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. Were prepared to build it. Also, our amount of repeat borrowers is huge.. 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. 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. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Now imagine how much investors can make from that kind of company. 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 make loans to companies secured by three pillars: cash flows, licenses, and real estate. Learn More on AFC Gamma's active insiders. Underwriting these operations and their creditworthiness will be no simple task. Oh, and there was a bankruptcy filing in between. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. FILE - Jonathan Majors poses for a portrait to promote the film "Magazine Dreams" at the Latinx House during the Sundance Film Festival on Friday, Jan. 20, 2023, in Park City, Utah. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. 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. Back then, the site was comprised of three low-rise apartment buildings. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. At the same time, management indicated there were $561.8 million of potential loans under review. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. 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. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. You have the large publicly traded MSOs we have lent to, such as Verano. 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. 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. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. 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). We provide term loans, draw facilities, and construction loans. It's not zero, but still. On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. If you have an ad-blocker enabled you may be blocked from proceeding. As an institutional lender, we provide financial solutions to the cannabis industry. It actually took us some time to figure out what happened.). Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. It had no debt at that time but did maintain a $40 million line of credit. . I have no business relationship with any company whose stock is mentioned in this article. 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). 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. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. We offer a flexible solution to meet the needs of our borrowers. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. 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. Above that threshold, the manager receives 20% of core earnings, with a few strings attached. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. 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. Markets never sleep, and neither does Bloomberg. There are 4 older executives and no younger executives at AFC Gamma. 101 Park Avenue, 11th fl. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. China Equity Emerging Markets Gold and Silver International Dividend US Dividend US Energy US High Dividend US Large Cap Growth US Large Cap Value US Mid Cap Growth US Mid Cap Value US REIT US Small Cap Growth US Small Cap Value US Sustainable (ESG) Is this an April Fools Day joke? . 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. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. So he understands the layers of complexity involved. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. 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. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. 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. 4 individuals in legal/underwriting/accounting. I was on the stand for seven hours, Kalikow said. In many ways, its approach is in between that of a Business Development Company and mREIT. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. 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. [Three Sutton Place] is in a residential neighborhood that we find unique, and it has these really strong water views, Kalikow said about Beninatis plan for a 950-foot tower when it first crossed his desk in 2014. The company seeks to work with operators, ideally in limited license states. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke Theres generally no 10-Qs or 10-Ks to analyze. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. 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. Its lowest cash interest rate charged is 12%; the highest is 16%. I am not receiving compensation for it (other than from Seeking Alpha). This creates a very quick and reliable way to boost its cash flow from about $1.25 per share to $1.50-$1.75 in short order. 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. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. We're very bullish on New Jersey as well. 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. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. Fortunately, WER's expertise is in the private institutional space. If I want to buy it, Ill buy it, but I want the borrowers to be successful at the end of the day, he said.). Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Leonard M. Tannenbaum is the CEO and founder, with the investment committee being composed of Jonathan Kalikow and Robyn Tannenbaum Leonards wife as of 2019 when they made their IPO filing. Learn More on Jonathan Gilbert Kalikow's age. 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. 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. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. 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. 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. 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. 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. 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. Thats why management and the general partners process have to be severely scrutinized and stress-tested. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. I think theres a group of potential buyers that would find living in that area exciting, he said. With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. Please. Opinions expressed by Forbes Contributors are their own. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. The company is now prepared to go forward with the towers construction, according to Kalikow. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. 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. Secondly, the suit claims that the Pilevskys altered the treatment of 3 Sutton Place, as a Single Asset Real Estate in the bankruptcy filing by transferring three small cooperative apartments at 504 Merrick Avenue in Lynbrook, N.Y., over to Beninati. 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. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. Construction. Background Report for Jonathan Kalikow. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. 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. 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. 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. We want to be there for the company's second and third financing. 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. 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? The firm lends on real estate nationwide, owns a portfolio of . 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. Three to four months before the second loan matured, Beninati told Kalikow he had three potential buyers lined up for 3 Sutton Place with one lead candidate. All rights reserved. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. 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. As for margins, theyre quite strong. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. Learn More about insider trades at AFC Gamma. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. This broader mandate means we must have greater confidence in its underwriting standards and practices and in its management. Get started New York City Marriages, 1950-2017. 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. Our loan, plus the interestwell call it $185 million. Its a powerful image.. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. These comparisons contain one major weakness: AFCG has no leverage. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Marker Address Rent ? LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. Awards. And AFC Gamma was created roughly half a year later in mid-2020. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". 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And, then, it got even stickier: Beninati declared bankruptcy. 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. Learn More about Jonathan Gilbert Kalikow's net worth. 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. Track your investments 24 hours a day, around the clock from around the world. First of all, we take a unique partnership approach. Grace Prize for Most Inspiring Performance for TV, Movieguide. A. I wrote this article myself, and it expresses my own opinions. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. Kalikow has been approached a half-dozen times by potential buyers, he said. After all, this started out as a beautiful dream. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. 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. We were at the meeting doing our due diligence and checking on the project like any good lender would. 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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. Enter your email address below to get our daily insider buying and selling report. Bauhouse also alleged that Gamma had a different motivation than a traditional lender and seized greater control by refusing to fund the project in accordance with loan documents. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. We find solutions to help them expand and meet their needs versus roadblocks. Write to Katherine Kallergis at kk@therealdeal.com. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. But thats not all. (Podcast). I offered them options such as using their air rights in other parts of the city, Kallos added. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. And that's the point where things start looking quite attractive for AFC. Jonathan specializes in catalyst-driven markets with high barriers to . Is this happening to you frequently? 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. [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. RT: I believe our challenge hurdle is always being stewards of capital. 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. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. Copyright 2022 Gamma Real Estate. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. This is impressive since the company didn't exist a year ago. Company/Fund Name: Gamma Real Estate Capital Management, Inc. We also remain very optimistic about the prospects in New Jersey and New York. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". Since that also applies to his grammar, please excuse any typos you may find. We think its a very unique property, and we havent put it on the market. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". I am not receiving compensation for it (other than from Seeking Alpha). Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. 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. Cannabis is a rapidly growing industry. Both markets have strong medical programs with a robust addressable market and population of patients. And incorporating the largest residential mREITs similar to the construction of VanEck's Mortgage REIT Income ETF (MORT) still creates a yield of roughly 7.2%. 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. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. All Rights Reserved. The first type is known as a sale-leaseback, which was around before loans were available. There are so many great opportunities to put capital to work with good borrowers. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. 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. So why they would want to get into a fight with us literally makes no sense. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. He is the son of N. Richard Kalikowthe chairman and chief executive officer of Gamma and cousin of Peter Kalikow, the former Metropolitan Transportation Authority chairman and the founder of real estate firm H.J. 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