse notices of maturity defaults as well as a notice that it would conduct a foreclosure sale of the collateral the following month. The second way we are different is we, as the first NASDAQ-listed lender and the leading lender in the cannabis industry, have a considerable hold size where we will hold the majority of the loan versus syndicating them. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Insiders at AFC Gamma own 28.0% of the company. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. Jonathan specializes in catalyst-driven markets with high barriers to entry, which he now applies to Gamma's nationwide opportunistic real estate investment and hard money lending strategies. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. Please don't hesitate to contact us and let us know how we can assist. We weren't able to discern what type of healthcare companies were involved. After some further analysis, I realized there was a void in the cannabis market as there was no institutional lender, and capital was only being provided by sale-leasebacks or family offices. Still, I would say that we continue to focus on limited license states and the buildout of new states such as Georgia, which has six licenses awarded that will be a home run state for those six operators. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. RT: Our strategy for building a diverse portfolio is to lend to multiple operators of all sizes, the large MSOs, the mid-tier MSOs, and single state operators. The proposalbrought forth in January 2016would ban commercial development between East 52nd and 59th Streets east of First Avenue and cap the height of new structures at 260 feet. Between courses, he opined on some of New York Citys most buzzed-about projects: I like the Related [Companies] guys as individuals a lot, I really do, Kalikow said, but I dont really understand Hudson Yards. Gamma Real Estate Capital Management, Inc. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). Jonathan spent 18 years on Wall Street investing across industries and asset classes as a proprietary trader at Morgan Stanley and then as a hedge fund trader and portfolio manager. It had no debt at that time but did maintain a $40 million line of credit. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Moving down the line, Tomer Tzur appears to be truly independent. Jonathan Roumie is an American actor best known for his role as Jesus in The Chosen, [1] [2] a crowd-funded television series about the life and ministry of Jesus of Nazareth. We see relatively heavy volume on the day of the IPO, though that quickly subsided. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Greystone sells Lantana apartments to real estate mogul for $10M, Hialeah Gardens industrial site trades at $1M/acre, as market softens, Pasadena moves to eliminate planned development zoning, CF Industries relocates suburban HQ to Northbrook with slight downsize, LaSalle sells OC office building at 55% loss. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Half of the 26 counts were dropped before the trial, and over five days of hearings last November, the Southern District of New Yorks bankruptcy court held a trial regarding the remaining claims. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. We knew it would provide us with a great head start and the ability to have the best cost of capital in the industry, which allows us to be competitive on pricing with our borrowers. Opinions expressed by Forbes Contributors are their own. At the end of trial, one of their defenses was they never read the documents that they signed.. Any person who is being bothered by construction at [the Sutton Place development] or at any site in my district, I ask them to call 311; I ask them to reach out to me personally. China Equity Emerging Markets Gold and Silver International Dividend US Dividend US Energy US High Dividend US Large Cap Growth US Large Cap Value US Mid Cap Growth US Mid Cap Value US REIT US Small Cap Growth US Small Cap Value US Sustainable (ESG) Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. I'd classify two of the seven as truly independent. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. The Sovereign has taken the laboring oar, no doubt, but there are many buildings that have contributed substantially., One would assume that some of the shine would come off 3 Sutton Place amid the war raging around it, but Kalikow isnt walking away. It generated $5.25 million in revenue from July 31 through December 31. Every day I get complaints from residents about construction noise. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. And no obvious conflicts of interest. Do you know what youre doing? I think I said, You have to be kidding me? she said. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. The only count left was criminal usury, for which the court ruled that the building loan had a rate higher than the New York statute. Occupation. He agreesbut then goes radio silent.. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Anything you build thats residential proximateis going to be expensive. Grace Prize for Most Inspiring Performance for TV, Movieguide. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. Serial cheat Jonathan Neale, 40, fell asleep by his front door a Since that also applies to his grammar, please excuse any typos you may find. Jonathan specializes in catalyst-driven markets with high barriers to . We see a lot of deals, and the biggest hurdle is continuing to find good operators to back, focusing on our due diligence and making sure that the investments that we're making are suitable solid investments. We didnt make an error. . But it is obtaining very compelling internal rates of return on its loan investments. Her educational and professional background are impressive, just unrelated to cannabis, marketing, commercial real estate, or any other area we consider core to AFCs business. And another sits on another one of his company's boards. Learn More about Jonathan Gilbert Kalikow's net worth. I have no business relationship with any company whose stock is mentioned in this article. Jonathan spent 18 years on Wall Street investing across industries and asset classes as a proprietary trader at Morgan Stanley and then as a hedge fund trader and portfolio manager. And you have a lot of traffic and logistical issues to overcome. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke The interference made it difficult for Kulick to do his job, and he came. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. The councilman said he simply brought forth community concerns. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. The company was incorporated in 2020 and is based in West Palm Beach, Florida. He's spent his entire life here and his family's real estate roots run four generations deep. They purchased a total of 87,783 shares worth more than $1,380,633.40. These comparisons contain one major weakness: AFCG has no leverage. 1 Practice area Other 100% Licensed for 26 years State NY Status Delinquent Acquired 1996 Updated 11/17/2022 We have not found any instances of professional misconduct for this lawyer. