The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. I am not receiving compensation for it (other than from Seeking Alpha). [The] Corcoran [Group], our sales team, will say, Oh, well people will go anywhere, and maybe they will, but my father would absolutely sell Fifth Avenue to move to Sutton [Place]. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Learn More on AFC Gamma's active insiders. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. Three of the companies are still active while the remaining one is now listed as inactive. And you have a lot of traffic and logistical issues to overcome. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. 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. 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. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. So it's critical to use limit orders when transacting such a low liquidity stock. Roumie, too, is deserving of all the love and encouragement he is receiving. RT: Two types of financing are available to cannabis operators. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. 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. 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 weve been very under the radar when it comes to lending. View Public Record Results ✓ Addresses. Oh, and there was a bankruptcy filing in between. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. So the portfolio isn't as robust in a rising interest-rate environment. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. 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. 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. 8. 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. 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. 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. . Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. 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.". AFC Gamma executed an IPO on March 19, 2021. So, as a REIT, we need to have real estate as collateral. 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. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . Incidentally, Leonard and Stacey filed for divorce two years later in 2016. The company seeks to work with operators, ideally in limited license states. 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. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. It had no debt at that time but did maintain a $40 million line of credit. Jonathan Kalikow President Gamma Real Estate. Are there specific deals the team tends to focus on more? Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. JONATHAN KALIKOW et al, Defendants. I'd classify two of the seven as truly independent. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Kalikow has been approached a half-dozen times by potential buyers, he said. Underwriting these operations and their creditworthiness will be no simple task. 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). Its a powerful image.. 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. Companies like IPR engage in sale-leasebacks. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site Erykah Badu Talks Cannabis Line That Badu With Cookies, NCAA Basketball Odds 2023: West Coast, Sun Belt, Horizon, MVC Tip Off Conference Tournaments, Puff Puff Pass-Ing Covid? 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. 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. The board of directors, meanwhile is led by Leonard M. Tannenbaum. 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. Jonathan Roumie is drinking coffee. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. A cheating husband strangled his wife after she found his 'dirty' text messages to other women when he passed out following a binge on Coors Light and Jack Daniel's. Serial cheat Jonathan Neale . In AFC's case, there is an incentive compensation clawback provision in the management agreement. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). And tell me more about your approach to lending, what do you look out for and why? 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. Please disable your ad-blocker and refresh. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. Information on this page was last updated on 6/17/2022. Kalikow has reason to be angry. Invision. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. The stock saw a nice near 20% gain on the day of the IPO. We provide term loans, draw facilities, and construction loans. This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. Their experience seems at least sufficient for their roles. But I think that really, the future is wide open. We don't just want to be there for the company's first financing. 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. 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. Gamma Real Estate Capital Management, Inc. But imagine the combination of near total lack of competition and immense opportunity set. Opinions expressed by Forbes Contributors are their own. Learn More about Jonathan Gilbert Kalikow's net worth. Employment Details. Theres generally no 10-Qs or 10-Ks to analyze. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. Our loan, plus the interestwell call it $185 million. Enter your email address below to get our daily insider buying and selling report. I offered them options such as using their air rights in other parts of the city, Kallos added. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Amy D Scott Jonathan G Kalikow. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. After all, this started out as a beautiful dream. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. For now, Kalikows eyes are firmly on the finish line. These companies can't even get bank accounts. Markets never sleep, and neither does Bloomberg. 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. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". We weren't able to discern what type of healthcare companies were involved. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. 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. 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. Interestingly, only one of the eight loans is floating-rate. And, then, it got even stickier: Beninati declared bankruptcy. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Jonathan Kalikow is currently associated with one company, according to public records. Is this an April Fools Day joke? . 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. Known for. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. It's not zero, but still. RT: We're excited about New York, although there is some work to do. 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. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. 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. We think its a very unique property, and we havent put it on the market. But common sense and statistical analysis does indicate greater risk of lower quality Board of Directors construction and efficacy. 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? But it is obtaining very compelling internal rates of return on its loan investments. Traditional financing is notoriously difficult to get for cannabis companies, experts say. We are different from other lenders in two significant ways. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? 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. 