I offered them options such as using their air rights in other parts of the city, Kallos added. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. 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 . West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. They said, We dont care, its too high. . Do you know what youre doing? I think I said, You have to be kidding me? she said. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. 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. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? You may opt-out by. And no obvious conflicts of interest. Now imagine how much investors can make from that kind of company. 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. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Insiders at AFC Gamma own 28.0% of the company. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. AFC's distribution yield would be 5.9% at today's $21 per share. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. The firm lends on real estate nationwide, owns a portfolio of . Learn More on AFC Gamma's active insiders. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. Please. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. 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. There's no perfect solution to this conundrum except to avoid externally managed companies. Jonathan Roumie is an American actor best known for his role as Jesus in The Chosen, [1] [2] a crowd-funded television series about the life and ministry of Jesus of Nazareth. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . So it's critical to use limit orders when transacting such a low liquidity stock. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. We also remain very optimistic about the prospects in New Jersey and New York. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. It had no debt at that time but did maintain a $40 million line of credit. 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. The councilman said he simply brought forth community concerns. 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. These companies can't even get bank accounts. Learn More on AFC Gamma's active insiders. I wrote this article myself, and it expresses my own opinions. See Jon Kalikow's compensation, career history, education, & memberships. The charities we evaluate are focused on causes that are important to our borrowers. Jonathan Kalikow and Leonard Tannenbaum AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. 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? New York, NY 10178 | (212) 9220222 |. Photo by pcess609/iStock via Getty Images. 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. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. And another sits on another one of his company's boards. We look forward to making our first of many donations shortly and positively impacting these communities. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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. Invision. LT: Giving back to others is extremely important to us. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. The company was incorporated in Florida two months ago. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. The company was incorporated in 2020 and is based in West Palm Beach, Florida. We have it in our [loan] documents that if you do anything to fight a foreclosure youre fully personally liable, but if you turn over the deed, youre not personally liable, Kalikow said. This is clearly an extremely speculative play. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. 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. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. 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.. 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. Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. 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. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. 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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. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. 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. 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? 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. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? Opinions expressed by Forbes Contributors are their own. 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. Learn More on Jonathan Gilbert Kalikow's contact information. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. 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. 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? And, with few exceptions, companies involved are heavily excluded from the financial system. 3-min read. 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. 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. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. 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. Please disable your ad-blocker and refresh. Chart Data in Insider Trading History Table. All rights reserved. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. 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. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. About Jonathan Learn Jonathan's areas of practice. Information is often lacking there, and one has to dig very deep to uncover the full picture. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. Is this happening to you frequently? And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. The interference made it difficult for Kulick to do his job, and he came. Get New Jersey Jewish News's Newsletter by email and never miss our top stories Free Sign Up Services were held Feb. 11 with arrangements by Bernheim-Apter-Kreitzman Suburban Funeral . It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. I think theres a group of potential buyers that would find living in that area exciting, he said. AFC is externally managed, which isn't unusual for an mREIT. 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. 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. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. My family is in real estate, and everyone in the real estate business likes to have the press. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. There were so many little fights during this war. 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. (Wales News Service) A cheating husband strangled his wife after she discovered his "dirty" text messages to other women while he was passed out drunk. 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. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. The hurdles that you overcome as any growing company is the need for additional talent as you scale. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. Portfolio Builder / Fund Intersect. Why? The stock saw a nice near 20% gain on the day of the IPO. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. We didnt make an error. . Background Report for Jonathan Kalikow. 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. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. What is the teams strategy for building a diverse portfolio? Back then, the site was comprised of three low-rise apartment buildings. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. We see relatively heavy volume on the day of the IPO, though that quickly subsided. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. 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. 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]. 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 . 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. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. 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. And this offer includes a 2-Week FREE TRIAL plus my FREE book. 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. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. 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. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. He agreesbut then goes radio silent.. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. 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. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. The board of directors, meanwhile is led by Leonard M. Tannenbaum. "I love Jesus and it is the honor of my life to get to portray him," he said. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . But I think that really, the future is wide open. 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. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. Recently IPO-ed companies can be quite the endeavor to analyze. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. Live market coverage co-anchored from Hong Kong and New York. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. 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Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. 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. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Has the Foundation made any headway this year to support local communities? One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. 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. 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. The proposalbrought forth in January 2016would ban commercial development between East 52nd and 59th Streets east of First Avenue and cap the height of new structures at 260 feet. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. Learn More about Jonathan Gilbert Kalikow's net worth. 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. But the community was up in arms long before Gamma took over the property. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. But, despite his past, he's not optimistic about. In the last twelve months, AFC Gamma insiders bought shares 5 times. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. There are so many great opportunities to put capital to work with good borrowers. 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