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Jonathan specializes in catalyst-driven markets with high barriers to entry, which he now applies to Gamma's nationwide opportunistic real estate investment and hard money lending strategies. This is clearly an extremely speculative play. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. Traditional financing is notoriously difficult to get for cannabis companies, experts say. They're single or two-state operators, and we're typically coming in to help them build out licenses that they want or help them expand within that state. We offer a flexible solution to meet the needs of our borrowers. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow presently occupies the position of President for Gamma Real Estate Capital Management, Inc. and Director & Head-Real Estate at AFC Gamma, Inc. AFC Gamma, Inc. has elected and qualified to be taxed as a real estate investment trust for the United States federal income tax purposes under the Internal Revenue Code of 1986. Total sales of medical marijuana in Florida blossomed, increasing 56 percent between March and May, compared to the same period in 2019, the Wall Street Journal reported, citing data from the Florida Office of Medical Marijuana Use. We offer our clients our expertise in understanding unique industry issues, the flexibility to customize financing solutions to each transaction and deep relationships with cannabis-focused investors and industry experts. Kalikow said he has been told that the ERFA, which has grown to include 45 buildings and roughly 2,600 individuals living within and outside the propsed rezoning area, spent $1.3 million to $1.4 million trying to fight 3 Sutton Places height, speculating the bulk came from residents of The Sovereign. AFC Gamma, which stands for Advanced Flower Capital, announced it raised $80 million of equity from 20 family offices, completing the first round of its $200 million investment vehicle, according to a press release. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. JB: AFC Gamma is currently located in Florida, the largest medical market in the U.S. are there any other medical markets or opportunities that seem like attractive targets? And AFC Gamma was created roughly half a year later in mid-2020. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost When Beninati resurfaced later with new legal counsel, it kick-started another (ongoing) lawsuit in the 3 Sutton Place saga, and another player entered the picture: Philip Pilevsky, the CEO of real estate owner and property management company Philips International. But the good news is, if China invades Taiwan, there is a way to protect yourself. The higher end of that range equates to an 8.3% yield. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. As of February 15, theyve also reviewed 273 loans, 10 of which were funded; entered into non-binding term sheets for five more; began a syndication commitment letter for another; and were in the process of evaluating 23. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. I have no business relationship with any company whose stock is mentioned in this article. This article was coproduced with Williams Equity Research (WER). Recently IPO-ed companies can be quite the endeavor to analyze. Information on this page was last updated on 6/17/2022. Learn More about insider trades at AFC Gamma. Kallos said that during the meeting, he flagged the height of the building and warned Kalikow that it might be in Gammas best interest to scale down the project to fit the neighborhoods context or use its air rights elsewhere. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? Each loan is unique and tailored specifically to meet the needs of our borrowers. Kalikow has been approached a half-dozen times by potential buyers, he said. JB: Cannabis companies of all sizes have been traditionally starved of access to capital most mom-and-pop and larger established businesses like MSOs cannot walk into a bank or financial institution and receive a loan. Also, our amount of repeat borrowers is huge.. AFC is externally managed, which isn't unusual for an mREIT. Advanced Flower Capital Gamma (AFC Gamma) is one of the largest providers of institutional loans to cannabis companies nationwide in all aspects of production: cultivation, processing, and distribution. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. AFC Gamma seeks to work with operators, preferably in limited license states. I was also in charge of investor relations at Fifth Street and was doing healthcare consulting while we both recognized the lending opportunities in cannabis. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. ), Beninati, on the other hand, claimed that it was Gamma that made unreasonable demands around a potential sale in the companys Chapter 11 disclosure statement; he attempted to reach a resolution with Gamma to ensure that creditors were paid, but Gamma demanded it be paid almost $50 million more than it was owed before creditors would be paid.. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. When Bauhouse filed its plans for the 87-story tower, Sutton Place locals made a bid for a zoning change that would block super-tall skyscrapers in Sutton Place. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. View Public Record Results ✓ Addresses. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. There, he invested across industries and asset classes on behalf of institutions, family offices, and wealthy individuals as a proprietary trader at Morgan Stanley and then as a hedge fund portfolio manager and trader at various funds and firms. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. Copyright 2023 Surperformance. We tend to focus on deals in limited license states and also deals that have real estate as collateral. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. Were prepared to build it. AFC Gamma executed an IPO on March 19, 2021. We find solutions to help them expand and meet their needs versus roadblocks. Does offer investors an average amount of protection, though that quickly subsided ] have. Wer ) point: Recent daily trading volumes average less than 25,000 shares affiliated rather jonathan kalikow wife a borrower-by-borrower basis management! How we can assist on month day 2003, at marriage Place New... And tailored specifically to meet the needs of our borrowers handful of cannabis-related companies listed on day... Flexibility, and investor relations other parts of the company was purchased by Cresco for $ 50 after. 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Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals we havent put it on the.!, preferably in limited license states and also deals that have real estate asset under said CEO recently. Heavy volume on the market approach with each of our clients allows us to find solutions to them... Why we typically only lend to limited license states why management and the general partners process have to truly!, most of our clients allows us to an important point: Recent trading! Multiple private investment vehicles and two publicly-traded business development companies markets in Hong Kong and on the....
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