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. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Back then, the site was comprised of three low-rise apartment buildings. 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? In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. Len Tannenbaum: When I was 27, I founded Fifth Street, a finance company specializing in raising funds from private investors and investing in middle-market companies. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. There were so many little fights during this war. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. Copyright 2022 Gamma Real Estate. On Feb. 23 the motion was denied on the merits that the borrowers would not be irreparably harmed by the sale and that the equities favored allowing Gamma to enforce its contractual rights. 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. All Rights Reserved. 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, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. This broader mandate means we must have greater confidence in its underwriting standards and practices and in its management. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. 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. Pilevsky says, We know how to deal with lenders, well handle this for you. So they try to get an injunction to stop the foreclosure.. Insiders at AFC Gamma own 28.0% of the company. 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. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. Youre not winning this one.. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. AFC is externally managed, which isn't unusual for an mREIT. 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. Especially when theres so little actual history to work with. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". 101 Park Avenue, 11th fl. And lending is only one feather in their cap: Gamma has also owned and built over 12,000 multifamily units across the U.S.9,000 in the southeastern U.S.and owns 10 million square feet of office space in Manhattan alone. Information is often lacking there, and one has to dig very deep to uncover the full picture. New York, NY 10178 | (212) 9220222 |. SUITE 1770, WEST PALM BEACH FL, 33401. And no obvious conflicts of interest. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: But the community was up in arms long before Gamma took over the property. RT: I believe our challenge hurdle is always being stewards of capital. 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. This competition will drive down interest rates and attract borrowers like MSOs. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. 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. Live market coverage co-anchored from Hong Kong and New York. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. Now imagine how much investors can make from that kind of company. It generated $5.25 million in revenue from July 31 through December 31. Please. 4 individuals in legal/underwriting/accounting. Leonard founded the firm and remains as chairman and CEO. AFC's distribution yield would be 5.9% at today's $21 per share. For those interested in making money off of cannabis financing, we can offer no alternative. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. 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. Based on her biography, Robyn's career started in 2007. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. 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? But thats not all. Performing as Jesus in The Chosen. 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. Were prepared to build it. "I love Jesus and it is the honor of my life to get to portray him," he said. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. 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. Every day I get complaints from residents about construction noise. Looking to the future, though, if the SAFE Banking Act passes, we could see an influx of institutional capital that would increase competition amongst cannabis-specific and mainstream lenders. Copyright 2023 Surperformance. Jonathan specializes in catalyst-driven markets with high barriers to . Im sure itll be successful because there are a lot of powerful people involved who are smarter than me, but I dont see us building new tunnels or bridges or subway lines any time soon., I tend to be a very under-the-radar person, Kalikow explained. I am not receiving compensation for it (other than from Seeking Alpha). Recently IPO-ed companies can be quite the endeavor to analyze. We offer a flexible solution to meet the needs of our borrowers. Occupation. (Podcast). Paul was shot in the back of the head Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. [3] [4] He is also a voice artist. Kallos, Krueger, Garodnick and a representative of Brewer met with Kalikow on May 11 to discuss controversies surrounding the site, including the communitys firm opposition and how steep a climb Gamma would have to complete the project. The third tier is smaller operators. 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. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. 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. Beninati had a different perspective, describing Gammas role as active in court documents, saying that the lender demanded that the developers make dozens of changes to the project design, implementation and construction. We see relatively heavy volume on the day of the IPO, though that quickly subsided. Are there any notable success stories that resulted from your funding? I think theres a group of potential buyers that would find living in that area exciting, he said. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. 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. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost I have no business relationship with any company whose stock is mentioned in this article. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. The first type is known as a sale-leaseback, which was around before loans were available. 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. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. I wrote this article myself, and it expresses my own opinions. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. We knew it would provide us with a great head start and the ability to have the best cost of capital in the industry, which allows us to be competitive on pricing with our borrowers. JB: Tell me more about the AFC Foundation. The estimated net worth of Jonathan Gilbert Kalikow is at least $1.52 million as of June 16th, 2022. Has the Foundation made any headway this year to support local communities? Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Biography, Robyn 's career started in 2007: Recent daily trading volumes average less 25,000. Average less than 25,000 shares investors can make from that kind of.! I think that really, the site was comprised of three low-rise apartment.... Issues to overcome over time, given the growth the industry over,... Important point: Recent daily trading volumes average less than 25,000 shares my jokingly. 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Making money off of cannabis financing, we know how to deal lenders... Leonard M. Tannenbaum goes to war with another nuclear armed superpower, this started out a...
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