We don't just want to be there for the company's first financing. 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. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. LT: Right now, we are one of the biggest lenders in cannabis. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. Learn More about insider trades at AFC Gamma. Its a pain. Every day I get complaints from residents about construction noise. Occupation. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. Both markets have strong medical programs with a robust addressable market and population of patients. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. (The city must log and address each complaint as it relates to construction safety. Jonathan Kalikow President of Gamma Real Estate & Triton Real Estate Investments New York, New York, United States 1K followers 500+ connections Join to view profile Gamma Real Estate The Wharton. Its a powerful image.. We're very bullish on New Jersey as well. Since that also applies to his grammar, please excuse any typos you may find. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. 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. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. Learn More about Jonathan Gilbert Kalikow's net worth. 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. JB: What does the competitive landscape look like for AFC Gamma? It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. All rights reserved. Jonathan Neale strangled his wife after he passed out drunk on the floor. Has the Foundation made any headway this year to support local communities? Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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 weren't able to discern what type of healthcare companies were involved. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. But it is obtaining very compelling internal rates of return on its loan investments. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. AFC's distribution yield would be 5.9% at today's $21 per share. You have the large publicly traded MSOs we have lent to, such as Verano. 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? Jonathan Kalikow was born and raised in New York. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. 4 individuals in legal/underwriting/accounting. They said, We dont care, its too high. . The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. 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. 9. And, with few exceptions, companies involved are heavily excluded from the financial system. So he understands the layers of complexity involved. Oh, and there was a bankruptcy filing in between. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. Jon Kalikow is President/Co-Founder at Gamma Real Estate. 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? 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. At the same time, management indicated there were $561.8 million of potential loans under review. 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 first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. 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. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Kalikow has been approached a half-dozen times by potential buyers, he said. 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. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. Background Report for Jonathan Kalikow. Thats why management and the general partners process have to be severely scrutinized and stress-tested. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. Still, I would say that we continue to focus on limited license states and the buildout of new states such as Georgia, which has six licenses awarded that will be a home run state for those six operators. So why they would want to get into a fight with us literally makes no sense. 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. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. The councilman said he simply brought forth community concerns. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. About Jonathan Learn Jonathan's areas of practice. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Please disable your ad-blocker and refresh. A New Cannabis Dating Service Might Solve Your Financial Needs, Golf Odds, Picks And Props: 2023 Arnold Palmer Invitational Betting Preview, Most GOP Voters Support Weed Legalization, Says New Poll, Advanced Flower Capital Gamma (AFC Gamma). AFC Gamma seeks to work with operators, preferably in limited license states. There are so many great opportunities to put capital to work with good borrowers. Jonathan Kalikow. Portfolio Builder / Fund Intersect. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. Anything you build thats residential proximateis going to be expensive. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. Im proud. (When asked about a stop-work order issued on June 28 by the New York City Department of Buildings, Kallos said, I wish I could take credit for that stop-work order. Everything depends on management's creativity, flexibility, and ability to execute. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. AFC Gamma executed an IPO on March 19, 2021. 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. Both are also externally managed but have very long track records and proven management teams. The firm lends on real estate nationwide, owns a portfolio of . It's not zero, but still. Learn More on AFC Gamma's active insiders. Mr. Kalikow is currently 52 years old. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Jonathan Kalikow Partner, Head of Real-Estate BIO Brett Kaufman Chief Financial Officer and Treasurer BIO Gabe Katz Chief Legal Officer BIO James Velgot Chief Marketing Officer BIO Christopher Gioia Managing Director, Head of Origination BIO Brandon Hetzel Executive VP BIO Edwin Gomez Director BIO Carly Hooker Director BIO Professionals When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. Originating senior secured loans to companies in the cannabis industry is its primary activity helping to finance land or buildings, equipment, licenses, and "other assets" that classify as colleterial to secure AFC's loans. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. I have no business relationship with any company whose stock is mentioned in this article. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. These comparisons contain one major weakness: AFCG has no leverage. Learn More on Jonathan Gilbert Kalikow's age. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke But, despite his past, he's not optimistic about. Once. They purchased a total of 87,783 shares worth more than $1,380,633.40. The company was incorporated in 2020 and is based in West Palm Beach, Florida. [In 2015], Beninati goes and describes the enormity of the project, which pisses off all the neighbors, who then raise money for their councilman [Ben Kallos], who then starts a rezoning proposal, 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. Information is often lacking there, and one has to dig very deep to uncover the full picture. The DOB was doing their job. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Track your investments 24 hours a day, around the clock from around the world. 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. Theres generally no 10-Qs or 10-Ks to analyze. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. As an institutional lender, we provide financial solutions to the cannabis industry. Moving down the line, Tomer Tzur appears to be truly independent. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. First, it's key to realize the uncertainty involved. In the last twelve months, AFC Gamma insiders bought shares 5 times. The company was purchased by Cresco for $213 million a year later after we financed them. [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. But before getting there, its worth examining the origins. I am not receiving compensation for it (other than from Seeking Alpha). Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site I wrote this article myself, and it expresses my own opinions. 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? West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. 8. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. 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. Youre not winning this one.. I'd classify two of the seven as truly independent. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Especially when theres so little actual history to work with. Len, who serves as CEO of the AFC Gamma.and previously founded Fifth Street Asset Management, which he eventually sold to Oaktree, also founded LMT Investments, a single family office that is focused on allocating capital across various strategies, including credit via Tannenbaum Strategic Credit Fund, which is a $100M+ fund, equities and real estate. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. Three of the companies are still active while the remaining one is now listed as inactive. 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. Leonard founded the firm and remains as chairman and CEO. "I love Jesus and it is the honor of my life to get to portray him," he said. Robyn, who is co-partner and Head of Origination and Investor Relations formerly served as bead of investor relations at Fifth Street Asset Management and as a vice president in Healthcare mergers and acquisitions at CIT Group Inc. 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. These companies can't even get bank accounts. The third tier is smaller operators. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Opinions expressed by Forbes Contributors are their own. The interference made it difficult for Kulick to do his job, and he came. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. Recent being incorporated three years ago in February of 2019 Observer, like of... Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction recently! 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