This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. 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. [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. 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. 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? Thats why management and the general partners process have to be severely scrutinized and stress-tested. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. And, with few exceptions, companies involved are heavily excluded from the financial system. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. 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. 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. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. Learn More on Jonathan Gilbert Kalikow's age. But he met with us, and it was clear that he did not intend to make the sale.. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. Were prepared to build it. There are so many great opportunities to put capital to work with good borrowers. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. Construction. We tend to lend to operators in regulatory-friendly states, such as: Ohio, Pennsylvania, New York, New Jersey, Maryland, Massachusetts, Arizona, New Mexico, Missouri, Illinois, Michigan, and Nevada. Get started New York City Marriages, 1950-2017. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. 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. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. This article was coproduced with Williams Equity Research (WER). There's no perfect solution to this conundrum except to avoid externally managed companies. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. Read the latest edition of the Commercial Observer online! Do you know what youre doing? I think I said, You have to be kidding me? she said. 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. Chart Data in Insider Trading History Table. You have the large publicly traded MSOs we have lent to, such as Verano. 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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. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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. 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. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. You may opt-out by. 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We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. 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. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. Its like a bunch of seventh graders picking a fight with a Navy Seal platoon. I was on the stand for seven hours, Kalikow said. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. Learn More on Jonathan Gilbert Kalikow's trading history. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. JONATHAN KALIKOW et al, Defendants. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. 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. Everything depends on management's creativity, flexibility, and ability to execute. JB: Cannabis companies of all sizes have been traditionally starved of access to capital most mom-and-pop and larger established businesses like MSOs cannot walk into a bank or financial institution and receive a loan. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. Moving down the line, Tomer Tzur appears to be truly independent. RT: Since starting AFC Gamma, we have completed almost $500 million of transactions we provide capital to an industry that others do not and, in turn, allow these operators to build cultivation facilities, production facilities, and dispensaries. The interference made it difficult for Kulick to do his job, and he came. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. 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. 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. 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. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. 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. Five of those six were trying to assess my strength and desire to hold itto see if they can get in at a cheap price.. Actor. View Public Record Results ✓ Addresses. 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. It comprised a $145. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. 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. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. Between courses, he opined on some of New York Citys most buzzed-about projects: I like the Related [Companies] guys as individuals a lot, I really do, Kalikow said, but I dont really understand Hudson Yards. 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. [3] [4] He is also a voice artist. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. Write to Katherine Kallergis at kk@therealdeal.com. Another was that my father remarked to one of the borrowers that he liked his pen, and they said that showed the closeness of the relationshipI shit you not. After the sale, I took some time off and started a family office, and saw an arbitrage opportunity in the cannabis industry while researching investments. There are 4 older executives and no younger executives at AFC Gamma. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Overnight on Wall Street is daytime in Asia. We also talked to them about the fact that the rezoning we were proposing would actually give them additional floor area ratio on sitethat wasnt on site and already therein order to build affordable housing. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. 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 . Theres generally no 10-Qs or 10-Ks to analyze. We tend to focus on deals in limited license states and also deals that have real estate as collateral. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . But some of the ridiculous things he was asking for led us to believe that he would never find a partner, Kalikow said, one example being a $50 million step-up in basis cashed-out to him. Every day I get complaints from residents about construction noise. Roumie, too, is deserving of all the love and encouragement he is receiving. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? We are different from other lenders in two significant ways. Please. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site Our platform includes a publicly-traded company, a private BDC and a network of Family Offices that allows us capacity to support portfolio companies over long periods of time. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. 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. LT: Giving back to others is extremely important to us. It will be a net positive for all operators. 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. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. 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. I think theres a group of potential buyers that would find living in that area exciting, he said. The company is now prepared to go forward with the towers construction, according to Kalikow. He agreesbut then goes radio silent.. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. 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. 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. 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. After all, this started out as a beautiful dream. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. In the last twelve months, AFC Gamma insiders bought shares 5 times. We knew it would provide us with a great head start and the ability to have the best cost of capital in the industry, which allows us to be competitive on pricing with our borrowers. Based on her biography, Robyn's career started in 2007. Track your investments 24 hours a day, around the clock from around the world. Learn More about Jonathan Gilbert Kalikow's net worth. 4 individuals in legal/underwriting/accounting. Please disable your ad-blocker and refresh. 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. 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. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. 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 it is obtaining very compelling internal rates of return on its loan investments. Youre not winning this one.. This creates a very quick and reliable way to boost its cash flow from about $1.25 per share to $1.50-$1.75 in short order. 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. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Learn More about insider trades at AFC Gamma. And lending is only one feather in their cap: Gamma has also owned and built over 12,000 multifamily units across the U.S.9,000 in the southeastern U.S.and owns 10 million square feet of office space in Manhattan alone. Long-term, we would like to benefit the states that our borrowers operate in. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. Performing as Jesus in The Chosen. 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. Thats when it announced: AFC Gamma completed a first close of its $200 million investment vehicle, having raised approximately $80 million of equity from over 20 large family offices. 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. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. 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. 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. Opinions expressed by Forbes Contributors are their own. 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.). I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. 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. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. Learn More about Jonathan Gilbert Kalikow's net worth. 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