We think its a very unique property, and we havent put it on the market. 8. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. 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. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? Traditional financing is notoriously difficult to get for cannabis companies, experts say. Write to Katherine Kallergis at kk@therealdeal.com. Image Source; Jonathan Roumie's Instagram. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. There are so many great opportunities to put capital to work with good borrowers. RT: We're excited about New York, although there is some work to do. Its lowest cash interest rate charged is 12%; the highest is 16%. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. RT: AFC Gamma is a commercial mortgage REIT. But he met with us, and it was clear that he did not intend to make the sale.. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. There are parts of this deal that made a lot of sense to us.. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. Learn More on Jonathan Gilbert Kalikow's trading history. But, according to the post-trial memo, Inbursa backed out a week later because, the bank claimed, the value of the collateral would not be sufficient to satisfy its 45 percent LTV requirement. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. 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. 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. 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. 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 most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. At the same time, management indicated there were $561.8 million of potential loans under review. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. 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. The first type is known as a sale-leaseback, which was around before loans were available. They said, We dont care, its too high. . 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. Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed Joseph Beninatis Bauhouse Groups 87-story residential development at 3 Sutton Place between East 57th and East 58th Streets. I guess its hurt a little bit in terms of [business driven by] word of mouth, but because we have a 50-year history of doing this, were [easily vetted]. 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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. Awards. You may opt-out by. 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. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". 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? First of all, we take a unique partnership approach. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. Known for. And that's the point where things start looking quite attractive for AFC. View Public Record Results ✓ Addresses. 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. 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. 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 corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. 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. Opinions expressed by Forbes Contributors are their own. We weren't able to discern what type of healthcare companies were involved. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. 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. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. But the community was up in arms long before Gamma took over the property. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Greystone sells Lantana apartments to real estate mogul for $10M, Hialeah Gardens industrial site trades at $1M/acre, as market softens, Pasadena moves to eliminate planned development zoning, CF Industries relocates suburban HQ to Northbrook with slight downsize, LaSalle sells OC office building at 55% loss. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. 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. Chart Data in Insider Trading History Table. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. RT: Our strategy for building a diverse portfolio is to lend to multiple operators of all sizes, the large MSOs, the mid-tier MSOs, and single state operators. Background Report for Jonathan Kalikow. About Jonathan Learn Jonathan's areas of practice. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). 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. The company was incorporated in Florida two months ago. China Equity Emerging Markets Gold and Silver International Dividend US Dividend US Energy US High Dividend US Large Cap Growth US Large Cap Value US Mid Cap Growth US Mid Cap Value US REIT US Small Cap Growth US Small Cap Value US Sustainable (ESG) Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. He's spent his entire life here and his family's real estate roots run four generations deep. So we tend to work with three different buckets of operators. 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. The charities we evaluate are focused on causes that are important to our borrowers. Serial cheat Jonathan Neale, 40, fell asleep by his front door a The interference made it difficult for Kulick to do his job, and he came. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Live market coverage co-anchored from Hong Kong and New York. So he understands the layers of complexity involved. Jonathan Kalikow NY, age 52, female. 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. You have the large publicly traded MSOs we have lent to, such as Verano. Were prepared to build it. 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. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. 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. 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. Termination fees are another point of contention. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. This competition will drive down interest rates and attract borrowers like MSOs. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. When Bauhouse filed its plans for the 87-story tower, Sutton Place locals made a bid for a zoning change that would block super-tall skyscrapers in Sutton Place. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. Has the Foundation made any headway this year to support local communities? Advanced Flower Capital Gamma (AFC Gamma) is one of the largest providers of institutional loans to cannabis companies nationwide in all aspects of production: cultivation, processing, and distribution. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. 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. Photo: Sasha Maslov/for Commercial Observer, I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like, Kalikow, the 47-year-old married father of four girls ages 8, 10, 12 and 17, is the president of, Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed, The Kalikows arent exactly wet behind the ears when it comes to real estate lending. LT: Exactly right, cannabis companies, no matter the size, traditionally lack the lending opportunities that other enterprises have available, and that's where AFC Gamma comes in. The stock saw a nice near 20% gain on the day of the IPO. Anything you build thats residential proximateis going to be expensive. Now imagine how much investors can make from that kind of company. The third tier is smaller operators. So, as a REIT, we need to have real estate as collateral. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. I think theres a group of potential buyers that would find living in that area exciting, he said. Construction. 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. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. I am not receiving compensation for it (other than from Seeking Alpha). 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. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. Especially when theres so little actual history to work with. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. To summarize the analysis of the board, the CEO is chairman. In the last twelve months, AFC Gamma insiders bought shares 5 times. 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. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost 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 . (Podcast). Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. And no obvious conflicts of interest. Back then, the site was comprised of three low-rise apartment buildings. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. 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. Why? 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