And another sits on another one of his company's boards. Markets never sleep, and neither does Bloomberg. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. RT: AFC Gamma is a commercial mortgage REIT. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. It comprised a $145. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. Once. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. Kalikow has been approached a half-dozen times by potential buyers, he said. Why did your team decide to go public in March 2021, and have you noticed a shift in how cannabis stocks are viewed among institutional investors in the past year? We find solutions to help them expand and meet their needs versus roadblocks. 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. Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. I think, from the outset, most of the competition will come from hedge funds, not big banks. Why? Now imagine how much investors can make from that kind of company. Portfolio Builder / Fund Intersect. There are so many great opportunities to put capital to work with good borrowers. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). I offered them options such as using their air rights in other parts of the city, Kallos added. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. They purchased a total of 87,783 shares worth more than $1,380,633.40. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. We are different from other lenders in two significant ways. 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. 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. 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. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. And, with few exceptions, companies involved are heavily excluded from the financial system. We provide term loans, draw facilities, and construction loans. Since that also applies to his grammar, please excuse any typos you may find. It actually took us some time to figure out what happened.). So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. Construction. 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. (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 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. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. 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. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. [3] [4] He is also a voice artist. I am not receiving compensation for it (other than from Seeking Alpha). The councilman said he simply brought forth community concerns. But thats not all. 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. Companies like IPR engage in sale-leasebacks. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. All Rights Reserved. [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. 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. 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. 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. Insiders at AFC Gamma own 28.0% of the company. Were prepared to build it. Learn More on Jonathan Gilbert Kalikow's age. 3-min read. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. We were at the meeting doing our due diligence and checking on the project like any good lender would. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. And AFC Gamma was created roughly half a year later in mid-2020. You have the large publicly traded MSOs we have lent to, such as Verano. 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. Please disable your ad-blocker and refresh. This is a BETA experience. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Is this happening to you frequently? 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. So the portfolio isn't as robust in a rising interest-rate environment. In Payments, Like Geopolitics, India Seeks a Third Way, Nintendo Must Plot an Exit From Switchs Uncharted Territory, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, UK Mothers Say It No Longer Makes Financial Sense to Work, Starbucks Illegally Fired 6 New York Union Activists, Judge Rules, Vietnams VinFast Delivers First EVsto US Customers, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. The company seeks to work with operators, ideally in limited license states. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. 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. You may opt-out by. 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. We offer a flexible solution to meet the needs of our borrowers. The company was incorporated in 2020 and is based in West Palm Beach, Florida. 9. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. Back then, the site was comprised of three low-rise apartment buildings. 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 company was incorporated in Florida two months ago. Recently IPO-ed companies can be quite the endeavor to analyze. I think theres a group of potential buyers that would find living in that area exciting, he said. The first type is known as a sale-leaseback, which was around before loans were available. Learn More about Jonathan Gilbert Kalikow's net worth. 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. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. 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. We think its a very unique property, and we havent put it on the market. Track your investments 24 hours a day, around the clock from around the world. AFC's distribution yield would be 5.9% at today's $21 per share. 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. Brewer first met with Bauhouse to discuss the site, prior to Gamma taking it over and recalled, We met with [Bauhouse], and Ill admit I said, This is an awfully tall building. JONATHAN KALIKOW et al, Defendants. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? 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. He's spent his entire life here and his family's real estate roots run four generations deep. Termination fees are another point of contention. Moving down the line, Tomer Tzur appears to be truly independent. It generated $5.25 million in revenue from July 31 through December 31. First of all, we take a unique partnership approach. For those interested in making money off of cannabis financing, we can offer no alternative. 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. 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. We like the state of Arizona. Anything you build thats residential proximateis going to be expensive. We see relatively heavy volume on the day of the IPO, though that quickly subsided. Jonathan Neale strangled his wife after he passed out drunk on the floor. Jonathan Kalikow President Gamma Real Estate Jonathan Kalikow serves as the President of Gamma Real Estate, an organization that he founded in 2015 to represent the fourth generation of his family's activity in real estate financing and development. Additionally, I believe on a macro-level, that by providing capital to an industry that many other companies cant or wont lend to, we are bolstering credibility and legitimacy to the industry, setting it up for success well before legalization. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. 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. Once Jonathan was on board, Len and I built AFC Gamma from the ground up at home during the height of the pandemic lockdown. "I love Jesus and it is the honor of my life to get to portray him," he said. Interestingly, only one of the eight loans is floating-rate. Kallos said that during the meeting, he flagged the height of the building and warned Kalikow that it might be in Gammas best interest to scale down the project to fit the neighborhoods context or use its air rights elsewhere. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. Three of the companies are still active while the remaining one is now listed as inactive. (Kalikow was insistent that he does. . This does offer investors an average amount of protection, though its still far from perfect. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. We tend to focus on deals in limited license states and also deals that have real estate as collateral. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. To summarize the analysis of the board, the CEO is chairman. Underwriting these operations and their creditworthiness will be no simple task. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. 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. Live market coverage co-anchored from Hong Kong and New York. There are parts of this deal that made a lot of sense to us.. 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. As of February 15, theyve also reviewed 273 loans, 10 of which were funded; entered into non-binding term sheets for five more; began a syndication commitment letter for another; and were in the process of evaluating 23. 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. 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. They just need avoid certain types of relationships for at least three years. 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. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. Oh, and there was a bankruptcy filing in between. 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. In July 2020, a mortgage REIT (mREIT) was founded to: " originate, structure, underwrite, and manage senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. 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. 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. Amy D Scott Jonathan G Kalikow. And this offer includes a 2-Week FREE TRIAL plus my FREE book. 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. Suppose the Senate passes the SAFE Banking Act this go-around, which I believe they will, lenders, including AFC Gamma, will be able to borrow cheaper, which will, in turn, allow lenders to lend cheaper. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. So, as a REIT, we need to have real estate as collateral. Write to Katherine Kallergis at kk@therealdeal.com. Everything depends on management's creativity, flexibility, and ability to execute. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. Company/Fund Name: Gamma Real Estate Capital Management, Inc. 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. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. 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. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. What is the teams strategy for building a diverse portfolio? Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. The fact of the matter is, lawsuits cost a lot of money. First, it's key to realize the uncertainty involved. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . 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]. 8. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? If you have an ad-blocker enabled you may be blocked from proceeding. There were so many little fights during this war. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. 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 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. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. We feel good about its strength, although the number may fluctuate from time to time, and we look forward to continuing to advance the cannabis industry. I have no business relationship with any company whose stock is mentioned in this article. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. Both markets have strong medical programs with a robust addressable market and population of patients. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost LT: Giving back to others is extremely important to us. In its suit against the Pilevskys, Gamma said that the delay allowed groups like the East River Fifties Alliance (ERFA) to organize against its development. It had no debt at that time but did maintain a $40 million line of credit. Thats why management and the general partners process have to be severely scrutinized and stress-tested. 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. That isn't unfavorable given how challenging even the latter half of 2020 was. The hurdles that you overcome as any growing company is the need for additional talent as you scale. 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. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. 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. 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. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Attractive either in this article he is also a voice artist bankruptcy filing in between from University... Banking are always timely topics in the healthcare sector at CIT Group Gamma filed plans for its 844-foot! Jokingly said, Well, what if you use $ 12,000 a foot prized licenses, and loans... With Jonathan Kalikow, and what were you doing before jumping into the world of cannabis,... 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