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. With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Serial cheat Jonathan Neale, 40, fell asleep by his front door a Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Another was that my father remarked to one of the borrowers that he liked his pen, and they said that showed the closeness of the relationshipI shit you not. 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. And, with few exceptions, companies involved are heavily excluded from the financial system. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. 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. We didnt make an error. . 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. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. 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? 9. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. 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. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. 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. Track your investments 24 hours a day, around the clock from around the world. Looking to the future, though, if the SAFE Banking Act passes, we could see an influx of institutional capital that would increase competition amongst cannabis-specific and mainstream lenders. 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. There are so many great opportunities to put capital to work with good borrowers. But Id love to stay in., Thats not to say there havent been interested suitors. But he met with us, and it was clear that he did not intend to make the sale.. The DOB was doing their job. 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. Jonathan Kalikow NY, age 52, female. Jonathan Kalikow. Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. But thats not all. 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. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. I think, from the outset, most of the competition will come from hedge funds, not big banks. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. I have no business relationship with any company whose stock is mentioned in this article. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. It will be a net positive for all operators. 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. Read the latest edition of the Commercial Observer online! I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. 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. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. It generated $5.25 million in revenue from July 31 through December 31. It had no debt at that time but did maintain a $40 million line of credit. Portfolio Builder / Fund Intersect. 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. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. All rights reserved. The company was incorporated in 2020 and is based in West Palm Beach, Florida. 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. 101 Park Avenue, 11th fl. If I want to buy it, Ill buy it, but I want the borrowers to be successful at the end of the day, he said.). It actually took us some time to figure out what happened.). 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. The first type is known as a sale-leaseback, which was around before loans were available. As of February 15, theyve also reviewed 273 loans, 10 of which were funded; entered into non-binding term sheets for five more; began a syndication commitment letter for another; and were in the process of evaluating 23. [In 2015], Beninati goes and describes the enormity of the project, which pisses off all the neighbors, who then raise money for their councilman [Ben Kallos], who then starts a rezoning proposal, Kalikow said. 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. Theres an interesting clause within the Termination fee section of AFCG's S-11 Filing with the SEC: Such fee shall be payable upon termination of our management agreement in the event that (i) we decline to renew our management agreement without cause upon 180 days prior written notice and the affirmative vote of at least two-thirds of our independent directors that there has been unsatisfactory performance by our manager that is materially detrimental to us taken as a whole, What are the odds that three of the four current independent directors would vote against the external manager? Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? Roumie, too, is deserving of all the love and encouragement he is receiving. Construction. 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. See Jon Kalikow's compensation, career history, education, & memberships. 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: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. Their experience seems at least sufficient for their roles. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. Jonathan Kalikow President Gamma Real Estate. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. We knew it would provide us with a great head start and the ability to have the best cost of capital in the industry, which allows us to be competitive on pricing with our borrowers. But weve been very under the radar when it comes to lending. So we look at diversity on a step-by-step basis rather than a borrower-by-borrower basis. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 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. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. 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 . (The city must log and address each complaint as it relates to construction safety. So he understands the layers of complexity involved. We offer a flexible solution to meet the needs of our borrowers. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. If you have an ad-blocker enabled you may be blocked from proceeding. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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. So he understands the layers of complexity involved. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. Mr. Kalikow is currently 52 years old. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. . Learn More on AFC Gamma's active insiders. 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. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . ), 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.. SUITE 1770, WEST PALM BEACH FL, 33401. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? 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. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. We tend to focus on deals in limited license states and also deals that have real estate as collateral. 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. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. AFC Gamma executed an IPO on March 19, 2021. RT: Our strategy for building a diverse portfolio is to lend to multiple operators of all sizes, the large MSOs, the mid-tier MSOs, and single state operators. AFC Gamma works with cannabis companies nationwide. View Public Record Results ✓ Addresses. He is the son of N. Richard Kalikowthe chairman and chief executive officer of Gamma and cousin of Peter Kalikow, the former Metropolitan Transportation Authority chairman and the founder of real estate firm H.J. I am not receiving compensation for it (other than from Seeking Alpha). Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. At the end of trial, one of their defenses was they never read the documents that they signed.. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. 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. 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. The fact of the matter is, lawsuits cost a lot of money. We provide term loans, draw facilities, and construction loans. 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. You may opt-out by. Learn More on Jonathan Gilbert Kalikow's trading history. 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. Is this an April Fools Day joke? . This competition will drive down interest rates and attract borrowers like MSOs. Moving down the line, Tomer Tzur appears to be truly independent. I am not receiving compensation for it (other than from Seeking Alpha). RT: AFC Gamma is a commercial mortgage REIT. I offered them options such as using their air rights in other parts of the city, Kallos added. Also, our amount of repeat borrowers is huge.. He's spent his entire life here and his family's real estate roots run four generations deep. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. It could also be positive for lenders assuming they have the infrastructure and capabilities to scale and decrease the cost of capital once the money starts flowing and more deals are being made. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. 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. 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. 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. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. 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. 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 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. Cannabis is a rapidly growing industry. As for margins, theyre quite strong. In July 2020, a mortgage REIT (mREIT) was founded to: " originate, structure, underwrite, and manage senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. And this offer includes a 2-Week FREE TRIAL plus my FREE book. That isn't unfavorable given how challenging even the latter half of 2020 was. 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. We like the state of Arizona. In AFC's case, there is an incentive compensation clawback provision in the management agreement. 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. If youre wondering how someone can be recently reported to AFC Gamma's current CEO and chairman possibly be classified as independent Independent directors don't actually need to be legally independent. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. After all, this started out as a beautiful dream. So we tend to work with three different buckets of operators. And of the four directors classified as independent, one worked under said CEO as recently as 2017. ERFA President Alan Kersh responded to Kalikows assertion by saying, Together, [ERFA] building owners and city residents have reached into their pockets and donated funds to support our rezoning efforts. LT: Right now, we are one of the biggest lenders in cannabis. Jonathan Roumie is an American actor best known for his role as Jesus in The Chosen, [1] [2] a crowd-funded television series about the life and ministry of Jesus of Nazareth. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. 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 company was purchased by Cresco for $213 million a year later after we financed them. Additionally, I believe on a macro-level, that by providing capital to an industry that many other companies cant or wont lend to, we are bolstering credibility and legitimacy to the industry, setting it up for success well before legalization. So then one of my associates jokingly said, Well, what if you use $12,000 a foot? Joe runs the numbers and says, Oh my god. Len Tannenbaum: When I was 27, I founded Fifth Street, a finance company specializing in raising funds from private investors and investing in middle-market companies. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Jonathan specializes in catalyst-driven markets with high barriers to . Jonathan Kalikow was born and raised in New York. Especially when theres so little actual history to work with. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site Five of those six were trying to assess my strength and desire to hold itto see if they can get in at a cheap price.. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. AFC Gamma, Inc. originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. For those interested in making money off of cannabis financing, we can offer no alternative. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Company/Fund Name: Gamma Real Estate Capital Management, Inc. Everything depends on management's creativity, flexibility, and ability to execute. 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