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. SUITE 1770, WEST PALM BEACH FL, 33401. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. Enter your email address below to get our daily insider buying and selling report. Kalikow has been approached a half-dozen times by potential buyers, he said. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. 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. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. 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That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. 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. Background Report for Jonathan Kalikow. This is clearly an extremely speculative play. 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. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. Its a pain. 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. He agreesbut then goes radio silent.. Learn More about Jonathan Gilbert Kalikow's net worth. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. The company was incorporated in Florida two months ago. Has the Foundation made any headway this year to support local communities? The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. 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. There are 4 older executives and no younger executives at AFC Gamma. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. The first type is known as a sale-leaseback, which was around before loans were available. 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. They're single or two-state operators, and we're typically coming in to help them build out licenses that they want or help them expand within that state. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. The fact of the matter is, lawsuits cost a lot of money. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. 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. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. 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. Were prepared to build it. One of his reasons [for believing this] was that we had attended a meeting at the architects office, and my father sat at the head of the table, Kalikow recalled. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? (Podcast). Track your investments 24 hours a day, around the clock from around the world. It had no debt at that time but did maintain a $40 million line of credit. Leonard M. Tannenbaum is the CEO and founder, with the investment committee being composed of Jonathan Kalikow and Robyn Tannenbaum Leonards wife as of 2019 when they made their IPO filing. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. This article was coproduced with Williams Equity Research (WER). So, as a REIT, we need to have real estate as collateral. 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. The company was purchased by Cresco for $213 million a year later after we financed them. 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. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Copyright 2023 Surperformance. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. Write to Katherine Kallergis at kk@therealdeal.com. Paul was shot in the back of the head Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. They said, We dont care, its too high. . This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. [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. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. Please. Our platform includes a publicly-traded company, a private BDC and a network of Family Offices that allows us capacity to support portfolio companies over long periods of time. RT: AFC Gamma is a commercial mortgage REIT. 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. Jonathan Kalikow and Leonard Tannenbaum AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. There are so many great opportunities to put capital to work with good borrowers. Copyright 2022 Gamma Real Estate. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. His estimated net worth is $600000. We're very bullish on New Jersey as well. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. 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. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. Company/Fund Name: Gamma Real Estate Capital Management, Inc. 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. We also remain very optimistic about the prospects in New Jersey and New York. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. At the same time, management indicated there were $561.8 million of potential loans under review. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. 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. After all, this started out as a beautiful dream. JONATHAN KALIKOW et al, Defendants. Between courses, he opined on some of New York Citys most buzzed-about projects: I like the Related [Companies] guys as individuals a lot, I really do, Kalikow said, but I dont really understand Hudson Yards. Chart Data in Insider Trading History Table. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. 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. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. 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. We don't just want to be there for the company's first financing. Read the latest edition of the Commercial Observer online! AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. The company is now prepared to go forward with the towers construction, according to Kalikow. 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. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. 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. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . Known for. 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. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. So he understands the layers of complexity involved. 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. 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. Markets never sleep, and neither does Bloomberg. Learn More on Jonathan Gilbert Kalikow's contact information. I offered them options such as using their air rights in other parts of the city, Kallos added. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? 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. A. We think its a very unique property, and we havent put it on the market. Is this happening to you frequently? We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. 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. Fortunately, WER's expertise is in the private institutional space. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. Companies like IPR engage in sale-leasebacks. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. Every day I get complaints from residents about construction noise. 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. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. 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. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Is this an April Fools Day joke? . 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 hurdles that you overcome as any growing company is the need for additional talent as you scale. First of all, we take a unique partnership approach. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Why? Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. JB: Tell me more about the AFC Foundation. Jonathan Kalikow President Gamma Real Estate. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. Their experience seems at least sufficient for their roles. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. The stock saw a nice near 20% gain on the day of the IPO. 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. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. 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. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. Do you know what youre doing? I think I said, You have to be kidding me? she said. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. They deposed the architects who attended the meeting, who didnt remember whether we were there or not, but said that if we were there, we said nothing. Occupation. Performing as Jesus in The Chosen. I am not receiving compensation for it (other than from Seeking Alpha). 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. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. Termination fees are another point of contention. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. 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. 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Employment Details. Three to four months before the second loan matured, Beninati told Kalikow he had three potential buyers lined up for 3 Sutton Place with one lead candidate. 9. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. 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. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. AFC is externally managed, which isn't unusual for an mREIT. But I think that really, the future is wide open. Learn More about Jonathan Gilbert Kalikow's net worth. 8. 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. 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. I wrote this article myself, and it expresses my own opinions. 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? The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. The hurdle rate or minimum amount of core earnings produced on a percentage basis applicable to the performance fee (otherwise known as the incentive fee or carried interest) paid to the external manager is 2% per quarter. Kalikow said he has been told that the ERFA, which has grown to include 45 buildings and roughly 2,600 individuals living within and outside the propsed rezoning area, spent $1.3 million to $1.4 million trying to fight 3 Sutton Places height, speculating the bulk came from residents of The Sovereign. The board of directors, meanwhile is led by Leonard M. Tannenbaum. And AFC Gamma was created roughly half a year later in mid-2020. Are there specific deals the team tends to focus on more? Learn More on Jonathan Gilbert Kalikow's age. 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). In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org Both markets have strong medical programs with a robust addressable market and population of patients. Photo by pcess609/iStock via Getty Images. 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. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. View Public Record Results ✓ Addresses. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. You have the large publicly traded MSOs we have lent to, such as Verano. Leonard founded the firm and remains as chairman and CEO. Jonathan Roumie is drinking coffee. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. They just need avoid certain types of relationships for at least three years. I wrote this article myself, and it expresses my own opinions. 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. 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. 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? The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. 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