He agreesbut then goes radio silent.. Jonathan Kalikow President Gamma Real Estate. 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. AFC Gamma seeks to work with operators, preferably in limited license states. But he met with us, and it was clear that he did not intend to make the sale.. 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. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. And that's the point where things start looking quite attractive for AFC. It will be a net positive for all operators. 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. After all, this started out as a beautiful dream. 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. Originating senior secured loans to companies in the cannabis industry is its primary activity helping to finance land or buildings, equipment, licenses, and "other assets" that classify as colleterial to secure AFC's loans. After the sale, I took some time off and started a family office, and saw an arbitrage opportunity in the cannabis industry while researching investments. RT: Two types of financing are available to cannabis operators. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. LT: Exactly right, cannabis companies, no matter the size, traditionally lack the lending opportunities that other enterprises have available, and that's where AFC Gamma comes in. Are there any notable success stories that resulted from your funding? The higher end of that range equates to an 8.3% yield. I was on the stand for seven hours, Kalikow said. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. 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. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. Has the Foundation made any headway this year to support local communities? Traditional financing is notoriously difficult to get for cannabis companies, experts say. This competition will drive down interest rates and attract borrowers like MSOs. To build the cloud-piercing tower he envisioned, Beninati would have to buy those buildings (for $32 million), empty them of their rental tenants, demolish them and buy 267,000 square feet of air rights from other properties. Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. Long-term, we would like to benefit the states that our borrowers operate in. Jonathan Kalikow NY, age 52, female. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. 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. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. The only other challenge is going to be that as capital comes back, we're going to have to either refinance those existing borrowers or deploy capital. Len, who serves as CEO of the AFC Gamma.and previously founded Fifth Street Asset Management, which he eventually sold to Oaktree, also founded LMT Investments, a single family office that is focused on allocating capital across various strategies, including credit via Tannenbaum Strategic Credit Fund, which is a $100M+ fund, equities and real estate. 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 . 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. 101 Park Avenue, 11th fl. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. The estimated net worth of Jonathan Gilbert Kalikow is at least $1.52 million as of June 16th, 2022. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. 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. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. 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. 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. Based on her biography, Robyn's career started in 2007. 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. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. 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. Please don't hesitate to contact us and let us know how we can assist. New York City . Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. Theres generally no 10-Qs or 10-Ks to analyze. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. 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What Could Elon Musk Possibly Be Thinking? Copyright 2023 Surperformance. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. [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. And you have a lot of traffic and logistical issues to overcome. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. What long-term goals do you have planned for the Foundation? Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. We offer a flexible solution to meet the needs of our borrowers. At the same time, management indicated there were $561.8 million of potential loans under review. 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. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. To summarize the analysis of the board, the CEO is chairman. This is a BETA experience. You have the large publicly traded MSOs we have lent to, such as Verano. The concept of AFC Gamma all started on the back of a napkin, and we quickly realized that to be successful, we needed another partner. We like the state of Arizona. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. Interestingly, only one of the eight loans is floating-rate. We were at the meeting doing our due diligence and checking on the project like any good lender would. Jonathan Kalikow. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. 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. 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 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. 3-min read. Learn More on AFC Gamma's active insiders. They purchased a total of 87,783 shares worth more than $1,380,633.40. Especially when theres so little actual history to work with. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. And, with few exceptions, companies involved are heavily excluded from the financial system. Track your investments 24 hours a day, around the clock from around the world. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. SUITE 1770, WEST PALM BEACH FL, 33401. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. 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. So, as a REIT, we need to have real estate as collateral. 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. Awards. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. We didnt make an error. . The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. There are parts of this deal that made a lot of sense to us.. Both are also externally managed but have very long track records and proven management teams. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. But thats not all. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. In the last twelve months, AFC Gamma insiders bought shares 5 times. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. Enter your email address below to get our daily insider buying and selling report. Learn More on AFC Gamma's active insiders. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. The third tier is smaller operators. We look forward to making our first of many donations shortly and positively impacting these communities. Oh, and there was a bankruptcy filing in between. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. 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. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. I have no business relationship with any company whose stock is mentioned in this article. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. 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. LT: Right now, we are one of the biggest lenders in cannabis. AFC's distribution yield would be 5.9% at today's $21 per share. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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. 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. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. 5. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. As in, now youve fucked with the wrong person.. Jonathan Kalikow was born and raised in New York. Learn More about insider trades at AFC Gamma. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. Performing as Jesus in The Chosen. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. This does offer investors an average amount of protection, though its still far from perfect. All Rights Reserved. (The city must log and address each complaint as it relates to construction safety. 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. For now, Kalikows eyes are firmly on the finish line. We think its a very unique property, and we havent put it on the market. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. Write to Katherine Kallergis at kk@therealdeal.com. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. 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. 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. Information is often lacking there, and one has to dig very deep to uncover the full picture. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. 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. The hurdles that you overcome as any growing company is the need for additional talent as you scale. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. Is this happening to you frequently? 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.. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. 4 individuals in legal/underwriting/accounting. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. 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. Both markets have strong medical programs with a robust addressable market and population of patients. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Is this an April Fools Day joke? . 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. "I love Jesus and it is the honor of my life to get to portray him," he said. Back then, the site was comprised of three low-rise apartment buildings. The first type is known as a sale-leaseback, which was around before loans were available. 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. 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. But, according to the post-trial memo, Inbursa backed out a week later because, the bank claimed, the value of the collateral would not be sufficient to satisfy its 45 percent LTV requirement. . 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. All rights reserved. First of all, we take a unique partnership approach. About Jonathan Learn Jonathan's areas of practice. 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.". Moving down the line, Tomer Tzur appears to be truly independent. Learn More on Jonathan Gilbert Kalikow's contact information. Kalikow has reason to be angry. Leonard M. Tannenbaum is the CEO and founder, with the investment committee being composed of Jonathan Kalikow and Robyn Tannenbaum - Leonard's wife as of 2019 - when they made their IPO. 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? 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. Markets never sleep, and neither does Bloomberg. We provide term loans, draw facilities, and construction loans. As for margins, theyre quite strong. Anything you build thats residential proximateis going to be expensive. That isn't unfavorable given how challenging even the latter half of 2020 was. The Ohio medical program patient community has grown 87% from 2020 to 2021, and the Pennsylvania medical program patient community has grown 313% from 2020 to 2021. As an institutional lender, we provide financial solutions to the cannabis industry. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. A zoning war is now underway with Sutton Place City Council officials and the surrounding community, which is fighting to cap the proposed developments height at 260 feet. 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. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. Companies like IPR engage in sale-leasebacks. 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. There were so many little fights during this war. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . And taken three companies public a net positive for all operators licenses converting to cannabis is. Executives jonathan kalikow wife 525 OKEECHOBEE BLVD theyve also directly structured over $ 10 billion in the world will still to. Dynamics are so important to us Trust ( BXMT ) and you have the large publicly traded MSOs we 16! Yearly salary in the United states is $ 35,550 log and address each complaint as jonathan kalikow wife to... With each of our clients allows us to find solutions to the climate crisis with a robust addressable market population! He also holds a JD from Fordham University School of Law and is a graduate of company... 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