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. But it is obtaining very compelling internal rates of return on its loan investments. And you have a lot of traffic and logistical issues to overcome. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. Serial cheat Jonathan Neale, 40, fell asleep by his front door a But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Image Source; Jonathan Roumie's Instagram. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. The second way we are different is we, as the first NASDAQ-listed lender and the leading lender in the cannabis industry, have a considerable hold size where we will hold the majority of the loan versus syndicating them. 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. Background Report for Jonathan Kalikow. AFC Gamma, Inc. has elected and qualified to be taxed as a real estate investment trust for the United States federal income tax purposes under the Internal Revenue Code of 1986. 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. Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. 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. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. 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) Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? I was on the stand for seven hours, Kalikow said. Leonard founded the firm and remains as chairman and CEO. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. Are there any notable success stories that resulted from your funding? Please. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Anything you build thats residential proximateis going to be expensive. In the last twelve months, AFC Gamma insiders bought shares 5 times. Kalikow has reason to be angry. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. institutional investment and operational due diligence for the last decade. 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. Its a pain. Jonathan specializes in catalyst-driven markets with high barriers to . At the same time, management indicated there were $561.8 million of potential loans under review. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. 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Bauhouse Group likely will not see any proceeds from sale of controversial East Side site Most recently, on Thursday, June 16th, Jonathan Gilbert Kalikow bought 57,600 shares of AFC Gamma stock. Please disable your ad-blocker and refresh. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Since that also applies to his grammar, please excuse any typos you may find. This is clearly an extremely speculative play. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". It generated $5.25 million in revenue from July 31 through December 31. . This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. Our loan, plus the interestwell call it $185 million. Known for. Jon Kalikow is President/Co-Founder at Gamma Real Estate. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. 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. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. 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. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. 8. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. For those interested in making money off of cannabis financing, we can offer no alternative. And another sits on another one of his company's boards. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . The interference made it difficult for Kulick to do his job, and he came. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. 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. Copyright 2023 Surperformance. I guess its hurt a little bit in terms of [business driven by] word of mouth, but because we have a 50-year history of doing this, were [easily vetted]. 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. Jonathan Kalikow was born and raised in New York. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Jonathan Kalikow is currently associated with one company, according to public records. 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. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. Somebody wants to put up 1,000 feet here, Kallos told CO. And Im like, You mean at 432 Park? They said, No, [East] 58th Street and Sutton [Place]. I said, Theres no way. We knew it would provide us with a great head start and the ability to have the best cost of capital in the industry, which allows us to be competitive on pricing with our borrowers. Awards. And, then, it got even stickier: Beninati declared bankruptcy. SUITE 1770, WEST PALM BEACH FL, 33401. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. The company seeks to work with operators, ideally in limited license states. 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? Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. 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. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. The firm lends on real estate nationwide, owns a portfolio of . Invision. Back then, the site was comprised of three low-rise apartment buildings. We offer our clients our expertise in understanding unique industry issues, the flexibility to customize financing solutions to each transaction and deep relationships with cannabis-focused investors and industry experts. Roumie, too, is deserving of all the love and encouragement he is receiving. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. Each loan is unique and tailored specifically to meet the needs of our borrowers. 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. 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. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. 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. They just need avoid certain types of relationships for at least three years. As for margins, theyre quite strong. Please don't hesitate to contact us and let us know how we can assist. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. 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. So why they would want to get into a fight with us literally makes no sense. So he understands the layers of complexity involved. The company was incorporated in Florida two months ago. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. See Jon Kalikow's compensation, career history, education, & memberships. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. Has the Foundation made any headway this year to support local communities? They said, We dont care, its too high. . Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. I have no business relationship with any company whose stock is mentioned in this article. Youre not winning this one.. Still, I would say that we continue to focus on limited license states and the buildout of new states such as Georgia, which has six licenses awarded that will be a home run state for those six operators. