We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. LT: Throughout my career, I've been fortunate to have significant experience with taking companies public to date, I've taken four companies public, including AFC Gamma. As for margins, theyre quite strong. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. 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. Learn More on AFC Gamma's active insiders. It will be a net positive for all operators. Occupation. 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. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. 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. Practically speaking, the higher the hurdle rate, the lower the fees paid but the greater the incentive for the external manager to take outsized risk. There are 4 older executives and no younger executives at AFC Gamma. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. But before getting there, its worth examining the origins. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. LT: Right now, we are one of the biggest lenders in cannabis. The company was incorporated in Florida two months ago. 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. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. 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. So it's critical to use limit orders when transacting such a low liquidity stock. 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. 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 . Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Now imagine how much investors can make from that kind of company. 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. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. The firm lends on real estate nationwide, owns a portfolio of . Three of the companies are still active while the remaining one is now listed as inactive. 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. Jonathan Kalikow. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. 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. RT: AFC Gamma is a commercial mortgage REIT. Invision. In this case, the fee to fire the external manager is three times the annual base management fee (1.5% of equity) and the annual incentive compensation (variable, but likely 2-6% of equity) based on the trailing 12-month period. 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 View Public Record Results ✓ Addresses. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. 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. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. 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. Markets never sleep, and neither does Bloomberg. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. If you have an ad-blocker enabled you may be blocked from proceeding. First of all, we take a unique partnership approach. 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 common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. 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 this experience could aid her in assisting AFC as partner, head of origination, and investor relations. We see a lot of deals, and the biggest hurdle is continuing to find good operators to back, focusing on our due diligence and making sure that the investments that we're making are suitable solid investments. There were so many little fights during this war. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. . I think, from the outset, most of the competition will come from hedge funds, not big banks. And tell me more about your approach to lending, what do you look out for and why? Fortunately, WER's expertise is in the private institutional space. 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Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. But, despite his past, he's not optimistic about. 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. I think theres a group of potential buyers that would find living in that area exciting, he said. AFC Gamma seeks to work with operators, preferably in limited license states. 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. 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. We tend to focus on deals in limited license states and also deals that have real estate as collateral. JB: What does the competitive landscape look like for AFC Gamma? 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. 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. 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? Gamma Real Estate Capital Management, Inc. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. That isn't unfavorable given how challenging even the latter half of 2020 was. 8. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. Recently IPO-ed companies can be quite the endeavor to analyze. 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. For those interested in making money off of cannabis financing, we can offer no alternative. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. I'd classify two of the seven as truly independent. Has the Foundation made any headway this year to support local communities? All rights reserved. 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. 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. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis 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. Given this "unique" arrangement and its direct impact on AFC's decision making it's time to put on our institutional due diligence officer hat. Jonathan Neale strangled his wife after he passed out drunk on the floor. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Kalikow has been approached a half-dozen times by potential buyers, he said. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. There, he invested across industries and asset classes on behalf of institutions, family offices, and wealthy individuals as a proprietary trader at Morgan Stanley and then as a hedge fund portfolio manager and trader at various funds and firms. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. Kallos, Krueger, Garodnick and a representative of Brewer met with Kalikow on May 11 to discuss controversies surrounding the site, including the communitys firm opposition and how steep a climb Gamma would have to complete the project. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. 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.. We didnt make an error. . When Beninati defaulted on the $147 million loan from Gamma, the lender foreclosed on the property and later acquired it in a foreclosure auction for $86 million ($98 million including air rights), outbidding Brooklyn investor Isaac Hager. And another sits on another one of his company's boards. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. Marker Address Rent ? 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. We also remain very optimistic about the prospects in New Jersey and New York. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. About Jonathan Learn Jonathan's areas of practice. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. 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. 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. (Podcast). Their experience seems at least sufficient for their roles. 3-min read. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Both markets have strong medical programs with a robust addressable market and population of patients. The interference made it difficult for Kulick to do his job, and he came. Jon Kalikow is President/Co-Founder at Gamma Real Estate. Please. Bauhouse also alleged that Gamma had a different motivation than a traditional lender and seized greater control by refusing to fund the project in accordance with loan documents. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. institutional investment and operational due diligence for the last decade. 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. Why? This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). 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 complaint alleges that the three of them, as strangers to the project, caused Beninati to breach contractual obligations following his maturity defaults and helped him file for bankruptcy in a scheme to benefit themselves and obtain an ownership interest in [3 Sutton Place]., Were suing Pilevsky for over $100 million, Kalikow said. The company was purchased by Cresco for $213 million a year later after we financed them. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. The DOB was doing their job. In the last twelve months, AFC Gamma insiders bought shares 5 times. This competition will drive down interest rates and attract borrowers like MSOs. 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. 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]. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. Everything depends on management's creativity, flexibility, and ability to execute. Jonathan Kalikow is currently associated with one company, according to public records. 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? In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. 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