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. Are there any notable success stories that resulted from your funding? 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. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. 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. Jonathan Kalikow 's Gamma Real Estate allegedly used an $83 million real estate loan and fraud to seize a massive real estate project near Dallas worth more than $500 million, according to a lawsuit filed by the ousted developer.. Stanley Thomas, who led the Wade Park Land Holdings mixed-use development, says Kalikow manipulated him for about two years before laying claim to the complex . Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. RT: Two types of financing are available to cannabis operators. My family is in real estate, and everyone in the real estate business likes to have the press. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. 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. In AFC's case, there is an incentive compensation clawback provision in the management agreement. See Jon Kalikow's compensation, career history, education, & memberships. 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. This is impressive since the company didn't exist a year ago. We see a lot of deals, and the biggest hurdle is continuing to find good operators to back, focusing on our due diligence and making sure that the investments that we're making are suitable solid investments. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. Are there any particular markets or segments that you two are excited about and why? 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. What is the teams strategy for building a diverse portfolio? 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. 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. We find solutions to help them expand and meet their needs versus roadblocks. 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. 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. 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. (Podcast). institutional investment and operational due diligence for the last decade. 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. Jonathan Neale strangled his wife after he passed out drunk on the floor. Gamma Real Estate Capital Management, Inc. 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. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. Photo by pcess609/iStock via Getty Images. The spokesman also said that after the stop-work order was issued, workers were allowed to remediate the inefficient underpinning of a neighboring building and make the site safe, but that no other construction work was allowed. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. But, despite his past, he's not optimistic about. 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.. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. As in, now youve fucked with the wrong person.. Do you know what youre doing? I think I said, You have to be kidding me? she said. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. 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But the good news is, if China invades Taiwan, there is a way to protect yourself. Theres generally no 10-Qs or 10-Ks to analyze. Interestingly, only one of the eight loans is floating-rate. I am not receiving compensation for it (other than from Seeking Alpha). So he understands the layers of complexity involved. 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. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. 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. While the community groups argue that the zoning law would protect the area from super-talls, Kalikow maintains it does nothing but protect the views of wealthy residents at The Sovereign, a 485-foot residential neighboring co-op. Thats why management and the general partners process have to be severely scrutinized and stress-tested. 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. 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. JB: What does the competitive landscape look like for AFC Gamma? But weve been very under the radar when it comes to lending. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. 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. We look forward to making our first of many donations shortly and positively impacting these communities. Their experience seems at least sufficient for their roles. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. Both markets have strong medical programs with a robust addressable market and population of patients. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. The hurdles that you overcome as any growing company is the need for additional talent as you scale. The company is now prepared to go forward with the towers construction, according to Kalikow. LT: Right now, we are one of the biggest lenders in cannabis. 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) You have the large publicly traded MSOs we have lent to, such as Verano. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. Company/Fund Name: Gamma Real Estate Capital Management, Inc. We think its a very unique property, and we havent put it on the market. 3-min read. Given its especially profitable, high-interest rate loans even somewhat expensive leverage will create a spread of at least 500 basis points and potentially 800-900. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. 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: Giving back to others is extremely important to us. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. The company was purchased by Cresco for $213 million a year later after we financed them. The estimated net worth of Jonathan Gilbert Kalikow is at least $1.52 million as of June 16th, 2022. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. Long-term, we would like to benefit the states that our borrowers operate in. The charities we evaluate are focused on causes that are important to our borrowers. Please. 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. 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. Learn More about insider trades at AFC Gamma. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. But I think that really, the future is wide open. We provide term loans, draw facilities, and construction loans. In many ways, its approach is in between that of a Business Development Company and mREIT. We weren't able to discern what type of healthcare companies were involved. 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. 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. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. LT: Throughout my career, I've been fortunate to have significant experience with taking companies public to date, I've taken four companies public, including AFC Gamma. "I love Jesus and it is the honor of my life to get to portray him," he said. AFC Gamma works with cannabis companies nationwide. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. 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 . Write to Katherine Kallergis at kk@therealdeal.com. 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. But thats not all. 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. So he understands the layers of complexity involved. And Beninati and his business partner Chris Jones had plenty of experience raising millions of dollars in financing, having overseen several large-scale development projects totaling $4 billion, according to the post-bankruptcy trial memorandum of decision dated Dec. 1, 2016. Jonathan Kalikow President Gamma Real Estate Jonathan Kalikow serves as the President of Gamma Real Estate, an organization that he founded in 2015 to represent the fourth generation of his family's activity in real estate financing and development. 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. 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. (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. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. We tend to focus on deals in limited license states and also deals that have real estate as collateral. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Back then, the site was comprised of three low-rise apartment buildings. 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.". Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . And expected credit losses of $465,397 equate to 0.5% of its total capitalization. The company seeks to work with operators, ideally in limited license states. 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. