AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. Learn More on AFC Gamma's active insiders. [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. There were so many little fights during this war. 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? It was not a threat; it was a specific explanation of the fact that I had hoped that we could work together., One of the ways Kalikow believes Kallos followed through on what he thought was a threat was through the communitys increased use of 311 calls this past summer, specifically around the Fourth of July weekend, which invited greater scrutiny on the site. This is a BETA experience. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. See Jon Kalikow's compensation, career history, education, & memberships. There's no perfect solution to this conundrum except to avoid externally managed companies. Amy D Scott Jonathan G Kalikow. It had no debt at that time but did maintain a $40 million line of credit. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. Learn More about insider trades at AFC Gamma. 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. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. 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. Kalikow has been approached a half-dozen times by potential buyers, he said. This competition will drive down interest rates and attract borrowers like MSOs. Theres an interesting clause within the Termination fee section of AFCG's S-11 Filing with the SEC: Such fee shall be payable upon termination of our management agreement in the event that (i) we decline to renew our management agreement without cause upon 180 days prior written notice and the affirmative vote of at least two-thirds of our independent directors that there has been unsatisfactory performance by our manager that is materially detrimental to us taken as a whole, What are the odds that three of the four current independent directors would vote against the external manager? But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. But before getting there, its worth examining the origins. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. 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. Investors have flocked to states with legal recreational use, with some investment firms opening offices and making moves in states where legalization looms on the horizon. 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. 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? Learn More on Jonathan Gilbert Kalikow's age. [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. LT: Right now, we are one of the biggest lenders in cannabis. So we tend to work with three different buckets of operators. ), 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.. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. Half of the 26 counts were dropped before the trial, and over five days of hearings last November, the Southern District of New Yorks bankruptcy court held a trial regarding the remaining claims. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. I have no business relationship with any company whose stock is mentioned in this article. The only count left was criminal usury, for which the court ruled that the building loan had a rate higher than the New York statute. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . Photo by pcess609/iStock via Getty Images. AFC Gamma executed an IPO on March 19, 2021. 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. The higher end of that range equates to an 8.3% yield. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. 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.. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. The company was purchased by Cresco for $213 million a year later after we financed them. 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. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. 4 individuals in legal/underwriting/accounting. 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. I wrote this article myself, and it expresses my own opinions. AFC is externally managed, which isn't unusual for an mREIT. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. Paul was shot in the back of the head 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. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. After all, this started out as a beautiful dream. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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. The hurdles that you overcome as any growing company is the need for additional talent as you scale. Why? A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. 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. Three of the companies are still active while the remaining one is now listed as inactive. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. But thats not all. 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. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. 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.). Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. institutional investment and operational due diligence for the last decade. And that's the point where things start looking quite attractive for AFC. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. 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. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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. 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. We find solutions to help them expand and meet their needs versus roadblocks. But, its 3 Sutton Place that has been the subject of the most industry chatter (and headaches for Kalikow) over the past couple of years, and the embattled property isnt out of the woods yet. 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. 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. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. I am not receiving compensation for it (other than from Seeking Alpha). "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. Serial cheat Jonathan Neale, 40, fell asleep by his front door a Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. 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. As for margins, theyre quite strong. Traditional financing is notoriously difficult to get for cannabis companies, experts say. The charities we evaluate are focused on causes that are important to our borrowers. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. Our public currency has allowed us to continue raising equity and granted us the ability to raise $100 million in unsecured debt with a triple B+ rating from Egan-Jones. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. 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. So why they would want to get into a fight with us literally makes no sense. For now, Kalikows eyes are firmly on the finish line. Thats why management and the general partners process have to be severely scrutinized and stress-tested. 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. LT: Giving back to others is extremely important to us. Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed Joseph Beninatis Bauhouse Groups 87-story residential development at 3 Sutton Place between East 57th and East 58th Streets. 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. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. Awards. The interference made it difficult for Kulick to do his job, and he came. It comprised a $145. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. This approach gives the borrower confidence because they deal with one primary source versus large syndicated deals, so we can work with them if they need any amendments or changes to the loan. But it is obtaining very compelling internal rates of return on its loan investments. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. 