And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. 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. Please don't hesitate to contact us and let us know how we can assist. The company was incorporated in Florida two months ago. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. Are there any particular markets or segments that you two are excited about and why? About Jonathan Learn Jonathan's areas of practice. Jonathan Kalikow NY, age 52, female. Get started New York City Marriages, 1950-2017. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. I am not receiving compensation for it (other than from Seeking Alpha). Image Source; Jonathan Roumie's Instagram. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. And that's the point where things start looking quite attractive for AFC. Leonard M. Tannenbaum is the CEO and founder, with the investment committee being composed of Jonathan Kalikow and Robyn Tannenbaum - Leonard's wife as of 2019 - when they made their IPO. 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. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Invision. AFC Gamma, Inc. originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. I was on the stand for seven hours, Kalikow said. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. 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 . 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. The charities we evaluate are focused on causes that are important to our borrowers. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. 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. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. By January 2016, the ERFAbacked by Kallos and Manhattan Borough President Gale Brewer as well as State Senator Liz Krueger and Councilman Dan Garodnickhad formed and filed its first rezoning application with the Department of City Planning, looking to cap the height of the building and also secure a section of the residential development for affordable housing units. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. The interference made it difficult for Kulick to do his job, and he came. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. 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) Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. 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. Once. This is impressive since the company didn't exist a year ago. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. And you have a lot of traffic and logistical issues to overcome. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. 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. Why Sharing Weed Decreased During The Covid-19 Pandemic, Fizzy Drink Passion Fuels Zle Cannabis-Infused Craft Beverages, Californias Cannabis Sales Declined In 2022, The First Time Since Legalization, Still Waiting For The SAFE Banking Act? But Id love to stay in., Thats not to say there havent been interested suitors. Live market coverage co-anchored from Hong Kong and New York. 9. Fortunately, WER's expertise is in the private institutional space. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? This article was coproduced with Williams Equity Research (WER). A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. 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 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. Practically speaking, the higher the hurdle rate, the lower the fees paid but the greater the incentive for the external manager to take outsized risk. 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. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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.. That amounted to total gross proceeds of $118.75 million. 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 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. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. 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? [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]. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. 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. Theres generally no 10-Qs or 10-Ks to analyze. This is clearly an extremely speculative play. This is a BETA experience. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. 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. RT: AFC Gamma is a commercial mortgage REIT. As in, now youve fucked with the wrong person.. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. Kallos, Krueger, Garodnick and a representative of Brewer met with Kalikow on May 11 to discuss controversies surrounding the site, including the communitys firm opposition and how steep a climb Gamma would have to complete the project. As for margins, theyre quite strong. 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? 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 also talked to them about the fact that the rezoning we were proposing would actually give them additional floor area ratio on sitethat wasnt on site and already therein order to build affordable housing. Id make over a billion! , Kalikow added, It was very clear that the money was not nearly as important to him as his name in lights.. 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. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. Recently IPO-ed companies can be quite the endeavor to analyze. Please disable your ad-blocker and refresh. If you have an ad-blocker enabled you may be blocked from proceeding. 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 is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. I wrote this article myself, and it expresses my own opinions. The DOB was doing their job. It actually took us some time to figure out what happened.). 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. For now, Kalikows eyes are firmly on the finish line. In its suit against the Pilevskys, Gamma said that the delay allowed groups like the East River Fifties Alliance (ERFA) to organize against its development. Information is often lacking there, and one has to dig very deep to uncover the full picture. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. AFC Gamma executed an IPO on March 19, 2021. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed Joseph Beninatis Bauhouse Groups 87-story residential development at 3 Sutton Place between East 57th and East 58th Streets. So it's critical to use limit orders when transacting such a low liquidity stock. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. AFC is externally managed, which isn't unusual for an mREIT. Youre not winning this one.. The company is now prepared to go forward with the towers construction, according to Kalikow. Gamma Real Estate Capital Management, Inc. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. We want to be there for the company's second and third financing. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. Track your investments 24 hours a day, around the clock from around the world. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. There's no perfect solution to this conundrum except to avoid externally managed companies. Paul was shot in the back of the head Jonathan Roumie is drinking coffee. Jon Kalikow is President/Co-Founder at Gamma Real Estate. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. At the same time, management indicated there were $561.8 million of potential loans under review. 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. Both markets have strong medical programs with a robust addressable market and population of patients. 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. We don't just want to be there for the company's first financing. We think its a very unique property, and we havent put it on the market. AFC Gamma works with cannabis companies nationwide. 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. LT: Right now, we are one of the biggest lenders in cannabis. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. 3-min read. All rights reserved. So why they would want to get into a fight with us literally makes no sense. What long-term goals do you have planned for the Foundation? One of his reasons [for believing this] was that we had attended a meeting at the architects office, and my father sat at the head of the table, Kalikow recalled. This competition will drive down interest rates and attract borrowers like MSOs. 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. In many ways, its approach is in between that of a Business Development Company and mREIT. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . 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. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. It comprised a $145. 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. 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. 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. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. We're very bullish on New Jersey as well. 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. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? 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 include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. There are 4 older executives and no younger executives at AFC Gamma. The board of directors, meanwhile is led by Leonard M. Tannenbaum. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. We decided to partner with our borrowers to find charities that support people in the given state that they operate in to support the local communities. So he understands the layers of complexity involved. Its lowest cash interest rate charged is 12%; the highest is 16%. (Kalikow was insistent that he does. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. Are there specific deals the team tends to focus on more? The first type is known as a sale-leaseback, which was around before loans were available. 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. The company was incorporated in 2020 and is based in West Palm Beach, Florida. And, with few exceptions, companies involved are heavily excluded from the financial system. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. (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. RT: I believe our challenge hurdle is always being stewards of capital. Bauhouse also alleged that Gamma had a different motivation than a traditional lender and seized greater control by refusing to fund the project in accordance with loan documents. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. 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. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. This creates a very quick and reliable way to boost its cash flow from about $1.25 per share to $1.50-$1.75 in short order. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. The fact of the matter is, lawsuits cost a lot of money. [We told them] were not Beninati: We know what were doing, and were building for New York buyers because this is a New York enclave, Kalikow said. Everything depends on management's creativity, flexibility, and ability to execute. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. You may opt-out by. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Cannabis is a rapidly growing industry. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. He's spent his entire life here and his family's real estate roots run four generations deep. I wrote this article myself, and it expresses my own opinions. Jonathan specializes in catalyst-driven markets with high barriers to . We look forward to making our first of many donations shortly and positively impacting these communities. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. Anything you build thats residential proximateis going to be expensive. 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. His estimated net worth is $600000. 101 Park Avenue, 11th fl. 4 individuals in legal/underwriting/accounting. But I think that really, the future is wide open. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org Learn More about Jonathan Gilbert Kalikow's net worth. 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. Of humor and optimism AFC as partner, head of Real Estate a... 20 % of core earnings, with a robust addressable market and population of patients Palm Beach, Florida hours. Doesnt happen in the future, please enable Javascript and cookies in browser. Excellent twenty-year run, i decided to sell the company managed $ billion! Contact us and why we typically only lend to limited license states approach in! He asked, what if you have planned for the company is prepared. Endeavor to analyze liquidity stock in Real Estate, a boutique commercial Real Estate Jonathan Kalikow ;,. 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