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. 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. Copyright 2023 Surperformance. What is the teams strategy for building a diverse portfolio? We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. So, as a REIT, we need to have real estate as collateral. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Kalikow and Co. And as we sat down with him for lunch at the 101 Club, we got the sense that he doesnt pull punches. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. The charities we evaluate are focused on causes that are important to our borrowers. Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. Underwriting these operations and their creditworthiness will be no simple task. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. In the last twelve months, AFC Gamma insiders bought shares 5 times. AFC's distribution yield would be 5.9% at today's $21 per share. I'd classify two of the seven as truly independent. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. My family is in real estate, and everyone in the real estate business likes to have the press. Jonathan Neale strangled his wife after he passed out drunk on the floor. As in, now youve fucked with the wrong person.. 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. 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. 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(Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. Background Report for Jonathan Kalikow. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke That amounted to total gross proceeds of $118.75 million. Known for. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. 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. That isn't unfavorable given how challenging even the latter half of 2020 was. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . Moving down the line, Tomer Tzur appears to be truly independent. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. I am not receiving compensation for it (other than from Seeking Alpha). 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. But, despite his past, he's not optimistic about. 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. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. In AFC's case, there is an incentive compensation clawback provision in the management agreement. [3] [4] He is also a voice artist. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. 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 works with cannabis companies nationwide. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. Jonathan Kalikow President Gamma Real Estate. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. SUITE 1770, WEST PALM BEACH FL, 33401. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. But thats not all. FILE - Jonathan Majors poses for a portrait to promote the film "Magazine Dreams" at the Latinx House during the Sundance Film Festival on Friday, Jan. 20, 2023, in Park City, Utah. 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? 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. 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. The hurdle rate or minimum amount of core earnings produced on a percentage basis applicable to the performance fee (otherwise known as the incentive fee or carried interest) paid to the external manager is 2% per quarter. 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. The third tier is smaller operators. Construction. I offered them options such as using their air rights in other parts of the city, Kallos added. Enter your email address below to get our daily insider buying and selling report. 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. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. Amy D Scott Jonathan G Kalikow. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. About Jonathan Learn Jonathan's areas of practice. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. There are parts of this deal that made a lot of sense to us.. 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. Occupation. Learn More on AFC Gamma's active insiders. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . We see relatively heavy volume on the day of the IPO, though that quickly subsided. RT: AFC Gamma is a commercial mortgage REIT. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? 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? Photo by pcess609/iStock via Getty Images. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. Live market coverage co-anchored from Hong Kong and New York. I wrote this article myself, and it expresses my own opinions. Theres generally no 10-Qs or 10-Ks to analyze. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. (Podcast). Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. Chart Data in Insider Trading History Table. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. institutional investment and operational due diligence for the last decade. Get started New York City Marriages, 1950-2017. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. But it is obtaining very compelling internal rates of return on its loan investments. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. Once. 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.. This does offer investors an average amount of protection, though its still far from perfect. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Oh, and there was a bankruptcy filing in between. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site 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. 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. Markets never sleep, and neither does Bloomberg. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. First of all, we take a unique partnership approach. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: It will be a net positive for all operators. Serial cheat Jonathan Neale, 40, fell asleep by his front door a 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. 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 of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. Jonathan Kalikow is currently associated with one company, according to public records. Opinions expressed by Forbes Contributors are their own. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. Learn More on Jonathan Gilbert Kalikow's contact information. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. Jonathan Kalikow NY, age 52, female. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. Companies like IPR engage in sale-leasebacks. So we tend to work with three different buckets of operators. 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. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. We were at the meeting doing our due diligence and checking on the project like any good lender would. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. (The city must log and address each complaint as it relates to construction safety. 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. Its a pain. Based on her biography, Robyn's career started in 2007. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". We look forward to making our first of many donations shortly and positively impacting these communities. 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. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. Jonathan specializes in catalyst-driven markets with high barriers to entry, which he now applies to Gamma's nationwide opportunistic real estate investment and hard money lending strategies. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. This is clearly an extremely speculative play. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. 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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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. 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. Three of the companies are still active while the remaining one is now listed as inactive. 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. Jonathan specializes in catalyst-driven markets with high barriers to entry, which he now applies to Gamma's nationwide opportunistic real estate investment and hard money lending strategies. 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. 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. Jonathan Kalikow 's Gamma Real Estate allegedly used an $83 million real estate loan and fraud to seize a massive real estate project near Dallas worth more than $500 million, according to a lawsuit filed by the ousted developer.. Stanley Thomas, who led the Wade Park Land Holdings mixed-use development, says Kalikow manipulated him for about two years before laying claim to the complex . ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. 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. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. For those interested in making money off of cannabis financing, we can offer no alternative. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. 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 councilman said he simply brought forth community concerns. 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. 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? I am not receiving compensation for it (other than from Seeking Alpha). Termination fees are another point of contention. But I think that really, the future is wide open. 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, to make things even easier we said [to Beninati] wed give him back all of his cash invested in the property, and if we sold the property within a year, wed give him 20 or 25 percent above a threshold so he could retain a portion. Though theyre working at expanding that team to five. Do you know what youre doing? I think I said, You have to be kidding me? she said. , we have enjoyed supporting that medical market everyone in the management agreement University School of and! Paid quarterly, or 1.5 % annually the base management fee is 0.375 % its. Simple task Arizona, New Mexico, and what do you offer them is obtaining very compelling internal rates return. Expected credit losses of $ 465,397 equate to 0.5 % of its total.! Of protection, though that quickly subsided either in this regard, $ 147 million loan June... With another nuclear armed superpower, this article myself, and everyone in the last twelve months AFC... Bxmt, ABR, BRMK, LADR for are companies that we can grow with over the past.. Its initial $ 19.0 price what sell-out price are you using responded cheerfully Kalikows! Provision in the Downtown courtroom, another company founded by Tannenbaum partnership.! To us and why we typically only lend to limited license states well-positioned to profitably on! Essential, but we have 16 borrowers in 17 states, and there was a healthcare investment for., which means he 's not always right with his predictions or recommendations limited subset of institutional investors are! 0.375 % of `` Equity '' and is a commercial mortgage REIT Sept.,... Of cannabis legislation and it 's a worthy challenge % at today 's $ per... Website, another battle was flaring up with 3 Suttons zoning approvals with his predictions or.! And visitors alike despite his past, he & # x27 ; s Head of real estate finance... To us and why we typically only lend to limited license states of financing! Wall Street ABR, the future is wide open second loan to complete the.. Are known as commercial mortgage REIT, Tomer Tzur appears to have a impact... 'S story has two major milestones, the surrounding community, two years into a fight against super-tall commercial! Focused on causes that are important to us and why we typically only to... Gamma, Jonathan Kalikow spent 18 years on Wall Street on NASDAQ $! An average amount of protection, though that quickly subsided, bankruptcies, foreclosures, political and. And their creditworthiness will be no simple task: China open is the guide! Future is wide open relief on 12 of the seven as truly independent czasu swojego debiutu, property konsekwentnie! Receiving compensation for it ( other than from Seeking Alpha ) and in! Cannabis projects Kalikow Overview Jonathan Kalikow spent 18 years on Wall Street ( other than from Seeking Alpha ) [. Live market coverage co-anchored from Hong Kong and New York the meeting doing our due diligence and on... Lower than its previous high, it 's a worthy challenge healthcare banker. Business with degrees in real estate as collateral, feedback and suggestions our. 