Is this an April Fools Day joke? . 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. Jonathan Kalikow President Gamma Real Estate Jonathan Kalikow serves as the President of Gamma Real Estate, an organization that he founded in 2015 to represent the fourth generation of his family's activity in real estate financing and development. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Read the latest edition of the Commercial Observer online! India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Please don't hesitate to contact us and let us know how we can assist. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. He asked, What sell-out price are you using? and we replied, $4,000 a foot. He said, What if you use $7,000 a foot? We said that if you use $7,000 a foot you probably make half a billion dollars. We weren't able to discern what type of healthcare companies were involved. Our loan, plus the interestwell call it $185 million. 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. 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). Also, our amount of repeat borrowers is huge.. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. Information is often lacking there, and one has to dig very deep to uncover the full picture. First, it's key to realize the uncertainty involved. But imagine the combination of near total lack of competition and immense opportunity set. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Has the Foundation made any headway this year to support local communities? We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. 8. After all, this started out as a beautiful dream. We are different from other lenders in two significant ways. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. What long-term goals do you have planned for the Foundation? Theres an interesting clause within the Termination fee section of AFCG's S-11 Filing with the SEC: Such fee shall be payable upon termination of our management agreement in the event that (i) we decline to renew our management agreement without cause upon 180 days prior written notice and the affirmative vote of at least two-thirds of our independent directors that there has been unsatisfactory performance by our manager that is materially detrimental to us taken as a whole, What are the odds that three of the four current independent directors would vote against the external manager? AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. Another was that my father remarked to one of the borrowers that he liked his pen, and they said that showed the closeness of the relationshipI shit you not. 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. He is survived by his wife of 52 years, Elizabeth; his daughter, Amy (Jonathan) Kalikow; his son, David H. (Lauren); a brother, Stanley; and six grandchildren. Paul was shot in the back of the head LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. Five of those six were trying to assess my strength and desire to hold itto see if they can get in at a cheap price.. LT: Giving back to others is extremely important to us. To build the cloud-piercing tower he envisioned, Beninati would have to buy those buildings (for $32 million), empty them of their rental tenants, demolish them and buy 267,000 square feet of air rights from other properties. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. We decided to share a few more details on this analysis than we usually since its a great case study for subscribers to learn from. And lending is only one feather in their cap: Gamma has also owned and built over 12,000 multifamily units across the U.S.9,000 in the southeastern U.S.and owns 10 million square feet of office space in Manhattan alone. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. Their experience seems at least sufficient for their roles. The concept of AFC Gamma all started on the back of a napkin, and we quickly realized that to be successful, we needed another partner. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. institutional investment and operational due diligence for the last decade. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. Leonard founded the firm and remains as chairman and CEO. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. JB: What does the competitive landscape look like for AFC Gamma? Learn More on Jonathan Gilbert Kalikow's contact information. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. Jonathan Kalikow Partner, Head of Real-Estate BIO Brett Kaufman Chief Financial Officer and Treasurer BIO Gabe Katz Chief Legal Officer BIO James Velgot Chief Marketing Officer BIO Christopher Gioia Managing Director, Head of Origination BIO Brandon Hetzel Executive VP BIO Edwin Gomez Director BIO Carly Hooker Director BIO Professionals And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. We don't just want to be there for the company's first financing. We have it in our [loan] documents that if you do anything to fight a foreclosure youre fully personally liable, but if you turn over the deed, youre not personally liable, Kalikow said. They purchased a total of 87,783 shares worth more than $1,380,633.40. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Jonathan Kalikow. Chart Data in Insider Trading History Table. Fortunately, WER's expertise is in the private institutional space. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. (Wales News Service) A cheating husband strangled his wife after she discovered his "dirty" text messages to other women while he was passed out drunk. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. It will be a net positive for all operators. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. There's no perfect solution to this conundrum except to avoid externally managed companies. So the portfolio isn't as robust in a rising interest-rate environment. (The city must log and address each complaint as it relates to construction safety. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. 9. 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. 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. New York, NY 10178 | (212) 9220222 |. Theres generally no 10-Qs or 10-Ks to analyze. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? Len, who serves as CEO of the AFC Gamma.and previously founded Fifth Street Asset Management, which he eventually sold to Oaktree, also founded LMT Investments, a single family office that is focused on allocating capital across various strategies, including credit via Tannenbaum Strategic Credit Fund, which is a $100M+ fund, equities and real estate. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. 101 Park Avenue, 11th fl. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. That isn't unfavorable given how challenging even the latter half of 2020 was. If you have an ad-blocker enabled you may be blocked from proceeding. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. Everything depends on management's creativity, flexibility, and ability to execute. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. Overnight on Wall Street is daytime in Asia. . The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. But he met with us, and it was clear that he did not intend to make the sale.. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. Copyright 2023 Surperformance. We find solutions to help them expand and meet their needs versus roadblocks. As for margins, theyre quite strong. The spokesman also said that after the stop-work order was issued, workers were allowed to remediate the inefficient underpinning of a neighboring building and make the site safe, but that no other construction work was allowed. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. Performing as Jesus in The Chosen. Does AFC see lending opportunities in the California market, or do you typically shy away from the Golden State and facilitate deals in limited licensed states? Our public currency has allowed us to continue raising equity and granted us the ability to raise $100 million in unsecured debt with a triple B+ rating from Egan-Jones. 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? Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". To summarize the analysis of the board, the CEO is chairman. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. Do you know what youre doing? I think I said, You have to be kidding me? she said. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. Gamma Real Estate Capital Management, Inc. Underwriting these operations and their creditworthiness will be no simple task. Were prepared to build it. You may opt-out by. I guess its hurt a little bit in terms of [business driven by] word of mouth, but because we have a 50-year history of doing this, were [easily vetted]. We see relatively heavy volume on the day of the IPO, though that quickly subsided. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. LT: Right now, we are one of the biggest lenders in cannabis. Learn More about Jonathan Gilbert Kalikow's net worth. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. In this case, the fee to fire the external manager is three times the annual base management fee (1.5% of equity) and the annual incentive compensation (variable, but likely 2-6% of equity) based on the trailing 12-month period. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. With license value being a component of our underwriting, we tend to focus on limited license states such as New Jersey, Florida, Pennsylvania, Ohio, to name a few. Please. Im proud. (When asked about a stop-work order issued on June 28 by the New York City Department of Buildings, Kallos said, I wish I could take credit for that stop-work order. My family is in real estate, and everyone in the real estate business likes to have the press. RT: Two types of financing are available to cannabis operators. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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. What is the teams strategy for building a diverse portfolio? RT: I believe our challenge hurdle is always being stewards of capital. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . So it's critical to use limit orders when transacting such a low liquidity stock. Kalikow has been approached a half-dozen times by potential buyers, he said. I am not receiving compensation for it (other than from Seeking Alpha). It's not zero, but still. 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. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. Then you have the tier right below the top tier MSOs, where you have some public like Acreage, who is one of our borrowers, and then some private like Nature's Medicine and Justice Grown. Mr. Kalikow is currently 52 years old. 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. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Track your investments 24 hours a day, around the clock from around the world. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. 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. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. When Beninati defaulted on the $147 million loan from Gamma, the lender foreclosed on the property and later acquired it in a foreclosure auction for $86 million ($98 million including air rights), outbidding Brooklyn investor Isaac Hager. 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. But, its 3 Sutton Place that has been the subject of the most industry chatter (and headaches for Kalikow) over the past couple of years, and the embattled property isnt out of the woods yet. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. 220 E 72nd St #16D, New York, NY 10021, lived here in 2019 $3,040: C. 350 Madison Ave, New York, NY 10017, lived here in 2013 $3,040: D. 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. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. This does offer investors an average amount of protection, though its still far from perfect. Are there any particular markets or segments that you two are excited about and why? 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. (Podcast). But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. First of all, we take a unique partnership approach. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. Jonathan specializes in catalyst-driven markets with high barriers to . 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. FILE - Jonathan Majors poses for a portrait to promote the film "Magazine Dreams" at the Latinx House during the Sundance Film Festival on Friday, Jan. 20, 2023, in Park City, Utah. It actually took us some time to figure out what happened.). Most recently, on Thursday, June 16th, Jonathan Gilbert Kalikow bought 57,600 shares of AFC Gamma stock. 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. Oh, and there was a bankruptcy filing in between. This approach gives the borrower confidence because they deal with one primary source versus large syndicated deals, so we can work with them if they need any amendments or changes to the loan. New York City Council District 5 representative Ben Kallos first discovered news of Bauhouses planned development from a local resident while attending an Easter egg hunt in April 2015. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. 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. Suppose the Senate passes the SAFE Banking Act this go-around, which I believe they will, lenders, including AFC Gamma, will be able to borrow cheaper, which will, in turn, allow lenders to lend cheaper. For those interested in making money off of cannabis financing, we can offer no alternative. There were so many little fights during this war. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. Its a powerful image.. They said, We dont care, its too high. . The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. We offer a flexible solution to meet the needs of our borrowers. After the sale, I took some time off and started a family office, and saw an arbitrage opportunity in the cannabis industry while researching investments. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. 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. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Insiders at AFC Gamma own 28.0% of the company. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. We feel good about its strength, although the number may fluctuate from time to time, and we look forward to continuing to advance the cannabis industry. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. In many ways, its approach is in between that of a Business Development Company and mREIT. Occupation. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. And that's the point where things start looking quite attractive for AFC. Opinions expressed by Forbes Contributors are their own. Interestingly, only one of the eight loans is floating-rate. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. We also remain very optimistic about the prospects in New Jersey and New York. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. There are parts of this deal that made a lot of sense to us.. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. The fact of the matter is, lawsuits cost a lot of money. Photo by pcess609/iStock via Getty Images. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. The only other challenge is going to be that as capital comes back, we're going to have to either refinance those existing borrowers or deploy capital. He agreesbut then goes radio silent.. At the end of trial, one of their defenses was they never read the documents that they signed.. If you can't find at least a few really good and bad aspects of a new company especially in a new and controversial industry, you probably aren't looking hard enough. Jonathan Kalikow NY, age 52, female. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. AFC is externally managed, which isn't unusual for an mREIT. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. 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. But, despite his past, he's not optimistic about. Anything you build thats residential proximateis going to be expensive. Experts say it out not to mention its proximity to the climate crisis with a value! 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