What long-term goals do you have planned for the Foundation? 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 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. This is impressive since the company didn't exist a year ago. 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. 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. In the last twelve months, AFC Gamma insiders bought shares 5 times. 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. Copyright 2023 Surperformance. 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. 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. And another sits on another one of his company's boards. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. We also remain very optimistic about the prospects in New Jersey and New York. We didnt make an error. . Oh, and there was a bankruptcy filing in between. I'd classify two of the seven as truly independent. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. 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. 5. But the community was up in arms long before Gamma took over the property. View Public Record Results ✓ Addresses. Learn More on Jonathan Gilbert Kalikow's trading history. If youre wondering how someone can be recently reported to AFC Gamma's current CEO and chairman possibly be classified as independent Independent directors don't actually need to be legally independent. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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. Known for. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. We tend to focus on deals in limited license states and also deals that have real estate as collateral. Construction. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. 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. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. I wrote this article myself, and it expresses my own opinions. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? The first type is known as a sale-leaseback, which was around before loans were available. 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. And no obvious conflicts of interest. Learn More on Jonathan Gilbert Kalikow's age. He agreesbut then goes radio silent.. But it is obtaining very compelling internal rates of return on its loan investments. And tell me more about your approach to lending, what do you look out for and why? Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? The councilman said he simply brought forth community concerns. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. And, with few exceptions, companies involved are heavily excluded from the financial system. Banco Inbursa was one of the first lenders out of the gate, entering into negotiations for the projects financing and executing a term sheet for a $70 million loan. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. All Rights Reserved. (Podcast). It generated $5.25 million in revenue from July 31 through December 31. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. 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, 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. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Traditional financing is notoriously difficult to get for cannabis companies, experts say. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. I wrote this article myself, and it expresses my own opinions. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. It's not zero, but still. 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. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. So, as a REIT, we need to have real estate as collateral. We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. We are different from other lenders in two significant ways. 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. Photo by pcess609/iStock via Getty Images. Moving down the line, Tomer Tzur appears to be truly independent. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. But, despite his past, he's not optimistic about. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. Actor. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". Total sales of medical marijuana in Florida blossomed, increasing 56 percent between March and May, compared to the same period in 2019, the Wall Street Journal reported, citing data from the Florida Office of Medical Marijuana Use. Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. But imagine the combination of near total lack of competition and immense opportunity set. What is the teams strategy for building a diverse portfolio? Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. This is clearly an extremely speculative play. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. 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]. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. To build the cloud-piercing tower he envisioned, Beninati would have to buy those buildings (for $32 million), empty them of their rental tenants, demolish them and buy 267,000 square feet of air rights from other properties. Paul was shot in the back of the head I think, from the outset, most of the competition will come from hedge funds, not big banks. Jonathan Roumie is drinking coffee. The firm lends on real estate nationwide, owns a portfolio of . Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . [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. Back then, the site was comprised of three low-rise apartment buildings. Especially when theres so little actual history to work with. So he understands the layers of complexity involved. There's no perfect solution to this conundrum except to avoid externally managed companies. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. I am not receiving compensation for it (other than from Seeking Alpha). 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. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. 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 . Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. I am not receiving compensation for it (other than from Seeking Alpha). Image Source; Jonathan Roumie's Instagram. Are there specific deals the team tends to focus on more? Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Jon Kalikow is President/Co-Founder at Gamma Real Estate. 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. Please disable your ad-blocker and refresh. 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