There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. Get started New York City Marriages, 1950-2017. Jon Kalikow is President/Co-Founder at Gamma 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. His estimated net worth is $600000. Cannabis is a rapidly growing industry. This broader mandate means we must have greater confidence in its underwriting standards and practices and in its management. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. 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. 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. 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. There are parts of this deal that made a lot of sense to us.. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 5. Fortunately, WER's expertise is in the private institutional space. I am not receiving compensation for it (other than from Seeking Alpha). 3-min read. These comparisons contain one major weakness: AFCG has no leverage. And Beninati and his business partner Chris Jones had plenty of experience raising millions of dollars in financing, having overseen several large-scale development projects totaling $4 billion, according to the post-bankruptcy trial memorandum of decision dated Dec. 1, 2016. The fact of the matter is, lawsuits cost a lot of money. We don't just want to be there for the company's first financing. We weren't able to discern what type of healthcare companies were involved. What Could Elon Musk Possibly Be Thinking? 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). 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. 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. 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. But it is obtaining very compelling internal rates of return on its loan investments. Its a powerful image.. AFC is externally managed, which isn't unusual for an mREIT. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Not until the grandfather issue is resolvedone way around a zoning change would be to be grandfathered in to previous zoning lawsIm happy to take a profit because there is some deal fatigue. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . 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. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. But Id love to stay in., Thats not to say there havent been interested suitors. So we tend to work with three different buckets of operators. So why they would want to get into a fight with us literally makes no sense. There's no perfect solution to this conundrum except to avoid externally managed companies. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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.. The councilman said he simply brought forth community concerns. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. 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. The company was incorporated in 2020 and is based in West Palm Beach, Florida. But thats not all. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. Copyright 2022 Gamma Real Estate. . Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. 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 . We think its a very unique property, and we havent put it on the market. 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. Learn More on AFC Gamma's active insiders. It comprised a $145. Learn More on Jonathan Gilbert Kalikow's trading history. 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 Neale, 40, fell asleep by his front door after a day of drinking and . Incidentally, Leonard and Stacey filed for divorce two years later in 2016. Overnight on Wall Street is daytime in Asia. 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. Leonard founded the firm and remains as chairman and CEO. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. Learn More about Jonathan Gilbert Kalikow's net worth. We also remain very optimistic about the prospects in New Jersey and New York. Beninati had a different perspective, describing Gammas role as active in court documents, saying that the lender demanded that the developers make dozens of changes to the project design, implementation and construction. Leonard M. Tannenbaum is the CEO and founder, with the investment committee being composed of Jonathan Kalikow and Robyn Tannenbaum Leonards wife as of 2019 when they made their IPO filing. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. Information is often lacking there, and one has to dig very deep to uncover the full picture. There are 4 older executives and no younger executives at AFC Gamma. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. Awards. (Kalikow was insistent that he does. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org AFC Gamma works with cannabis companies nationwide. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. 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. Jonathan Kalikow President Gamma Real Estate. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. 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. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. ), 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.. He's spent his entire life here and his family's real estate roots run four generations deep. Are there any notable success stories that resulted from your funding? Please. After all, this started out as a beautiful dream. Jonathan specializes in catalyst-driven markets with high barriers to . It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. Our platform includes a publicly-traded company, a private BDC and a network of Family Offices that allows us capacity to support portfolio companies over long periods of time. And you have a lot of traffic and logistical issues to overcome. 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After some further analysis, I realized there was a void in the cannabis market as there was no institutional lender, and capital was only being provided by sale-leasebacks or family offices. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. So the portfolio isn't as robust in a rising interest-rate environment. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. The Sovereign has taken the laboring oar, no doubt, but there are many buildings that have contributed substantially., One would assume that some of the shine would come off 3 Sutton Place amid the war raging around it, but Kalikow isnt walking away. They purchased a total of 87,783 shares worth more than $1,380,633.40. Its a pain. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. Learn More on AFC Gamma's active insiders. Do you know what youre doing? I think I said, You have to be kidding me? she said. Construction. Information on this page was last updated on 6/17/2022. 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.". But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. 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. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. 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. 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. And tell me more about your approach to lending, what do you look out for and why? Known for. Back then, the site was comprised of three low-rise apartment buildings. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. The DOB was doing their job. We are different from other lenders in two significant ways. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. But I think that really, the future is wide open. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. In many ways, its approach is in between that of a Business Development Company and mREIT. [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. 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. 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. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. It generated $5.25 million in revenue from July 31 through December 31. At the same time, management indicated there were $561.8 million of potential loans under review. (The city must log and address each complaint as it relates to construction safety. Is this an April Fools Day joke? . Learn More on Jonathan Gilbert Kalikow's trading history. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Performing as Jesus in The Chosen. And of the four directors classified as independent, one worked under said CEO as recently as 2017. Kalikow has been approached a half-dozen times by potential buyers, he said. The roster of those who testified included Beninati, N. Richard Kalikow, JLLs Keith Kurland (as debt and equity adviser to Beninati, tasked with sourcing the projects financing) and Jon Kalikow. It could also be positive for lenders assuming they have the infrastructure and capabilities to scale and decrease the cost of capital once the money starts flowing and more deals are being made. Between courses, he opined on some of New York Citys most buzzed-about projects: I like the Related [Companies] guys as individuals a lot, I really do, Kalikow said, but I dont really understand Hudson Yards. Jonathan Roumie is drinking coffee. Has the Foundation made any headway this year to support local communities? It actually took us some time to figure out what happened.). 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. 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. For those interested in making money off of cannabis financing, we can offer no alternative. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. Especially when theres so little actual history to work with. This is clearly an extremely speculative play. 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. 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. The firm lends on real estate nationwide, owns a portfolio of . 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. But imagine the combination of near total lack of competition and immense opportunity set. This is a BETA experience. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. All rights reserved. Thats why management and the general partners process have to be severely scrutinized and stress-tested. Kalikow and Co. And as we sat down with him for lunch at the 101 Club, we got the sense that he doesnt pull punches. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. Long-term, we would like to benefit the states that our borrowers operate in. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. 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. Termination fees are another point of contention. Kalikow has reason to be angry. 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. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? Pilevsky says, We know how to deal with lenders, well handle this for you. So they try to get an injunction to stop the foreclosure.. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. We're very bullish on New Jersey as well. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. Advanced Flower Capital Gamma (AFC Gamma) is one of the largest providers of institutional loans to cannabis companies nationwide in all aspects of production: cultivation, processing, and distribution. 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. 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. Serial cheat Jonathan Neale, 40, fell asleep by his front door a Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. 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. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. Anything you build thats residential proximateis going to be expensive. SUITE 1770, WEST PALM BEACH FL, 33401. 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. But weve been very under the radar when it comes to lending. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. 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. He is survived by his wife of 52 years, Elizabeth; his daughter, Amy (Jonathan) Kalikow; his son, David H. (Lauren); a brother, Stanley; and six grandchildren. As in, now youve fucked with the wrong person.. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. Isnt the best practice, since it inherently gives the CEO greater control the property accusation that he residents... 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