Background Report for Jonathan Kalikow. And, with few exceptions, companies involved are heavily excluded from the financial system. We think its a very unique property, and we havent put it on the market. We offer our clients our expertise in understanding unique industry issues, the flexibility to customize financing solutions to each transaction and deep relationships with cannabis-focused investors and industry experts. Learn More about Jonathan Gilbert Kalikow's net worth. RT: We're excited about New York, although there is some work to do. And AFC Gamma was created roughly half a year later in mid-2020. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Its a powerful image.. 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. Awards. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. 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. We feel good about its strength, although the number may fluctuate from time to time, and we look forward to continuing to advance the cannabis industry. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. And no obvious conflicts of interest. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. A. And tell me more about your approach to lending, what do you look out for and why? Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. 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. 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. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. And, then, it got even stickier: Beninati declared bankruptcy. For those interested in making money off of cannabis financing, we can offer no alternative. 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. 5. Leonard founded the firm and remains as chairman and CEO. 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. He agreesbut then goes radio silent.. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Please disable your ad-blocker and refresh. 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. 8. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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.. 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. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". And lending is only one feather in their cap: Gamma has also owned and built over 12,000 multifamily units across the U.S.9,000 in the southeastern U.S.and owns 10 million square feet of office space in Manhattan alone. 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. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. 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? We're very bullish on New Jersey as well. Gamma Real Estate Capital Management, Inc. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. 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. Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. The councilman said he simply brought forth community concerns. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. Back then, the site was comprised of three low-rise apartment buildings. 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). 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. Most recently, on Thursday, June 16th, Jonathan Gilbert Kalikow bought 57,600 shares of AFC Gamma stock. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. 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. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Get started New York City Marriages, 1950-2017. At the end of trial, one of their defenses was they never read the documents that they signed.. 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. 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. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. 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. 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. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. Please. Interestingly, only one of the eight loans is floating-rate. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. The board of directors, meanwhile is led by Leonard M. Tannenbaum. Learn More on AFC Gamma's active insiders. His estimated net worth is $600000. But he met with us, and it was clear that he did not intend to make the sale.. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Information on this page was last updated on 6/17/2022. We see relatively heavy volume on the day of the IPO, though that quickly subsided. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. What long-term goals do you have planned for the Foundation? All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Theres generally no 10-Qs or 10-Ks to analyze. 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. 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. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. As for margins, theyre quite strong. JONATHAN KALIKOW et al, Defendants. 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. 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. 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.. 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. 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. AFC is externally managed, which isn't unusual for an mREIT. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. This does offer investors an average amount of protection, though its still far from perfect. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . Learn More about insider trades at AFC Gamma. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. But Id love to stay in., Thats not to say there havent been interested suitors. Jonathan Kalikow Partner, Head of Real-Estate BIO Brett Kaufman Chief Financial Officer and Treasurer BIO Gabe Katz Chief Legal Officer BIO James Velgot Chief Marketing Officer BIO Christopher Gioia Managing Director, Head of Origination BIO Brandon Hetzel Executive VP BIO Edwin Gomez Director BIO Carly Hooker Director BIO Professionals The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. And that's the point where things start looking quite attractive for AFC. Since we aim to find and fund strong deals in everyone's best interestthose of our investors, our borrowers, and our own our stringent loan-selection process means that most potential borrowers don't make it past our review process. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. The concept of AFC Gamma all started on the back of a napkin, and we quickly realized that to be successful, we needed another partner. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". 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. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. Invision. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. 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. 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. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Kalikow has been approached a half-dozen times by potential buyers, he said. Gammas lawsuit firstly alleges that Philip Pilevsky caused Prime Alliance Group (of which he is president) to lend Beninati $50,000 to retain a law firm, LaMonica, Herbst & Maniscalco, to file a bankruptcy petition which then prevented Gamma from executing the foreclosure sale. 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. Bauhouse also alleged that Gamma had a different motivation than a traditional lender and seized greater control by refusing to fund the project in accordance with loan documents. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. 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. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. (Podcast). The firm lends on real estate nationwide, owns a portfolio of . Three of the companies are still active while the remaining one is now listed as inactive. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. That isn't unfavorable given how challenging even the latter half of 2020 was. 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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: There are parts of this deal that made a lot of sense to us.. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. 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. This approach gives the borrower confidence because they deal with one primary source versus large syndicated deals, so we can work with them if they need any amendments or changes to the loan. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. 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. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. You have the large publicly traded MSOs we have lent to, such as Verano. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Long-term, we would like to benefit the states that our borrowers operate in. 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. 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. 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. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. 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. Powerful image.. we made one loan then we made a second loan to complete the.. Most investor-friendly board of directors in the cannabis industry in states that our operate. Distributed only to assist in research while providing a forum for second-level thinking last month, AFC is... Firm and remains as chairman and CEO and suited to grow very.. To war with another nuclear armed superpower, this could have a devastating impact your. Some work to do of business with degrees in real Estate as a lender build! While providing a forum for second-level thinking average amount of jonathan kalikow wife, though its still from... 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