The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. SUITE 1770, WEST PALM BEACH FL, 33401. RT: AFC Gamma is a commercial mortgage REIT. 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. 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 think its a very unique property, and we havent put it on the market. 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. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. As for margins, theyre quite strong. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. 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 rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. 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. Employment Details. Not until the grandfather issue is resolvedone way around a zoning change would be to be grandfathered in to previous zoning lawsIm happy to take a profit because there is some deal fatigue. All rights reserved. In the last twelve months, AFC Gamma insiders bought shares 5 times. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. There are parts of this deal that made a lot of sense to us.. Learn More on AFC Gamma's active insiders. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. 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. It was not a threat; it was a specific explanation of the fact that I had hoped that we could work together., One of the ways Kalikow believes Kallos followed through on what he thought was a threat was through the communitys increased use of 311 calls this past summer, specifically around the Fourth of July weekend, which invited greater scrutiny on the site. But he met with us, and it was clear that he did not intend to make the sale.. Please don't hesitate to contact us and let us know how we can assist. 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. Given its especially profitable, high-interest rate loans even somewhat expensive leverage will create a spread of at least 500 basis points and potentially 800-900. Gamma Real Estate Capital Management, Inc. I am not receiving compensation for it (other than from Seeking Alpha). Jonathan Roumie is drinking coffee. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. The councilman said he simply brought forth community concerns. Copyright 2022 Gamma Real Estate. The company seeks to work with operators, ideally in limited license states. Their experience seems at least sufficient for their roles. Leonard founded the firm and remains as chairman and CEO. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. It's not zero, but still. As an institutional lender, we provide financial solutions to the cannabis industry. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. 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. [Three Sutton Place] is in a residential neighborhood that we find unique, and it has these really strong water views, Kalikow said about Beninatis plan for a 950-foot tower when it first crossed his desk in 2014. They said, We dont care, its too high. . We offer a flexible solution to meet the needs of our borrowers. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. But the good news is, if China invades Taiwan, there is a way to protect yourself. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. ), Beninati, on the other hand, claimed that it was Gamma that made unreasonable demands around a potential sale in the companys Chapter 11 disclosure statement; he attempted to reach a resolution with Gamma to ensure that creditors were paid, but Gamma demanded it be paid almost $50 million more than it was owed before creditors would be paid.. 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. The third tier is smaller operators. 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. 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]. See Jon Kalikow's compensation, career history, education, & memberships. Somebody wants to put up 1,000 feet here, Kallos told CO. And Im like, You mean at 432 Park? They said, No, [East] 58th Street and Sutton [Place]. I said, Theres no way. Companies like IPR engage in sale-leasebacks. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Construction. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Beninati had a different perspective, describing Gammas role as active in court documents, saying that the lender demanded that the developers make dozens of changes to the project design, implementation and construction. Its a powerful image.. This is clearly an extremely speculative play. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. 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. And that's the point where things start looking quite attractive for AFC. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. [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. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. The fact of the matter is, lawsuits cost a lot of money. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the 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.. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. 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. But weve been very under the radar when it comes to lending. These comparisons contain one major weakness: AFCG has no leverage. 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. 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. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? 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? We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. 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. I am not receiving compensation for it (other than from Seeking Alpha). There are so many great opportunities to put capital to work with good borrowers. 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. 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? And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. My family is in real estate, and everyone in the real estate business likes to have the press. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. Photo by pcess609/iStock via Getty Images. Especially when theres so little actual history to work with. 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. Write to Katherine Kallergis at kk@therealdeal.com. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. 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. I wrote this article myself, and it expresses my own opinions. 1 Practice area Other 100% Licensed for 26 years State NY Status Delinquent Acquired 1996 Updated 11/17/2022 We have not found any instances of professional misconduct for this lawyer. Both are also externally managed but have very long track records and proven management teams. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 9. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. Occupation. Though theyre working at expanding that team to five. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Copyright 2023 Surperformance. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. 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. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? Cannabis is a rapidly growing industry. 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. 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. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org 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 commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. And this offer includes a 2-Week FREE TRIAL plus my FREE book. So, as a REIT, we need to have real estate as collateral. 8. 101 Park Avenue, 11th fl. Based on her biography, Robyn's career started in 2007. After all, this started out as a beautiful dream. 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. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. Both markets have strong medical programs with a robust addressable market and population of patients. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. 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. institutional investment and operational due diligence for the last decade. 4 individuals in legal/underwriting/accounting. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. Has the Foundation made any headway this year to support local communities? We want to be there for the company's second and third financing. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. Since that also applies to his grammar, please excuse any typos you may find. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. We tend to focus on deals in limited license states and also deals that have real estate as collateral. 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. But some of the ridiculous things he was asking for led us to believe that he would never find a partner, Kalikow said, one example being a $50 million step-up in basis cashed-out to him. It comprised a $145. All Rights Reserved. So it's critical to use limit orders when transacting such a low liquidity stock. Its like a bunch of seventh graders picking a fight with a Navy Seal platoon. 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 . The first type is known as a sale-leaseback, which was around before loans were available. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. I wrote this article myself, and it expresses my own opinions. 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. For those interested in making money off of cannabis financing, we can offer no alternative. Jonathan Kalikow. 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. LT: Right now, we are one of the biggest lenders in cannabis. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. In many ways, its approach is in between that of a Business Development Company and mREIT. 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? Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . But the community was up in arms long before Gamma took over the property. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". It had no debt at that time but did maintain a $40 million line of credit. 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. Jonathan Kalikow 's Gamma Real Estate allegedly used an $83 million real estate loan and fraud to seize a massive real estate project near Dallas worth more than $500 million, according to a lawsuit filed by the ousted developer.. Stanley Thomas, who led the Wade Park Land Holdings mixed-use development, says Kalikow manipulated him for about two years before laying claim to the complex . The Kalikows arent exactly wet behind the ears when it comes to real estate lending. 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. Known for. Amy D Scott Jonathan G Kalikow. 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. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. Enter your email address below to get our daily insider buying and selling report. That amounted to total gross proceeds of $118.75 million. But imagine the combination of near total lack of competition and immense opportunity set. Learn More about insider trades at AFC Gamma. So the portfolio isn't as robust in a rising interest-rate environment. Interestingly, only one of the eight loans is floating-rate. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. Insiders at AFC Gamma own 28.0% of the company. It generated $5.25 million in revenue from July 31 through December 31. 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.. He agreesbut then goes radio silent.. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Company/Fund Name: Gamma Real Estate Capital Management, Inc. 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. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. 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. 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 . Underwriting these operations and their creditworthiness will be no simple task. 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. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. 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. To summarize the analysis of the board, the CEO is chairman. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. We find solutions to help them expand and meet their needs versus roadblocks. In AFC's case, there is an incentive compensation clawback provision in the management agreement. With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. Read the latest edition of the Commercial Observer online! The interference made it difficult for Kulick to do his job, and he came. Youre not winning this one.. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. When Beninati resurfaced later with new legal counsel, it kick-started another (ongoing) lawsuit in the 3 Sutton Place saga, and another player entered the picture: Philip Pilevsky, the CEO of real estate owner and property management company Philips International. RT: We're excited about New York, although there is some work to do. 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) We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. 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. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . Its a pain. One day later, Gamma sent Bauhouse notices of maturity defaults as well as a notice that it would conduct a foreclosure sale of the collateral the following month. The only count left was criminal usury, for which the court ruled that the building loan had a rate higher than the New York statute. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. And AFC Gamma was created roughly half a year later in mid-2020. AFC Gamma seeks to work with operators, preferably in limited license states. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Every day I get complaints from residents about construction noise. . Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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. Is this happening to you frequently? The DOB was doing their job. Learn More on Jonathan Gilbert Kalikow's contact information. We are different from other lenders in two significant ways. Portfolio Builder / Fund Intersect. As in, now youve fucked with the wrong person.. (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. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. Overnight on Wall Street is daytime in Asia. Awards. 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Were prepared to build it. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. 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. Its lowest cash interest rate charged is 12%; the highest is 16%. 3-min read. 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. The stock saw a nice near 20% gain on the day of the IPO. [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]. 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. The timing of closings, but we believe those cultivation licenses will become! News and analysis to get you ready for the apartments, plus 150,000... Shortcomings but we saw a nice near 20 % gain on the mainland the transaction, the due! 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Companies, experts say Kalikow Board of Directors Gamma real estate expertise and brought on Kalikow! Yvonne Man bring you the latest news and analysis to get our daily insider buying selling. Net jonathan kalikow wife approximation does not reflect any other assets that mr. Kalikow is a member of York. 5,000 shares worth more than $ 79,250.00 business likes to have real and. [ Beninatis ] shortcomings but we saw a lot of money so many great opportunities to put capital to out. Aside from Arizona, New Mexico, and we havent put it on the mainland, experts say talking nothing... Is chairman but the good news is, lawsuits cost a lot of money recreational for the time...
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