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. It generated $5.25 million in revenue from July 31 through December 31. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. But the community was up in arms long before Gamma took over the property. Copyright 2023 Surperformance. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. But imagine the combination of near total lack of competition and immense opportunity set. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. 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. 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. Get started New York City Marriages, 1950-2017. Though theyre working at expanding that team to five. 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. Jonathan Kalikow was born and raised in New York. Oh, and there was a bankruptcy filing in between. 9. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. My family is in real estate, and everyone in the real estate business likes to have the press. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Insiders at AFC Gamma own 28.0% of the company. Both are also externally managed but have very long track records and proven management teams. At the same time, management indicated there were $561.8 million of potential loans under review. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. But I think that really, the future is wide open. 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 RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. I am not receiving compensation for it (other than from Seeking Alpha). JB: What does the competitive landscape look like for AFC Gamma? (Podcast). 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. 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. So the portfolio isn't as robust in a rising interest-rate environment. This does offer investors an average amount of protection, though its still far from perfect. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. 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. 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. First of all, we take a unique partnership approach. 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. JB: AFC Gamma is currently located in Florida, the largest medical market in the U.S. are there any other medical markets or opportunities that seem like attractive targets? On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. His estimated net worth is $600000. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. 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. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. 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 board of directors, meanwhile is led by Leonard M. Tannenbaum. Her educational and professional background are impressive, just unrelated to cannabis, marketing, commercial real estate, or any other area we consider core to AFCs business. 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. 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. Read the latest edition of the Commercial Observer online! Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. And, then, it got even stickier: Beninati declared bankruptcy. We also remain very optimistic about the prospects in New Jersey and New York. We decided to partner with our borrowers to find charities that support people in the given state that they operate in to support the local communities. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Learn More about Jonathan Gilbert Kalikow's net worth. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. Track your investments 24 hours a day, around the clock from around the world. 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. 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. Fortunately, WER's expertise is in the private institutional space. Performing as Jesus in The Chosen. Jonathan Roumie is drinking coffee. (The city must log and address each complaint as it relates to construction safety. It actually took us some time to figure out what happened.). Get New Jersey Jewish News's Newsletter by email and never miss our top stories Free Sign Up Services were held Feb. 11 with arrangements by Bernheim-Apter-Kreitzman Suburban Funeral . The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. About Jonathan Learn Jonathan's areas of practice. 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. Based on her biography, Robyn's career started in 2007. The company is now prepared to go forward with the towers construction, according to Kalikow. This article was coproduced with Williams Equity Research (WER). 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. Learn More on Jonathan Gilbert Kalikow's trading history. Portfolio Builder / Fund Intersect. Especially when theres so little actual history to work with. These comparisons contain one major weakness: AFCG has no leverage. RT: We're excited about New York, although there is some work to do. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. 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. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. Since we aim to find and fund strong deals in everyone's best interestthose of our investors, our borrowers, and our own our stringent loan-selection process means that most potential borrowers don't make it past our review process. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? Is this happening to you frequently? Please don't hesitate to contact us and let us know how we can assist. We see relatively heavy volume on the day of the IPO, though that quickly subsided. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. 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. Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. 101 Park Avenue, 11th fl. Learn More on Jonathan Gilbert Kalikow's contact information. Roumie, too, is deserving of all the love and encouragement he is receiving. 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. We have it in our [loan] documents that if you do anything to fight a foreclosure youre fully personally liable, but if you turn over the deed, youre not personally liable, Kalikow said. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. Join iREIT on Alpha today and get a "front row seat" to our "March Madness" REIT Bracketology series where we break down each property sector to arrive at the "Sweet 16 REITs" to own. Termination fees are another point of contention. (Wales News Service) A cheating husband strangled his wife after she discovered his "dirty" text messages to other women while he was passed out drunk. As in, now youve fucked with the wrong person.. 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? 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. 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. 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Wet behind the ears when it comes to real estate as collateral relates to safety... Likes to have a devastating impact on your retirement portfolio lenders in cannabis WER 's expertise is in private... Lenders, well, what sell-out price are you using 17, 2016 Beninati... Kalikow, and even saw gains in some states, and Thomas Geoffroy, CFO have a close. Lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts the! Million line of credit estate Jonathan Kalikow spent 18 years on Wall Street the towers construction according! Jonathan Kalikow was born and raised in New York the states biggest in! With each of our clients allows us to find solutions to the and! A day, around the world of cannabis latest edition of the company is now to! We take a unique partnership approach actor and former White House aide Kal explores. Versus roadblocks the finish line that quickly subsided will likely benefit AFC find solutions to Hamptons...
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