Construction. Get started New York City Marriages, 1950-2017. We weren't able to discern what type of healthcare companies were involved. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. 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). 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. 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? 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. But before getting there, its worth examining the origins. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. The hurdles that you overcome as any growing company is the need for additional talent as you scale. Insiders at AFC Gamma own 28.0% of the company. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. You may opt-out by. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. Fortunately, WER's expertise is in the private institutional space. 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. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. I wrote this article myself, and it expresses my own opinions. RT: Two types of financing are available to cannabis operators. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. 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. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Please don't hesitate to contact us and let us know how we can assist. New York, NY 10178 | (212) 9220222 |. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. 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. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org But imagine the combination of near total lack of competition and immense opportunity set. Are there any particular markets or segments that you two are excited about and why? After all, this started out as a beautiful dream. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. Learn More on Jonathan Gilbert Kalikow's age. 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. 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. Track your investments 24 hours a day, around the clock from around the world. We think its a very unique property, and we havent put it on the market. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. 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. This does offer investors an average amount of protection, though its still far from perfect. But thats not all. Grace Prize for Most Inspiring Performance for TV, Movieguide. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. 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. I offered them options such as using their air rights in other parts of the city, Kallos added. Is this an April Fools Day joke? . 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 the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". My family is in real estate, and everyone in the real estate business likes to have the press. 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. Kalikow has reason to be angry. It generated $5.25 million in revenue from July 31 through December 31. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. See Jon Kalikow's compensation, career history, education, & memberships. 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. For those interested in making money off of cannabis financing, we can offer no alternative. It's not zero, but still. We also remain very optimistic about the prospects in New Jersey and New York. Im sure itll be successful because there are a lot of powerful people involved who are smarter than me, but I dont see us building new tunnels or bridges or subway lines any time soon., I tend to be a very under-the-radar person, Kalikow explained. [3] [4] He is also a voice artist. 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. Termination fees are another point of contention. Thats why management and the general partners process have to be severely scrutinized and stress-tested. There are 4 older executives and no younger executives at AFC Gamma. Youre not winning this one.. What long-term goals do you have planned for the Foundation? There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. Secondly, the suit claims that the Pilevskys altered the treatment of 3 Sutton Place, as a Single Asset Real Estate in the bankruptcy filing by transferring three small cooperative apartments at 504 Merrick Avenue in Lynbrook, N.Y., over to Beninati. 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. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. This broader mandate means we must have greater confidence in its underwriting standards and practices and in its management. Jonathan Kalikow was born and raised in New York. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. 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.. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. But weve been very under the radar when it comes to lending. 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. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. In the last twelve months, AFC Gamma insiders bought shares 5 times. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Jonathan Kalikow and Leonard Tannenbaum AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. 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. 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A cheating husband strangled his wife after she found his 'dirty' text messages to other women when he passed out following a binge on Coors Light and Jack Daniel's. Serial cheat Jonathan Neale . JB: Tell me more about the AFC Foundation. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. I think, from the outset, most of the competition will come from hedge funds, not big banks. 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. I have no business relationship with any company whose stock is mentioned in this article. The firm lends on real estate nationwide, owns a portfolio of . Jonathan Kalikow President Gamma Real Estate. Based on her biography, Robyn's career started in 2007. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. RT: Since starting AFC Gamma, we have completed almost $500 million of transactions we provide capital to an industry that others do not and, in turn, allow these operators to build cultivation facilities, production facilities, and dispensaries. 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. That amounted to total gross proceeds of $118.75 million. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. 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? It had no debt at that time but did maintain a $40 million line of credit. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. 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. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. This is a BETA experience. Photo: Sasha Maslov/for Commercial Observer, I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like, Kalikow, the 47-year-old married father of four girls ages 8, 10, 12 and 17, is the president of, Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed, The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Learn More about Jonathan Gilbert Kalikow's net worth. Theres generally no 10-Qs or 10-Ks to analyze. About Jonathan Learn Jonathan's areas of practice. But Id love to stay in., Thats not to say there havent been interested suitors. We provide term loans, draw facilities, and construction loans. And this offer includes a 2-Week FREE TRIAL plus my FREE book. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. Why did your team decide to go public in March 2021, and have you noticed a shift in how cannabis stocks are viewed among institutional investors in the past year? Background Report for Jonathan Kalikow. And that's the point where things start looking quite attractive for AFC. 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. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. 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. Live market coverage co-anchored from Hong Kong and New York. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. The fact of the matter is, lawsuits cost a lot of money. 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. But, despite his past, he's not optimistic about. The company was incorporated in 2020 and is based in West Palm Beach, Florida. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. They said, We dont care, its too high. . AFC Gamma works with cannabis companies nationwide. Leonard founded the firm and remains as chairman and CEO. The stock saw a nice near 20% gain on the day of the IPO. Underwriting these operations and their creditworthiness will be no simple task. Learn More about Jonathan Gilbert Kalikow's net worth. Occupation. 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. 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. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. 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. 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First of all, we take a unique partnership approach. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. So we tend to work with three different buckets of operators. I think theres a group of potential buyers that would find living in that area exciting, he said. 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. View Public Record Results ✓ Addresses. 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. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. The roster of those who testified included Beninati, N. Richard Kalikow, JLLs Keith Kurland (as debt and equity adviser to Beninati, tasked with sourcing the projects financing) and Jon Kalikow. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. These comparisons contain one major weakness: AFCG has no leverage. SUITE 1770, WEST PALM BEACH FL, 33401. This competition will drive down interest rates and attract borrowers like MSOs. A. If youre wondering how someone can be recently reported to AFC Gamma's current CEO and chairman possibly be classified as independent Independent directors don't actually need to be legally independent. The company seeks to work with operators, ideally in limited license states. 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. 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. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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. His estimated net worth is $600000. Once. LT: Giving back to others is extremely important to us. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. 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. Photo by pcess609/iStock via Getty Images. Beautiful dream Gamma successfully sold 6.25 million shares of common stock at $ 19 per share companies. Using their air rights in other parts of the matter is, lawsuits a! Net worth come from hedge funds, not big banks West Palm Beach, Florida was clear... Line of credit to him as his name in lights and suited to grow very quickly care, center! Kalikow may own other parts of the matter is, lawsuits cost a of. 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