Are there any notable success stories that resulted from your funding? LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. Jonathan Kalikow is currently associated with one company, according to public records. Were prepared to build it. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis 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. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. 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. Each loan is unique and tailored specifically to meet the needs of our borrowers. Markets never sleep, and neither does Bloomberg. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. 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. We tend to focus on deals in limited license states and also deals that have real estate as collateral. This article was coproduced with Williams Equity Research (WER). Jonathan Roumie is drinking coffee. So the portfolio isn't as robust in a rising interest-rate environment. 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. So he understands the layers of complexity involved. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. Please. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. 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. 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.". Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. But imagine the combination of near total lack of competition and immense opportunity set. Copyright 2022 Gamma Real Estate. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. See Jon Kalikow's compensation, career history, education, & memberships. 3-min read. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. 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 specializes in catalyst-driven markets with high barriers to . AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? Companies like IPR engage in sale-leasebacks. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. Copyright 2023 Surperformance. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke [We told them] were not Beninati: We know what were doing, and were building for New York buyers because this is a New York enclave, Kalikow said. 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(Kalikow was insistent that he does. Given this "unique" arrangement and its direct impact on AFC's decision making it's time to put on our institutional due diligence officer hat. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. Jonathan Kalikow NY, age 52, female. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. These comparisons contain one major weakness: AFCG has no leverage. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. 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. You have the large publicly traded MSOs we have lent to, such as Verano. 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? 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. In the last twelve months, AFC Gamma insiders bought shares 5 times. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. The fact of the matter is, lawsuits cost a lot of money. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. The company was incorporated in Florida two months ago. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. 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) It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. Also, our amount of repeat borrowers is huge.. In this case, the fee to fire the external manager is three times the annual base management fee (1.5% of equity) and the annual incentive compensation (variable, but likely 2-6% of equity) based on the trailing 12-month period. And no obvious conflicts of interest. Cannabis is a rapidly growing industry. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. The third tier is smaller operators. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. 9. There are parts of this deal that made a lot of sense to us.. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. 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. Theres generally no 10-Qs or 10-Ks to analyze. About Jonathan Learn Jonathan's areas of practice. 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. 1 Practice area Other 100% Licensed for 26 years State NY Status Delinquent Acquired 1996 Updated 11/17/2022 We have not found any instances of professional misconduct for this lawyer. Why Sharing Weed Decreased During The Covid-19 Pandemic, Fizzy Drink Passion Fuels Zle Cannabis-Infused Craft Beverages, Californias Cannabis Sales Declined In 2022, The First Time Since Legalization, Still Waiting For The SAFE Banking Act? Marker Address Rent ? 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. But it is obtaining very compelling internal rates of return on its loan investments. 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. But Id love to stay in., Thats not to say there havent been interested suitors. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. AFC's distribution yield would be 5.9% at today's $21 per share. 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. 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. 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 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. So it's critical to use limit orders when transacting such a low liquidity stock. Paul was shot in the back of the head Known for. We are different from other lenders in two significant ways. That isn't unfavorable given how challenging even the latter half of 2020 was. We like the state of Arizona. What long-term goals do you have planned for the Foundation? 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. 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? Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. [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. We decided to partner with our borrowers to find charities that support people in the given state that they operate in to support the local communities. LT: Giving back to others is extremely important to us. I think theres a group of potential buyers that would find living in that area exciting, he said. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. [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. It actually took us some time to figure out what happened.). We decided to share a few more details on this analysis than we usually since its a great case study for subscribers to learn from. I wrote this article myself, and it expresses my own opinions. Is this happening to you frequently? Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. And tell me more about your approach to lending, what do you look out for and why? We were at the meeting doing our due diligence and checking on the project like any good lender would. Banco Inbursa was one of the first lenders out of the gate, entering into negotiations for the projects financing and executing a term sheet for a $70 million loan. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. New York, NY 10178 | (212) 9220222 |. My family is in real estate, and everyone in the real estate business likes to have the press. Both markets have strong medical programs with a robust addressable market and population of patients. 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. LT: Right now, we are one of the biggest lenders in cannabis. 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. We see relatively heavy volume on the day of the IPO, though that quickly subsided. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. The charities we evaluate are focused on causes that are important to our borrowers. 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. It comprised a $145. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. Suppose the Senate passes the SAFE Banking Act this go-around, which I believe they will, lenders, including AFC Gamma, will be able to borrow cheaper, which will, in turn, allow lenders to lend cheaper. Chart Data in Insider Trading History Table. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. 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. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. After all, this started out as a beautiful dream. Interestingly, only one of the eight loans is floating-rate. If you have an ad-blocker enabled you may be blocked from proceeding. Learn More on Jonathan Gilbert Kalikow's contact information. Since that also applies to his grammar, please excuse any typos you may find. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. And another sits on another one of his company's boards. 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. 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. institutional investment and operational due diligence for the last decade. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. 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. 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. 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 first type is known as a sale-leaseback, which was around before loans were available. Do you know what youre doing? I think I said, You have to be kidding me? she said. Learn More on Jonathan Gilbert Kalikow's trading history. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. Learn More about insider trades at AFC Gamma. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. 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. AFC Gamma works with cannabis companies nationwide. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. The company is now prepared to go forward with the towers construction, according to Kalikow. And this offer includes a 2-Week FREE TRIAL plus my FREE book. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. They just need avoid certain types of relationships for at least three years. 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. 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. 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. The councilman said he simply brought forth community concerns. Mr. Kalikow is currently 52 years old. 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Any loans to operators in California, Washington, Oregon or Oklahoma is, cost... Companies were formed over a five year period with the most recent being three... The last twelve months, AFC Gamma stock worth more than $ 1,520,025 as March!

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