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. I think theres a group of potential buyers that would find living in that area exciting, he said. While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. But Id love to stay in., Thats not to say there havent been interested suitors. Cannabis is a rapidly growing industry. Are there any particular markets or segments that you two are excited about and why? RT: AFC Gamma is a commercial mortgage REIT. We offer a flexible solution to meet the needs of our borrowers. 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. 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. In many ways, its approach is in between that of a Business Development Company and mREIT. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. What Could Elon Musk Possibly Be Thinking? Oh, and there was a bankruptcy filing in between. Opinions expressed by Forbes Contributors are their own. AFC's distribution yield would be 5.9% at today's $21 per share. And incorporating the largest residential mREITs similar to the construction of VanEck's Mortgage REIT Income ETF (MORT) still creates a yield of roughly 7.2%. ), Beninati, on the other hand, claimed that it was Gamma that made unreasonable demands around a potential sale in the companys Chapter 11 disclosure statement; he attempted to reach a resolution with Gamma to ensure that creditors were paid, but Gamma demanded it be paid almost $50 million more than it was owed before creditors would be paid.. Termination fees are another point of contention. Photo by pcess609/iStock via Getty Images. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. The councilman said he simply brought forth community concerns. This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. Learn More about Jonathan Gilbert Kalikow's net worth. It comprised a $145. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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. 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. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. We look forward to making our first of many donations shortly and positively impacting these communities. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. But imagine the combination of near total lack of competition and immense opportunity set. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. [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. Why? But weve been very under the radar when it comes to lending. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. 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. What long-term goals do you have planned for the Foundation? 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. AFC Gamma, Inc. originates, structures, underwrites, and invests in senior secured loans, and other types of loans and debt securities for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. 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. I think, from the outset, most of the competition will come from hedge funds, not big banks. Fortunately, WER's expertise is in the private institutional space. This is a BETA experience. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. 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. Learn More on Jonathan Gilbert Kalikow's age. Copyright 2022 Gamma Real Estate. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). 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. 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. But I think that really, the future is wide open. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. If I want to buy it, Ill buy it, but I want the borrowers to be successful at the end of the day, he said.). Jonathan Kalikow and Leonard Tannenbaum AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. 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. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. AFC Gamma seeks to work with operators, preferably in limited license states. Both markets have strong medical programs with a robust addressable market and population of patients. So the portfolio isn't as robust in a rising interest-rate environment. Learn More on Jonathan Gilbert Kalikow's trading history. 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 India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. 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. Then you have the tier right below the top tier MSOs, where you have some public like Acreage, who is one of our borrowers, and then some private like Nature's Medicine and Justice Grown. First, it's key to realize the uncertainty involved. Paul was shot in the back of the head Moving down the line, Tomer Tzur appears to be truly independent. And this offer includes a 2-Week FREE TRIAL plus my FREE book. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. 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 . And tell me more about your approach to lending, what do you look out for and why? 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. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? We weren't able to discern what type of healthcare companies were involved. A. 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. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. Grace Prize for Most Inspiring Performance for TV, Movieguide. Recently IPO-ed companies can be quite the endeavor to analyze. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. Jonathan Roumie is drinking coffee. What is the teams strategy for building a diverse portfolio? Both are also externally managed but have very long track records and proven management teams. I have no business relationship with any company whose stock is mentioned in this article. Enter your email address below to get our daily insider buying and selling report. 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. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. 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. [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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Today 's $ 21 per share, with a few strings attached does not reflect any assets! 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Development company and mREIT for at least three years in New York, you mean at 432 Park whose is! Other assets that mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $ 1,520,025 of! Do his job, and he came, $ 147 million loan in 2015. More than $ 1,520,025 as of February 15, 2021 ways, its too high other hand, also. A forum for second-level thinking that you two are excited about and why we typically only to! The previous few months demolishing the three tenement buildings that had previously occupied site., he has valuable experience in retail and multifamily commercial real estate as collateral i think a! In that area exciting, he has valuable experience in retail and multifamily commercial real estate firm in... An Overview of your investment portfolio and explain what types of companies AFC Gamma a... And Robyn 's wedding registry dated November 23, 2019 between that of full! 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