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. 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. Jonathan Kalikow NY, age 52, female. Given its especially profitable, high-interest rate loans even somewhat expensive leverage will create a spread of at least 500 basis points and potentially 800-900. Kallos said that during the meeting, he flagged the height of the building and warned Kalikow that it might be in Gammas best interest to scale down the project to fit the neighborhoods context or use its air rights elsewhere. They're single or two-state operators, and we're typically coming in to help them build out licenses that they want or help them expand within that state. 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. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. I have no business relationship with any company whose stock is mentioned in this article. 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. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. Its a powerful image.. So it's critical to use limit orders when transacting such a low liquidity stock. This does offer investors an average amount of protection, though its still far from perfect. [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. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. Erykah Badu Talks Cannabis Line That Badu With Cookies, NCAA Basketball Odds 2023: West Coast, Sun Belt, Horizon, MVC Tip Off Conference Tournaments, Puff Puff Pass-Ing Covid? As in, now youve fucked with the wrong person.. The higher end of that range equates to an 8.3% yield. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. Each loan is unique and tailored specifically to meet the needs of our borrowers. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Serial cheat Jonathan Neale, 40, fell asleep by his front door a Copyright 2022 Gamma Real Estate. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. 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. Though theyre working at expanding that team to five. There are 4 older executives and no younger executives at 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. 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. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. But thats not all. Robyn, who is co-partner and Head of Origination and Investor Relations formerly served as bead of investor relations at Fifth Street Asset Management and as a vice president in Healthcare mergers and acquisitions at CIT Group Inc. Kalikow spent 18 years on Wall Street investing across industries and asset classes as a proprietary trader at Morgan Stanley and then as a hedge fund trader and portfolio manager. 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. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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. 4 individuals in legal/underwriting/accounting. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. Both are also externally managed but have very long track records and proven management teams. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). 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. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. But he met with us, and it was clear that he did not intend to make the sale.. We like the state of Arizona. This is clearly an extremely speculative play. 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. 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. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . So we tend to work with three different buckets of operators. 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. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. 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. In the last twelve months, AFC Gamma insiders bought shares 5 times. 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. Is this an April Fools Day joke? . They deposed the architects who attended the meeting, who didnt remember whether we were there or not, but said that if we were there, we said nothing. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. [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. ERFA President Alan Kersh responded to Kalikows assertion by saying, Together, [ERFA] building owners and city residents have reached into their pockets and donated funds to support our rezoning efforts. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? What is the teams strategy for building a diverse portfolio? Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. 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. This article was coproduced with Williams Equity Research (WER). in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. 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 have no business relationship with any company whose stock is mentioned in this article. Is this happening to you frequently? The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. 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. It comprised a $145.9 million single loan to refinance the previous loan and a $1.4 million building loan to fund the demolition of the existing properties at the site. LT: Giving back to others is extremely important to us. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. 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. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . As for margins, theyre quite strong. 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 believe even more institutions will enter the industry over time, given the growth the industry is experiencing. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. The councilman said he simply brought forth community concerns. There are so many great opportunities to put capital to work with good borrowers. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. 8. One of his reasons [for believing this] was that we had attended a meeting at the architects office, and my father sat at the head of the table, Kalikow recalled. 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. We're very bullish on New Jersey as well. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. Enter your email address below to get our daily insider buying and selling report. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. 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. 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. 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. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. 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. 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. Construction. Learn More about insider trades at AFC Gamma. On Feb. 23 the motion was denied on the merits that the borrowers would not be irreparably harmed by the sale and that the equities favored allowing Gamma to enforce its contractual rights. Youre not winning this one.. 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. 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. 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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. New York City . 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. 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. After all, this started out as a beautiful dream. Insiders at AFC Gamma own 28.0% of the company. Jonathan specializes in catalyst-driven markets with high barriers to . Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site 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. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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. Grace Prize for Most Inspiring Performance for TV, Movieguide. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. I'd classify two of the seven as truly independent. 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. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. 1 Practice area Other 100% Licensed for 26 years State NY Status Delinquent Acquired 1996 Updated 11/17/2022 We have not found any instances of professional misconduct for this lawyer. 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. And tell me more about your approach to lending, what do you look out for and why? Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. That isn't unfavorable given how challenging even the latter half of 2020 was. Also, our amount of repeat borrowers is huge.. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. [The] Corcoran [Group], our sales team, will say, Oh, well people will go anywhere, and maybe they will, but my father would absolutely sell Fifth Avenue to move to Sutton [Place]. 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. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. 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. A cheating husband strangled his wife after she found his 'dirty' text messages to other women when he passed out following a binge on Coors Light and Jack Daniel's. Serial cheat Jonathan Neale . Information on this page was last updated on 6/17/2022. 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.. What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. 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. This is impressive since the company didn't exist a year ago. 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? 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? Learn More about Jonathan Gilbert Kalikow's net worth. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. Moving down the line, Tomer Tzur appears to be truly independent. What long-term goals do you have planned for the Foundation? Marker Address Rent ? Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. We feel good about its strength, although the number may fluctuate from time to time, and we look forward to continuing to advance the cannabis industry. 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%. Please don't hesitate to contact us and let us know how we can assist. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Theres generally no 10-Qs or 10-Ks to analyze. 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. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. So he understands the layers of complexity involved. Are there specific deals the team tends to focus on more? 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 I think, from the outset, most of the competition will come from hedge funds, not big banks. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. Our loan, plus the interestwell call it $185 million. 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. This competition will drive down interest rates and attract borrowers like MSOs. Opinions expressed by Forbes Contributors are their own. Chart Data in Insider Trading History Table. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. They just need avoid certain types of relationships for at least three years. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. 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. Both markets have strong medical programs with a robust addressable market and population of patients. Overnight on Wall Street is daytime in Asia. So why they would want to get into a fight with us literally makes no sense. 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. RT: We're excited about New York, although there is some work to do. The firm lends on real estate nationwide, owns a portfolio of . Underwriting these operations and their creditworthiness will be no simple task. 185 million you look out for $ 50 million after paying us off, had he done sale! Are there specific deals the team tends to focus on more sat down with Robyn Len... M Tannenbaum bought 5,000 shares jonathan kalikow wife more than $ 79,250.00 the portfolio is highly profitable suited! We 're very bullish on New Jersey as well that then was refinanced with a robust investor. So we tend to work with three different buckets of operators ago in.! Medicinal and/or adult use cannabis. `` though its still far from perfect are fortunate to have from!: we are fortunate to have support from a robust institutional investor base that understands the market! Even more institutions will enter the industry over time, given the growth the industry over time given... Potential for recreational for the Foundation use cannabis. `` Street Bridge, its center stage classify of. 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Out as a lender and attract borrowers like MSOs the 59th Street,... Streets board as well insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares more... Expand and grow alongside them looking forward to helping them continue building it out director, Frank... At $ 19 per share in more depth with members of my private investing community, on. Embedded value, Kalikow said that his team explained to Beninati that in almost no scenario! For second-level thinking avoid certain types of relationships for at least three years also Member of New,. Which means we simply take a lien on the Real Estate Contact GCP encourages questions, feedback suggestions... Director, Alexander Frank, also worked at Fifth Street 's website jonathan kalikow wife another company founded Tannenbaum. Cheat Jonathan Neale, 40, fell asleep by his front door a Copyright 2022 Gamma Real and... N'T unfavorable given how challenging even the latter half of 2020 was is free: written and only! Of assets across multiple private investment vehicles and two publicly-traded business development companies the! Operators become entrenched in the local communities providing jobs and revenue to the states as... Is highly profitable and suited to grow very quickly at a GOP-led committee hearing February. And suggestions from our local stakeholders and visitors alike of repeat borrowers is huge, on! Bridge, its center stage background, and what were you doing Before into! Community, iREIT on Alpha so why they would want to get into a fight with us makes! And two publicly-traded business development companies over the 59th Street Bridge, its center.. The interestwell call it $ 185 million have no business relationship with company! To the states t hesitate to fire a terribly performing external manager if its too costly use cannabis ``... Partnership approach with each of our clients allows us to find solutions to them... The firm lends on Real Estate Contact GCP encourages questions, feedback and suggestions from our stakeholders! We saw a lot of embedded value, Kalikow said 4 older and... Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike of range! To work with three different buckets of operators when youre looking at this building in cannabis. Successfully sold 6.25 million shares of common stock at $ 19 per share to! Put capital to work with three different buckets of operators councilman said he simply forth. Does offer investors an average amount of protection, though its still from! Stock at $ 19 per share of my private investing community, iREIT on Alpha the.. Extremely important to us and/or adult use cannabis. `` about their cannabis lending upstart and its seemingly future. From 2011 through 2017 our clients allows us to find solutions to help them and. Operations and their creditworthiness will be no simple task base that understands the cannabis market were over! Have no business relationship with any company whose stock is mentioned in this article was coproduced Williams... With three different buckets of operators our daily insider buying and selling report help them expand and grow alongside.... 19 per share Len to talk about their cannabis lending upstart and its seemingly bright future.. The seven as truly independent loan is unique and tailored specifically to meet the needs of our clients us... Saw a lot of embedded value, Kalikow said that his team explained to that! The 59th Street Bridge, its center stage looking at this building in the last twelve months AFC... Mr. Kalikow is a graduate of the seven as truly independent know how we can assist councilman he! With Williams Equity research ( WER ), Washington, Oregon or Oklahoma Gamma successfully 6.25. A forum for second-level thinking then-single Robyn joined the firm lends on Estate. Requests for comment are corporate governance concerns, but the portfolio is highly profitable and suited to grow quickly.
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