New York City . Learn More on AFC Gamma's active insiders. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. Their experience seems at least sufficient for their roles. Jonathan Kalikow. 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. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. RT: I believe our challenge hurdle is always being stewards of capital. 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. 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. 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. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. 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. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. [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]. Enter your email address below to get our daily insider buying and selling report. Occupation. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. 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. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. Track your investments 24 hours a day, around the clock from around the world. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. The company seeks to work with operators, ideally in limited license states. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. That amounted to total gross proceeds of $118.75 million. Kalikow has been approached a half-dozen times by potential buyers, he said. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. Once. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. 3-min read. This does offer investors an average amount of protection, though its still far from perfect. Are there specific deals the team tends to focus on more? This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. Construction. But it is obtaining very compelling internal rates of return on its loan investments. So why they would want to get into a fight with us literally makes no sense. Jonathan Kalikow was born and raised in New York. Is this an April Fools Day joke? . But I think that really, the future is wide open. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. 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. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. Image Source; Jonathan Roumie's Instagram. 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. LT: Giving back to others is extremely important to us. Fortunately, WER's expertise is in the private institutional space. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties. 101 Park Avenue, 11th fl. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. There's no perfect solution to this conundrum except to avoid externally managed companies. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. 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, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. And, then, it got even stickier: Beninati declared bankruptcy. 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 only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. 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. 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. It had no debt at that time but did maintain a $40 million line of credit. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. 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. 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. 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. In the last twelve months, AFC Gamma insiders bought shares 5 times. 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're very bullish on New Jersey as well. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. [3] [4] He is also a voice artist. About Jonathan Learn Jonathan's areas of practice. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. We find solutions to help them expand and meet their needs versus roadblocks. 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. 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. But Id love to stay in., Thats not to say there havent been interested suitors. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. 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 . Get started New York City Marriages, 1950-2017. 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. JB: Tell me more about the AFC Foundation. Were prepared to build it. We want to be there for the company's second and third financing. 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. 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? Background Report for Jonathan Kalikow. The company was incorporated in Florida two months ago. 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. He agreesbut then goes radio silent.. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". 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. 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. This article was coproduced with Williams Equity Research (WER). The board of directors, meanwhile is led by Leonard M. Tannenbaum. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Learn More on Jonathan Gilbert Kalikow's trading history. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. 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. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. Back then, the site was comprised of three low-rise apartment buildings. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. 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. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. The third tier is smaller operators. 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. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. 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. 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? What long-term goals do you have planned for the Foundation? But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 8. I have no business relationship with any company whose stock is mentioned in this article. We offer a flexible solution to meet the needs of our borrowers. So, as a REIT, we need to have real estate as collateral. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Information on this page was last updated on 6/17/2022. 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. 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. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. Please disable your ad-blocker and refresh. View Public Record Results ✓ Addresses. I was also in charge of investor relations at Fifth Street and was doing healthcare consulting while we both recognized the lending opportunities in cannabis. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. 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. 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. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. Are there any notable success stories that resulted from your funding? 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. 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. 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. 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. 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. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . 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. I have no business relationship with any company whose stock is mentioned in this article. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. 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. 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. 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