Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. Please disable your ad-blocker and refresh. 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 . 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. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. So, as a REIT, we need to have real estate as collateral. It had no debt at that time but did maintain a $40 million line of credit. Their experience seems at least sufficient for their roles. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. 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. 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. 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. 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. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. Learn More about Jonathan Gilbert Kalikow's net worth. Portfolio Builder / Fund Intersect. 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. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. 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. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". 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. AFC Gamma can also be reached via phone at 561-510-2390 and via email at [emailprotected] Learn More on Jonathan Gilbert Kalikow's contact information. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. About Jonathan Learn Jonathan's areas of practice. LT: Right now, we are one of the biggest lenders in cannabis. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. [In 2015], Beninati goes and describes the enormity of the project, which pisses off all the neighbors, who then raise money for their councilman [Ben Kallos], who then starts a rezoning proposal, Kalikow said. Photo by pcess609/iStock via Getty Images. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. 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. Theres generally no 10-Qs or 10-Ks to analyze. But he met with us, and it was clear that he did not intend to make the sale.. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. This competition will drive down interest rates and attract borrowers like MSOs. 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. Amy D Scott Jonathan G Kalikow. But, despite his past, he's not optimistic about. 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. The company is now prepared to go forward with the towers construction, according to Kalikow. After some further analysis, I realized there was a void in the cannabis market as there was no institutional lender, and capital was only being provided by sale-leasebacks or family offices. Please. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. 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The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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. And you have a lot of traffic and logistical issues to overcome. 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 company seeks to work with operators, ideally in limited license states. Pilevsky says, We know how to deal with lenders, well handle this for you. So they try to get an injunction to stop the foreclosure.. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? Kalikow and Co. And as we sat down with him for lunch at the 101 Club, we got the sense that he doesnt pull punches. Cannabis is a rapidly growing industry. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Traditional financing is notoriously difficult to get for cannabis companies, experts say. 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. Learn More on Jonathan Gilbert Kalikow's trading history. 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. 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%. Its a pain. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. 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. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. Investors have flocked to states with legal recreational use, with some investment firms opening offices and making moves in states where legalization looms on the horizon. 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. I offered them options such as using their air rights in other parts of the city, Kallos added. 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.. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? And no obvious conflicts of interest. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. AFC Gamma seeks to work with operators, preferably in limited license states. 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. JB: Cannabis companies of all sizes have been traditionally starved of access to capital most mom-and-pop and larger established businesses like MSOs cannot walk into a bank or financial institution and receive a loan. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). 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. Copyright 2023 Surperformance. 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. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. 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. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). 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. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. 4 individuals in legal/underwriting/accounting. SUITE 1770, WEST PALM BEACH FL, 33401. Three of the companies are still active while the remaining one is now listed as inactive. We provide term loans, draw facilities, and construction loans. We have asked all our borrowers to provide us with two to three charities they are passionate about, and we are currently evaluating our first few charities and going through the vetting process. 9. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. 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. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Learn More about insider trades at AFC Gamma. In many ways, its approach is in between that of a Business Development Company and mREIT. "I love Jesus and it is the honor of my life to get to portray him," he said. Most recently, on Thursday, June 16th, Jonathan Gilbert Kalikow bought 57,600 shares of AFC Gamma stock. Image Source; Jonathan Roumie's Instagram. Marker Address Rent ? 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]. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. 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. I have no business relationship with any company whose stock is mentioned in this article. And of the four directors classified as independent, one worked under said CEO as recently as 2017. Mr. Kalikow is currently 52 years old. Any person who is being bothered by construction at [the Sutton Place development] or at any site in my district, I ask them to call 311; I ask them to reach out to me personally. 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. My family is in real estate, and everyone in the real estate business likes to have the press. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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. A zoning war is now underway with Sutton Place City Council officials and the surrounding community, which is fighting to cap the proposed developments height at 260 feet. Jon Kalikow is President/Co-Founder at Gamma Real Estate. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. Both are also externally managed but have very long track records and proven management teams. 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. 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. He is the son of N. Richard Kalikowthe chairman and chief executive officer of Gamma and cousin of Peter Kalikow, the former Metropolitan Transportation Authority chairman and the founder of real estate firm H.J. New York, NY 10178 | (212) 9220222 |. Recently IPO-ed companies can be quite the endeavor to analyze. 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. Jonathan Kalikow NY, age 52, female. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. 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. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. View Public Record Results ✓ Addresses. 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. Read the latest edition of the Commercial Observer online! That amounted to total gross proceeds of $118.75 million. The charities we evaluate are focused on causes that are important to our borrowers. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. 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). I have no business relationship with any company whose stock is mentioned in this article. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. And that's the point where things start looking quite attractive for AFC. 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 . 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. . Its like a bunch of seventh graders picking a fight with a Navy Seal platoon. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. I wrote this article myself, and it expresses my own opinions. Kallos said that during the meeting, he flagged the height of the building and warned Kalikow that it might be in Gammas best interest to scale down the project to fit the neighborhoods context or use its air rights elsewhere. On Feb. 23 the motion was denied on the merits that the borrowers would not be irreparably harmed by the sale and that the equities favored allowing Gamma to enforce its contractual rights. The firm lends on real estate nationwide, owns a portfolio of . Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. There are parts of this deal that made a lot of sense to us.. Construction. But before getting there, its worth examining the origins. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. 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. Now imagine how much investors can make from that kind of company. 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. Learn More on AFC Gamma's active insiders. 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? It will be a net positive for all operators. 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? Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. Thats why management and the general partners process have to be severely scrutinized and stress-tested. We think its a very unique property, and we havent put it on the market. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. 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. Oh, and there was a bankruptcy filing in between. Company/Fund Name: Gamma Real Estate Capital Management, Inc. The board of directors, meanwhile is led by Leonard M. Tannenbaum. This is impressive since the company didn't exist a year ago. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 3-min read. 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. (Podcast). Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. After all, this started out as a beautiful dream. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. 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. 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 net worth approximation does not reflect any other assets that Mr. Kalikow may own. 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. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. Grace Prize for Most Inspiring Performance for TV, Movieguide. Learn More on AFC Gamma's active insiders. 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. It generated $5.25 million in revenue from July 31 through December 31. This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. 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. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. That isn't unfavorable given how challenging even the latter half of 2020 was. The company was incorporated in 2020 and is based in West Palm Beach, Florida. 101 Park Avenue, 11th fl. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . We see relatively heavy volume on the day of the IPO, though that quickly subsided. 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