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. Amy D Scott Jonathan G Kalikow. Learn More on Jonathan Gilbert Kalikow's age. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. Copyright 2023 Surperformance. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. Occupation. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. 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. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. Learn More on Jonathan Gilbert Kalikow's trading history. New York, NY 10178 | (212) 9220222 |. [The] Corcoran [Group], our sales team, will say, Oh, well people will go anywhere, and maybe they will, but my father would absolutely sell Fifth Avenue to move to Sutton [Place]. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. And another sits on another one of his company's boards. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. Kalikow has been approached a half-dozen times by potential buyers, he said. 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. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. He's spent his entire life here and his family's real estate roots run four generations deep. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. Kallos, Krueger, Garodnick and a representative of Brewer met with Kalikow on May 11 to discuss controversies surrounding the site, including the communitys firm opposition and how steep a climb Gamma would have to complete the project. And AFC Gamma was created roughly half a year later in mid-2020. 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. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. Learn More on Jonathan Gilbert Kalikow's trading history. 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. They said, We dont care, its too high. . Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. (The city must log and address each complaint as it relates to construction safety. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. 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. When Beninati defaulted on the $147 million loan from Gamma, the lender foreclosed on the property and later acquired it in a foreclosure auction for $86 million ($98 million including air rights), outbidding Brooklyn investor Isaac Hager. Invision. Copyright 2022 Gamma Real Estate. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. 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: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. The interference made it difficult for Kulick to do his job, and he came. Mr. Kalikow is currently 52 years old. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. They just need avoid certain types of relationships for at least three years. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. Has the Foundation made any headway this year to support local communities? LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. For now, Kalikows eyes are firmly on the finish line. 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. 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. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. 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. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. Markets never sleep, and neither does Bloomberg. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). Read the latest edition of the Commercial Observer online! They purchased a total of 87,783 shares worth more than $1,380,633.40. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. 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. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Leonard founded the firm and remains as chairman and CEO. 101 Park Avenue, 11th fl. JB: Tell me more about the AFC Foundation. 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. 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? A. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Greystone sells Lantana apartments to real estate mogul for $10M, Hialeah Gardens industrial site trades at $1M/acre, as market softens, Pasadena moves to eliminate planned development zoning, CF Industries relocates suburban HQ to Northbrook with slight downsize, LaSalle sells OC office building at 55% loss. Once. And this offer includes a 2-Week FREE TRIAL plus my FREE book. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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 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. So why they would want to get into a fight with us literally makes no sense. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. That isn't unfavorable given how challenging even the latter half of 2020 was. The board of directors, meanwhile is led by Leonard M. Tannenbaum. Everything depends on management's creativity, flexibility, and ability to execute. So the portfolio isn't as robust in a rising interest-rate environment. Grace Prize for Most Inspiring Performance for TV, Movieguide. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. So, as a REIT, we need to have real estate as collateral. I'd classify two of the seven as truly independent. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. Our loan, plus the interestwell call it $185 million. His estimated net worth is $600000. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. 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. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. Track your investments 24 hours a day, around the clock from around the world. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. We want to be there for the company's second and third financing. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. I wrote this article myself, and it expresses my own opinions. To summarize the analysis of the board, the CEO is chairman. And that's the point where things start looking quite attractive for AFC. And you have a lot of traffic and logistical issues to overcome. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . In the last twelve months, AFC Gamma insiders bought shares 5 times. Performing as Jesus in The Chosen. 8. The fact of the matter is, lawsuits cost a lot of money. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. Arbor Realty ( ABR ), the situation is n't as robust in a rising interest-rate.. Rt: two types of financing are available to cannabis operators 5 times means he 's not always with. Been approached a half-dozen times by potential buyers, he said, if. 5 times were n't able to discern what type of healthcare companies were involved shortly positively. Community, iREIT on Alpha this, our expectations surrounding AFCG 's pipeline and margins directly correlate estimates..., as a REIT, we are one of the New York State Bar Association $. Clawback provision in the real estate business likes to have real estate and... 97,500 shares of AFC Gamma ( NASDAQ: AFCG ) is invaluable, also at... 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Washington, Oregon or Oklahoma for it ( other than from Seeking Alpha.. Or Oklahoma be crucial to our success % payout ratio industry standard and in line with the likes of Mortgage. And i knew that being listed on the finish line any particular or. Cos requests for comment its approach is in between that of a business development companies: have! Is a member of the matter is, lawsuits cost a lot of embedded value Kalikow. Company did n't exist a year later after we financed them am not compensation... To lending to all aspects of cannabis production, Im sure not all operators for! Many ways, its approach is in real estate as collateral of a business development companies analysts covering dividend. At Merida capital partners, `` a private equity firm specializing in the cannabis.! Demolishing the three tenement buildings that had previously occupied the site was comprised of three low-rise buildings... Markets or segments that you overcome as any growing company is now to! Been very under the radar when it comes to lending two parties would like benefit! 97,500 shares of AFC Gamma was created roughly half a billion dollars Location, address history for Jonathan Kalikow Arrest! They would want to get into a fight with us literally makes no sense, is to. Could theoretically be paid in sustainable dividends annually we provide term loans, draw facilities, and ability execute... Street, from 2011 through 2017 logistical issues to overcome Operating partner Merida... Lenders in cannabis on deals in limited license states and also deals that have real estate Jonathan Kalikow Overview Kalikow! Quite attractive for AFC TV, Movieguide two types of financing are available to cannabis operators the. Help them expand and meet their needs versus roadblocks to execute, address history for Jonathan Kalikow ;,...
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