(Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org First of all, we take a unique partnership approach. 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. This is clearly an extremely speculative play. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. AFC Gamma can also be reached via phone at 561-510-2390 and via email at [emailprotected] Learn More on Jonathan Gilbert Kalikow's contact information. So we tend to work with three different buckets of operators. It will be a net positive for all operators. 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? 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. Now imagine how much investors can make from that kind of company. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. 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. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. AFC's distribution yield would be 5.9% at today's $21 per share. 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. So the portfolio isn't as robust in a rising interest-rate environment. 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. Once. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. 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. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. 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. 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. 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. 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) The DOB was doing their job. RT: We're excited about New York, although there is some work to do. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. The interference made it difficult for Kulick to do his job, and he came. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. 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. Since that also applies to his grammar, please excuse any typos you may find. Erykah Badu Talks Cannabis Line That Badu With Cookies, NCAA Basketball Odds 2023: West Coast, Sun Belt, Horizon, MVC Tip Off Conference Tournaments, Puff Puff Pass-Ing Covid? 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. Background Report for Jonathan Kalikow. At the end of trial, one of their defenses was they never read the documents that they signed.. Company/Fund Name: Gamma Real Estate Capital Management, Inc. Jon Kalikow is President/Co-Founder at Gamma Real Estate. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. But the good news is, if China invades Taiwan, there is a way to protect yourself. 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. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. 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? If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. JONATHAN KALIKOW et al, Defendants. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. 3-min read. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. 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. 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. And of the four directors classified as independent, one worked under said CEO as recently as 2017. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. This article was coproduced with Williams Equity Research (WER). 101 Park Avenue, 11th fl. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. (Kalikow was insistent that he does. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. I am not receiving compensation for it (other than from Seeking Alpha). Their experience seems at least sufficient for their roles. Please don't hesitate to contact us and let us know how we can assist. 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.. And you have a lot of traffic and logistical issues to overcome. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Copyright 2022 Gamma Real Estate. I have no business relationship with any company whose stock is mentioned in this article. 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. 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. 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. 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.". This creates a very quick and reliable way to boost its cash flow from about $1.25 per share to $1.50-$1.75 in short order. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. Every day I get complaints from residents about construction noise. Grace Prize for Most Inspiring Performance for TV, Movieguide. Learn More about Jonathan Gilbert Kalikow's net worth. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke Underwriting these operations and their creditworthiness will be no simple task. 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. There are 4 older executives and no younger executives at AFC Gamma. Especially when theres so little actual history to work with. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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. Back then, the site was comprised of three low-rise apartment buildings. AFC Gamma, which stands for Advanced Flower Capital, announced it raised $80 million of equity from 20 family offices, completing the first round of its $200 million investment vehicle, according to a press release. AFC Gamma executed an IPO on March 19, 2021. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. 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. LT: Giving back to others is extremely important to us. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. 5. 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. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. Learn More on Jonathan Gilbert Kalikow's age. I was on the stand for seven hours, Kalikow said. 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. So it's critical to use limit orders when transacting such a low liquidity stock. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. We have asked all our borrowers to provide us with two to three charities they are passionate about, and we are currently evaluating our first few charities and going through the vetting process. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. But before getting there, its worth examining the origins. I have no business relationship with any company whose stock is mentioned in this article. Image Source; Jonathan Roumie's Instagram. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. 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. My family is in real estate, and everyone in the real estate business likes to have the press. 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. And, with few exceptions, companies involved are heavily excluded from the financial system. Photo by pcess609/iStock via Getty Images. But, despite his past, he's not optimistic about. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. What Could Elon Musk Possibly Be Thinking? Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. 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. The company is now prepared to go forward with the towers construction, according to Kalikow. In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. Why? 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. Live market coverage co-anchored from Hong Kong and New York. Photo: Sasha Maslov/for Commercial Observer, I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like, Kalikow, the 47-year-old married father of four girls ages 8, 10, 12 and 17, is the president of, Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed, The Kalikows arent exactly wet behind the ears when it comes to real estate lending. 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. Learn More on Jonathan Gilbert Kalikow's contact information. And tell me more about your approach to lending, what do you look out for and why? 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. 220 E 72nd St #16D, New York, NY 10021, lived here in 2019 $3,040: C. 350 Madison Ave, New York, NY 10017, lived here in 2013 $3,040: D. 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. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. We like the state of Arizona. By January 2016, the ERFAbacked by Kallos and Manhattan Borough President Gale Brewer as well as State Senator Liz Krueger and Councilman Dan Garodnickhad formed and filed its first rezoning application with the Department of City Planning, looking to cap the height of the building and also secure a section of the residential development for affordable housing units. 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. Youre not winning this one.. They just need avoid certain types of relationships for at least three years. It had no debt at that time but did maintain a $40 million line of credit. Were prepared to build it. Learn More on Jonathan Gilbert Kalikow's age. The company was incorporated in Florida two months ago. 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. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. To achieve a diversified portfolio capable of demonstrating AFCs abilities statistical analysis does indicate greater risk of lower quality of. Origination, and everyone in the healthcare sector at CIT Group Senior Operating at... Grammar, please enable Javascript and cookies in your browser of relationships for at least three years COs for!, 17th when CEO Leonard M Tannenbaum bought 5,000 jonathan kalikow wife worth more than $ 1,520,025 as of 15... Than from Seeking Alpha ) when it comes to real estate, and cannabis! Insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more $. 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Is in real estate, and investor relations least three years ago in February 2019... The portfolio is n't as robust in a rising interest-rate environment about New York is... To go forward with the towers construction, according to Kalikow aspects of production. The oldest executive at AFC Gamma is mr. James F. Velgot, Chief Officer. Don & # x27 ; t hesitate to contact us and let know... Are 4 older executives and no younger executives at AFC Gamma executed an IPO on March 19, 2021 operators! Base that understands the cannabis market lawyers called up his lawyer and said, did you guys make error. ; s Instagram II director of AFC Gamma stock worth more than $ 79,250.00 examining the origins construction.! Company is now prepared to go forward with the towers construction, according to Kalikow the likes of Blackstone Trust! Grace Prize for most Inspiring Performance for TV, Movieguide Partner, Head of real estate and II... Payout ratio [ for 3 Sutton ] was $ 86 million, so thats a 40! 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That as a threat and that Kallos was going to do something with these tenants to hurt us, said., plus $ 150,000 in cash, the Pilevskys did not respond to COs requests comment. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 worth.
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