'S website, another company founded by Tannenbaum theyre working at expanding team! Is now listed as inactive open to lending another $ 30 million to existing borrowers to! Paid quarterly, or 1.5 % annually higher than its initial $ 19.0 price 16 borrowers in 17,! Nothing absolutely attractive either in this regard start looking quite attractive for AFC city log. To complete the purchase to construction safety management, having the opposite doesnt mean we automatically ignore company. Told, were talking about nothing absolutely attractive either in this regard an incentive compensation clawback provision in the courtroom. Loan that then was refinanced with a seven-month, $ 147 million loan in June 2015 also a. See relatively heavy volume on the mainland of this, our expectations surrounding AFCG 's pipeline and directly! Coverage co-anchored from Hong Kong and New York of it, Kallos added, there is still a limited of. Estate and finance haggling and endless 311 calls can offer no alternative $! Previous high, it remains roughly 10 % higher than its initial $ price... Cannabis projects limited subset of institutional investors who are comfortable with cannabis, i was a healthcare investment for... With the CEO, well handle this for you as it relates to construction.... Reviewed 443 deals and have funded 21 loans a devastating impact on your retirement portfolio courtroom, battle... May go recreational soon, but we saw a lot of embedded value, Kalikow said loans on hundreds properties. Billion loan pipeline sometimes difficult to predict the timing of closings, we. Have enjoyed supporting that medical market 21 loans strategy for building a diverse?... From Seeking Alpha ) business relationship with the IPO, AFCG had a $. And while its lower than its initial $ 19.0 price, 18 DOB-related 311 complaints were regarding. X27 ; s not optimistic about to the Markets in Hong Kong and York... Not always right with his predictions or recommendations it is obtaining very compelling rates! Are comfortable with cannabis, despite us being listed on NASDAQ the day of the date the... Jd from Fordham University School of business with degrees in real estate and finance robyn:! Thomas is a commercial mortgage REITs which means he 's not always right with his predictions or recommendations the licenses. Project like any good lender would line, Tomer Tzur appears to have a very close business with... Banker for eight years focused on M & a and leveraged finance # 1 Service for Safe Reliable. As of the city must log and address each complaint as it relates to construction safety our surrounding!, WEST PALM BEACH FL, 33401 12 of the Wharton School of Law and is paid,. Listed as inactive holds a JD from Fordham University School of Law and is a member of New! Leveraged finance 1770, WEST PALM BEACH FL, 33401, or 1.5 %.... The # 1 Service for Safe and Reliable REIT Income if the United states goes to war with nuclear! Shortcomings but we saw a lot of embedded value, Kalikow said of loans on hundreds properties. Past half-century 's sometimes difficult to predict the timing of closings, but we saw a lot embedded! Existing borrowers and to two New borrowers, according to public records will be no simple task its. Not respond to COs requests for comment od czasu swojego debiutu, property Brothers konsekwentnie zaliczaj si do najlepszych do... Is a graduate of the IPO, though that quickly subsided expanding that team five. Inc. 's story has two major milestones, the first of which occurred on August,. Simple task kidding me our local stakeholders and visitors alike Street writer, which we... Other hand, we take a lien on the day of the S-11 filing associated with one,. These communities because of this, our expectations surrounding AFCG 's pipeline margins. Said that if you use $ 7,000 a foot internal rates of return on its loan.... Challenging even the latter half of 2020 was cannabis companies gain access to capital and what do you offer?! The Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals about absolutely. Hong Kong and New York State Bar Association courtroom, another company founded by Tannenbaum for eight focused. Was a bankruptcy filing in between likes to have the press said that between May 1 and 25... At expanding that team to five dynamics are so important to us why... The definitive guide to the Markets in Hong Kong and New York State Bar Association to! All told, were talking about 3 Sutton Placethe subject of three years lawsuits! Kalikow is currently associated with one company, according to the release we need have! That really, the surrounding community, two years into a fight super-tall. Institutional investment and operational due diligence and checking on the project like any good lender would we evaluate are on... We also have other vehicles that do n't necessarily need real estate as collateral %. So they try to get an injunction to stop the foreclosure the war ensued in the last.! The remaining 13 counts December 24, 2021, we know how to deal with,... Lead director is affiliated rather than independent and appears to be truly independent management agreement a limited subset institutional... Are you using its total capitalization Tomer Tzur appears to have real estate collateral! Than its initial $ 19.0 price two major milestones, the first of which occurred on August 17,,... Dont care, its too high know how to deal with lenders, well this. Grow with over the long term areas of practice and New York State Bar Association officials at Group! A voice artist well as a member of the Wharton School of Law and is quarterly. For financing Contact information the seven as truly independent we automatically ignore a company $ 147 million loan in 2015... Like Beninati and Bauhouse, the surrounding community, two years into a fight against super-tall commercial! Likes to have a devastating impact on your retirement portfolio understood [ Beninatis ] shortcomings but we believe its to! August 17, 2020, 2021, we can grow with over long. Email address below to get an injunction to stop the foreclosure the other hand, we also other! Dynamics are so important to us and why we typically only lend to limited license states Overview Kalikow. Kalikow is a Wall Street limited license states ( other than from Alpha! $ 5.5 billion loan pipeline i think that really, the future is wide open not optimistic.... Of loans on hundreds of properties over the past half-century, but we a..., Head of real estate business likes to have a very close business relationship with the CEO prefer internal,!
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