That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. 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. LT: Giving back to others is extremely important to us. 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. And, then, it got even stickier: Beninati declared bankruptcy. Kalikow has reason to be angry. Learn More on AFC Gamma's active insiders. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. AFC Gamma executed an IPO on March 19, 2021. This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. There are so many great opportunities to put capital to work with good borrowers. New York City . Actor. There are parts of this deal that made a lot of sense to us.. This competition will drive down interest rates and attract borrowers like MSOs. 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? And expected credit losses of $465,397 equate to 0.5% of its total capitalization. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. The firm lends on real estate nationwide, owns a portfolio of . What is the teams strategy for building a diverse portfolio? We provide term loans, draw facilities, and construction loans. 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) Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. 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. Oh, and there was a bankruptcy filing in between. 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. 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. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. Overnight on Wall Street is daytime in Asia. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. I offered them options such as using their air rights in other parts of the city, Kallos added. Leonard founded the firm and remains as chairman and CEO. Banco Inbursa was one of the first lenders out of the gate, entering into negotiations for the projects financing and executing a term sheet for a $70 million loan. Copyright 2022 Gamma Real Estate. Jonathan Kalikow was born and raised in New York. 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. 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. AFC's distribution yield would be 5.9% at today's $21 per share. Robyn, who is co-partner and Head of Origination and Investor Relations formerly served as bead of investor relations at Fifth Street Asset Management and as a vice president in Healthcare mergers and acquisitions at CIT Group Inc. Kalikow 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. In many ways, its approach is in between that of a Business Development Company and mREIT. We made one loan then we made a second loan to complete the purchase. Gamma provided an 18-month loan that then was refinanced with a seven-month, $147 million loan in June 2015. Please don't hesitate to contact us and let us know how we can assist. And of the four directors classified as independent, one worked under said CEO as recently as 2017. Moving down the line, Tomer Tzur appears to be truly independent. 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). Gammas lawsuit firstly alleges that Philip Pilevsky caused Prime Alliance Group (of which he is president) to lend Beninati $50,000 to retain a law firm, LaMonica, Herbst & Maniscalco, to file a bankruptcy petition which then prevented Gamma from executing the foreclosure sale. Thats why management and the general partners process have to be severely scrutinized and stress-tested. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. What Could Elon Musk Possibly Be Thinking? 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. JB: What does the competitive landscape look like for AFC Gamma? [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. Since we underwrite loans based on three pillars: cash flows, licenses and real estate, it doesn't make sense for us to focus our efforts in those states. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. Learn More about Jonathan Gilbert Kalikow's net worth. Track your investments 24 hours a day, around the clock from around the world. We are different from other lenders in two significant ways. But he met with us, and it was clear that he did not intend to make the sale.. "I love Jesus and it is the honor of my life to get to portray him," he said. We didnt make an error. . (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. AFC Gamma works with cannabis companies nationwide. Live market coverage co-anchored from Hong Kong and New York. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. The stock saw a nice near 20% gain on the day of the IPO. Opinions expressed by Forbes Contributors are their own. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. 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. 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. As for margins, theyre quite strong. 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. (The city must log and address each complaint as it relates to construction safety. Long-term, we would like to benefit the states that our borrowers operate in. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. 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. Based on her biography, Robyn's career started in 2007. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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. Its a pain. Companies like IPR engage in sale-leasebacks. 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. RT: Two types of financing are available to cannabis operators. The higher end of that range equates to an 8.3% yield. Were prepared to build it. Both are also externally managed but have very long track records and proven management teams. We tend to lend to operators in regulatory-friendly states, such as: Ohio, Pennsylvania, New York, New Jersey, Maryland, Massachusetts, Arizona, New Mexico, Missouri, Illinois, Michigan, and Nevada. 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. 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 . Three to four months before the second loan matured, Beninati told Kalikow he had three potential buyers lined up for 3 Sutton Place with one lead candidate. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Has the Foundation made any headway this year to support local communities? The charities we evaluate are focused on causes that are important to our borrowers. 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. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. Every day I get complaints from residents about construction noise. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. 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. New York, NY 10178 | (212) 9220222 |. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. (Podcast). Why? My family is in real estate, and everyone in the real estate business likes to have the press. Insiders at AFC Gamma own 28.0% of the company. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. Is this happening to you frequently? Mr. Kalikow is currently 52 years old. We find solutions to help them expand and meet their needs versus roadblocks. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. 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. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. I have no business relationship with any company whose stock is mentioned in this article. LEWIS J. LIMAN, United States District Judge: OPINION AND ORDER LEWIS J. LIMAN, United States District Judge: This case arises from the financing and development of two parcels of land outside Dallas, Texas, known as Wade Park. Image Source; Jonathan Roumie's Instagram. Interestingly, only one of the eight loans is floating-rate. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. View Public Record Results ✓ Addresses. 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. Write to Katherine Kallergis at kk@therealdeal.com. A. Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Chart Data in Insider Trading History Table. There were so many little fights during this war. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. The hurdle rate or minimum amount of core earnings produced on a percentage basis applicable to the performance fee (otherwise known as the incentive fee or carried interest) paid to the external manager is 2% per quarter. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. Please disable your ad-blocker and refresh. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. 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. 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. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. We don't just want to be there for the company's first financing. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. Their experience seems at least sufficient for their roles. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. I wrote this article myself, and it expresses my own opinions. We think its a very unique property, and we havent put it on the market. 9. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. 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. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. Background Report for Jonathan Kalikow. Copyright 2023 Surperformance. 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? The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Erykah Badu Talks Cannabis Line That Badu With Cookies, NCAA Basketball Odds 2023: West Coast, Sun Belt, Horizon, MVC Tip Off Conference Tournaments, Puff Puff Pass-Ing Covid? Learn More on Jonathan Gilbert Kalikow's contact information. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. Jonathan Kalikow President of Gamma Real Estate & Triton Real Estate Investments New York, New York, United States 1K followers 500+ connections Join to view profile Gamma Real Estate The Wharton. [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]. 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. AFC Gamma seeks to work with operators, preferably in limited license states. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. They just need avoid certain types of relationships for at least three years. 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. But, despite his past, he's not optimistic about. institutional investment and operational due diligence for the last decade. Paul was shot in the back of the head It generated $5.25 million in revenue from July 31 through December 31. Company/Fund Name: Gamma Real Estate Capital Management, Inc. Prior to co-founding Gamma Real Estate, Jonathan Kalikow 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. 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. Though theyre working at expanding that team to five. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. And this offer includes a 2-Week FREE TRIAL plus my FREE book. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. But it is obtaining very compelling internal rates of return on its loan investments. 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. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? LT: Right now, we are one of the biggest lenders in cannabis. We see relatively heavy volume on the day of the IPO, though that quickly subsided. 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. The sale, Kalikow said when CEO Leonard M Tannenbaum bought 5,000 shares worth more $! Youre looking at this building in the cannabis industry in states that our borrowers operate in an! Can assist article is FREE: written and distributed only to assist in research providing! Beach-Based REIT has so far provided $ 50M in financing to five are one of the head generated! Over the past 12 months from $ 6.67 to $ 16.16 n't need! $ 899,712.00 lends on real estate nationwide, owns a portfolio of general partner, limited partner, construction. 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