And this offer includes a 2-Week FREE TRIAL plus my FREE book. Learn More about insider trades at AFC Gamma. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. 8. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. And tell me more about your approach to lending, what do you look out for and why? Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. Learn More on Jonathan Gilbert Kalikow's age. 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. This competition will drive down interest rates and attract borrowers like MSOs. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. In the last twelve months, AFC Gamma insiders bought shares 5 times. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Termination fees are another point of contention. The second way we are different is we, as the first NASDAQ-listed lender and the leading lender in the cannabis industry, have a considerable hold size where we will hold the majority of the loan versus syndicating them. 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 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. This does offer investors an average amount of protection, though its still far from perfect. Oh, and there was a bankruptcy filing in between. Still, I would say that we continue to focus on limited license states and the buildout of new states such as Georgia, which has six licenses awarded that will be a home run state for those six operators. Learn More about Jonathan Gilbert Kalikow's net worth. Please don't hesitate to contact us and let us know how we can assist. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. As for margins, theyre quite strong. We weren't able to discern what type of healthcare companies were involved. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. They changed the bankruptcy law for real estate in 2005 to say that if youre a single real estate asset its a faster trackso, you as the developer cant tactically declare bankruptcy and indefinitely hold up your lender, Kalikow explained. Its like a bunch of seventh graders picking a fight with a Navy Seal platoon. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. Brewer first met with Bauhouse to discuss the site, prior to Gamma taking it over and recalled, We met with [Bauhouse], and Ill admit I said, This is an awfully tall building. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . 5. You have the large publicly traded MSOs we have lent to, such as Verano. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Jon Kalikow is President/Co-Founder at Gamma Real Estate. There, he invested across industries and asset classes on behalf of institutions, family offices, and wealthy individuals as a proprietary trader at Morgan Stanley and then as a hedge fund portfolio manager and trader at various funds and firms. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. At the same time, management indicated there were $561.8 million of potential loans under review. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. But the community was up in arms long before Gamma took over the property. And, then, it got even stickier: Beninati declared bankruptcy. Our loan, plus the interestwell call it $185 million. They just need avoid certain types of relationships for at least three years. 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. Jonathan Roumie is drinking coffee. Both are also externally managed but have very long track records and proven management teams. The interference made it difficult for Kulick to do his job, and he came. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. Additionally, I believe on a macro-level, that by providing capital to an industry that many other companies cant or wont lend to, we are bolstering credibility and legitimacy to the industry, setting it up for success well before legalization. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . 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. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. 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. 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. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Jonathan Neale strangled his wife after he passed out drunk on the floor. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. The fact of the matter is, lawsuits cost a lot of money. If you have an ad-blocker enabled you may be blocked from proceeding. 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. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. But thats not all. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. AFC Gamma seeks to work with operators, preferably in limited license states. And incorporating the largest residential mREITs similar to the construction of VanEck's Mortgage REIT Income ETF (MORT) still creates a yield of roughly 7.2%. To summarize the analysis of the board, the CEO is chairman. 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. Fortunately, WER's expertise is in the private institutional space. 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. 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 is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. Information is often lacking there, and one has to dig very deep to uncover the full picture. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. 4 individuals in legal/underwriting/accounting. It comprised a $145. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. 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. We look forward to making our first of many donations shortly and positively impacting these communities. There are 4 older executives and no younger executives at AFC Gamma. Now imagine how much investors can make from that kind of company. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Markets never sleep, and neither does Bloomberg. What long-term goals do you have planned for the Foundation? 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 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. Are there any particular markets or segments that you two are excited about and why? 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. 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. JONATHAN KALIKOW et al, Defendants. The DOB was doing their job. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Its lowest cash interest rate charged is 12%; the highest is 16%. 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. Read the latest edition of the Commercial Observer online! If I want to buy it, Ill buy it, but I want the borrowers to be successful at the end of the day, he said.). Moving down the line, Tomer Tzur appears to be truly independent. 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. LT: Giving back to others is extremely important to us. 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. Jonathan Kalikow President Gamma Real Estate. We offer a flexible solution to meet the needs of our borrowers. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. But it is obtaining very compelling internal rates of return on its loan investments. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? Track your investments 24 hours a day, around the clock from around the world. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: This broader mandate means we must have greater confidence in its underwriting standards and practices and in its management. (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. 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. 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. Originating senior secured loans to companies in the cannabis industry is its primary activity helping to finance land or buildings, equipment, licenses, and "other assets" that classify as colleterial to secure AFC's loans. So the portfolio isn't as robust in a rising interest-rate environment. 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. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. 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. And another sits on another one of his company's boards. Please disable your ad-blocker and refresh. Construction. JB: Tell me more about the AFC Foundation. Invision. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. So, to make things even easier we said [to Beninati] wed give him back all of his cash invested in the property, and if we sold the property within a year, wed give him 20 or 25 percent above a threshold so he could retain a portion. Company/Fund Name: Gamma Real Estate Capital Management, Inc. It had no debt at that time but did maintain a $40 million line of credit. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. Awards. 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). 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.. These comparisons contain one major weakness: AFCG has no leverage. But the good news is, if China invades Taiwan, there is a way to protect yourself. He agreesbut then goes radio silent.. Employment Details. 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. 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. And, with few exceptions, companies involved are heavily excluded from the financial system. RT: AFC Gamma is a commercial mortgage REIT. 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. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. 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. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. [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]. 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. I was on the stand for seven hours, Kalikow said. Each loan is unique and tailored specifically to meet the needs of our borrowers. LT: Exactly right, cannabis companies, no matter the size, traditionally lack the lending opportunities that other enterprises have available, and that's where AFC Gamma comes in. So, as a REIT, we need to have real estate as collateral. Gamma Real Estate Capital Management, Inc. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). Theres generally no 10-Qs or 10-Ks to analyze. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. 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. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. There's no perfect solution to this conundrum except to avoid externally managed companies. LT: Right now, we are one of the biggest lenders in cannabis. Looking to the future, though, if the SAFE Banking Act passes, we could see an influx of institutional capital that would increase competition amongst cannabis-specific and mainstream lenders. The councilman said he simply brought forth community concerns. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? We think its a very unique property, and we havent put it on the market. And that's the point where things start looking quite attractive for AFC. I am not receiving compensation for it (other than from Seeking Alpha). 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. 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 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. Zoning approvals listed on the NASDAQ its still far from perfect Estate as Well as REIT... The property these comparisons contain one major weakness: AFCG has no leverage lowest cash interest rate jonathan kalikow wife!, if China invades Taiwan, there is still a limited subset of institutional investors who are with... 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