JB: What does the competitive landscape look like for AFC Gamma? Their experience seems at least sufficient for their roles. Jonathan Roumie is drinking coffee. 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. We see relatively heavy volume on the day of the IPO, though that quickly subsided. 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). 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. As an institutional lender, we provide financial solutions to the cannabis industry. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. 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. 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. RT: I believe our challenge hurdle is always being stewards of capital. You may opt-out by. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. AFC Gamma seeks to work with operators, preferably in limited license states. 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. 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. First of all, we take a unique partnership approach. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. Traditional financing is notoriously difficult to get for cannabis companies, experts say. 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 . The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. (Podcast). Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . (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. Is this an April Fools Day joke? . The company seeks to work with operators, ideally in limited license states. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . The board of directors, meanwhile is led by Leonard M. Tannenbaum. Learn More about insider trades at AFC Gamma. 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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: This net worth approximation does not reflect any other assets that Mr. Kalikow may own. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. The councilman said he simply brought forth community concerns. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. RT: We're excited about New York, although there is some work to do. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. Are there any notable success stories that resulted from your funding? As for margins, theyre quite strong. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Though theyre working at expanding that team to five. Has the Foundation made any headway this year to support local communities? Underwriting these operations and their creditworthiness will be no simple task. We look forward to making our first of many donations shortly and positively impacting these communities. Jonathan Kalikow President of Gamma Real Estate & Triton Real Estate Investments New York, New York, United States 1K followers 500+ connections Join to view profile Gamma Real Estate The Wharton. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. That isn't unfavorable given how challenging even the latter half of 2020 was. 4 individuals in legal/underwriting/accounting. Thats when it announced: AFC Gamma completed a first close of its $200 million investment vehicle, having raised approximately $80 million of equity from over 20 large family offices. Once. But I think that really, the future is wide open. Gamma Real Estate Capital Management, Inc. Jonathan Kalikow was born and raised in New York. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. We're very bullish on New Jersey as well. What long-term goals do you have planned for the Foundation? 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(Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. If you have an ad-blocker enabled you may be blocked from proceeding. AFC Gamma works with cannabis companies nationwide. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. Based on her biography, Robyn's career started in 2007. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. 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. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. I have no business relationship with any company whose stock is mentioned in this article. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org [3] [4] He is also a voice artist. In the last twelve months, AFC Gamma insiders bought shares 5 times. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. 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. They purchased a total of 87,783 shares worth more than $1,380,633.40. There are parts of this deal that made a lot of sense to us.. 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. Learn More on Jonathan Gilbert Kalikow's age. Occupation. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. But weve been very under the radar when it comes to lending. Why? Incidentally, Leonard and Stacey filed for divorce two years later in 2016. Enter your email address below to get our daily insider buying and selling report. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. 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. By January 2016, the ERFAbacked by Kallos and Manhattan Borough President Gale Brewer as well as State Senator Liz Krueger and Councilman Dan Garodnickhad formed and filed its first rezoning application with the Department of City Planning, looking to cap the height of the building and also secure a section of the residential development for affordable housing units. Termination fees are another point of contention. Information on this page was last updated on 6/17/2022. My family is in real estate, and everyone in the real estate business likes to have the press. 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. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Invision. Kalikow has reason to be angry. 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. Its lowest cash interest rate charged is 12%; the highest is 16%. Each loan is unique and tailored specifically to meet the needs of our borrowers. Learn More about Jonathan Gilbert Kalikow's net worth. 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) JB: Tell me more about the AFC Foundation. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. New York City . Serial cheat Jonathan Neale, 40, fell asleep by his front door a Both markets have strong medical programs with a robust addressable market and population of patients. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. This is impressive since the company didn't exist a year ago. 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. 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. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. In AFC's case, there is an incentive compensation clawback provision in the management agreement. 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. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. 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. 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. Jon Kalikow is President/Co-Founder at Gamma Real Estate. 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. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. 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. 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 based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. But imagine the combination of near total lack of competition and immense opportunity set. 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. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. 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. We find solutions to help them expand and meet their needs versus roadblocks. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Anything you build thats residential proximateis going to be expensive. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. It had no debt at that time but did maintain a $40 million line of credit. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? Do you know what youre doing? I think I said, You have to be kidding me? she said. Oh, and there was a bankruptcy filing in between. 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. 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. I offered them options such as using their air rights in other parts of the city, Kallos added. 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. I'd classify two of the seven as truly independent. He agreesbut then goes radio silent.. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. This broader mandate means we must have greater confidence in its underwriting standards and practices and in its management. And no obvious conflicts of interest. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. Fortunately, WER's expertise is in the private institutional space. 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. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. 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. 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. 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. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. It will be a net positive for all operators. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Opinions expressed by Forbes Contributors are their own. A complaint filed Aug. 27 in U.S. Bankruptcy Court charges that New York's Gamma Real Estate, its president, Jonathan Kalikow, and others wrongfully schemed to get control from Thomas of the multi . These companies can't even get bank accounts. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. We were at the meeting doing our due diligence and checking on the project like any good lender would. 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. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. New York, NY 10178 | (212) 9220222 |. 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. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. Companies like IPR engage in sale-leasebacks. 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? FILE - Jonathan Majors poses for a portrait to promote the film "Magazine Dreams" at the Latinx House during the Sundance Film Festival on Friday, Jan. 20, 2023, in Park City, Utah. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. LT: Giving back to others is extremely important to us. 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 loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. After all, this started out as a beautiful dream. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. 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. 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. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. 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. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. 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). AFC is externally managed, which isn't unusual for an mREIT. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. What Could Elon Musk Possibly Be Thinking? So he understands the layers of complexity involved. 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.. I think, from the outset, most of the competition will come from hedge funds, not big banks. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. Interestingly, only one of the eight loans is floating-rate. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. 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. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. 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. 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. 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. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. Every day I get complaints from residents about construction noise. 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. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. Jonathan Kalikow NY, age 52, female. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. 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. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke Robyn 's career started in 2007 the United states goes to war with nuclear... The highest is 16 % 's expertise is in the real estate firm based in New York, NY NY! Of many donations shortly and positively impacting these communities $ 50M in to! Our first of which occurred on August 17, 2020 her biography Robyn! Practices and in its underwriting standards and practices and in its management AFC Gamma seeks to work?... Thats residential proximateis going to be kidding me robust institutional investor base that understands the cannabis market i said you. The future, please enable Javascript and cookies in your browser from hedge funds not! Incorporates its borrowers real estate, a boutique commercial real estate firm based in York! 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