Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. The estimated net worth of Jonathan Gilbert Kalikow is at least $1.52 million as of June 16th, 2022. First of all, we take a unique partnership approach. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. 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. 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. 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. Background Report for Jonathan Kalikow. And you have a lot of traffic and logistical issues to overcome. Learn More about Jonathan Gilbert Kalikow's net worth. (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. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site Copyright 2022 Gamma Real Estate. 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. But thats not all. 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. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. We also talked to them about the fact that the rezoning we were proposing would actually give them additional floor area ratio on sitethat wasnt on site and already therein order to build affordable housing. To summarize the analysis of the board, the CEO is chairman. We have asked all our borrowers to provide us with two to three charities they are passionate about, and we are currently evaluating our first few charities and going through the vetting process. 9. Information on this page was last updated on 6/17/2022. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. Not to mention its proximity to the FDR Drive, to Connecticut, to the airports and to the Hamptons. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. 8. RT: Given our focus on limited license states, our two favorite medical markets, aside from Florida, currently are Ohio and Pennsylvania. Company/Fund Name: Gamma Real Estate Capital Management, Inc. AFC Gammas announcement comes as landlords of cannabis production facilities and dispensaries are outperforming the rest of the retail market during the pandemic. 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. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. Leonard founded the firm and remains as chairman and CEO. 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. For those interested in making money off of cannabis financing, we can offer no alternative. 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. New York City . I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. We want to be there for the company's second and third financing. 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. 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. 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. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. The fact of the matter is, lawsuits cost a lot of money. 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. Their experience seems at least sufficient for their roles. I think, from the outset, most of the competition will come from hedge funds, not big banks. 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? Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Are there specific deals the team tends to focus on more? Jonathan specializes in catalyst-driven markets with high barriers to . Jon Kalikow is President/Co-Founder at Gamma Real Estate. And AFC Gamma was created roughly half a year later in mid-2020. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. Theres generally no 10-Qs or 10-Ks to analyze. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. In AFC's case, there is an incentive compensation clawback provision in the management agreement. 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. Marker Address Rent ? Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Image Source; Jonathan Roumie's Instagram. We provide term loans, draw facilities, and construction loans. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. 3-min read. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. Track your investments 24 hours a day, around the clock from around the world. There are 4 older executives and no younger executives at AFC Gamma. SUITE 1770, WEST PALM BEACH FL, 33401. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. LT: Giving back to others is extremely important to us. JB: Tell me more about the AFC Foundation. Investors have flocked to states with legal recreational use, with some investment firms opening offices and making moves in states where legalization looms on the horizon. 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. 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. 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. 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. We also remain very optimistic about the prospects in New Jersey and New York. But before getting there, its worth examining the origins. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. The concept of AFC Gamma all started on the back of a napkin, and we quickly realized that to be successful, we needed another partner. "I love Jesus and it is the honor of my life to get to portray him," he said. Information is often lacking there, and one has to dig very deep to uncover the full picture. They said, We dont care, its too high. . AFC Gamma executed an IPO on March 19, 2021. But he met with us, and it was clear that he did not intend to make the sale.. Long-term, we would like to benefit the states that our borrowers operate in. If you have an ad-blocker enabled you may be blocked from proceeding. In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. 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 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. JONATHAN KALIKOW et al, Defendants. AFC's distribution yield would be 5.9% at today's $21 per share. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. They just need avoid certain types of relationships for at least three years. Our loan, plus the interestwell call it $185 million. Are there any particular markets or segments that you two are excited about and why? There were so many little fights during this war. Roumie, too, is deserving of all the love and encouragement he is receiving. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). 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. Learn More on AFC Gamma's active insiders. A zoning war is now underway with Sutton Place City Council officials and the surrounding community, which is fighting to cap the proposed developments height at 260 feet. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. We offer a flexible solution to meet the needs of our borrowers. These companies can't even get bank accounts. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. [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. Please don't hesitate to contact us and let us know how we can assist. 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. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. 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. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. We were at the meeting doing our due diligence and checking on the project like any good lender would. (Kalikow was insistent that he does. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. You may opt-out by. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . Do you know what youre doing? I think I said, You have to be kidding me? she said. 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. We tend to focus on deals in limited license states and also deals that have real estate as collateral. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. Its a powerful image.. Jonathan Kalikow NY, age 52, female. 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. Both are also externally managed but have very long track records and proven management teams. Especially when theres so little actual history to work with. 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. So he understands the layers of complexity involved. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: LT: Right now, we are one of the biggest lenders in cannabis. 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. Simply put, its legally owed previously paid incentive fees to the external manager if adjusted capital isn't at least 7% higher than the end of the previous fiscal year. A complaint filed Aug. 27 in U.S. Bankruptcy Court charges that New York's Gamma Real Estate, its president, Jonathan Kalikow, and others wrongfully schemed to get control from Thomas of the multi . All Rights Reserved. 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. The higher end of that range equates to an 8.3% yield. In the last twelve months, AFC Gamma insiders bought shares 5 times. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. What Could Elon Musk Possibly Be Thinking? Companies like ourselves are known as commercial mortgage REITs which means we simply take a lien on the real estate as a lender. 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. 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. 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. 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. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. There's no perfect solution to this conundrum except to avoid externally managed companies. 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. Live market coverage co-anchored from Hong Kong and New York. Why? [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. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. I'd classify two of the seven as truly independent. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. So he understands the layers of complexity involved. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. We didnt make an error. . Is this an April Fools Day joke? . 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. This is a BETA experience. Overnight on Wall Street is daytime in Asia. 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? Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. Learn More on Jonathan Gilbert Kalikow's trading history. JB: What does the competitive landscape look like for AFC Gamma? But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. 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. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. It's not zero, but still. There are so many great opportunities to put capital to work with good borrowers. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. 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. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. 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. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. 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. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. It comprised a $145. Performing as Jesus in The Chosen. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. 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%. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? RT: Two types of financing are available to cannabis operators. I was also in charge of investor relations at Fifth Street and was doing healthcare consulting while we both recognized the lending opportunities in cannabis. The company seeks to work with operators, ideally in limited license states. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. 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 . 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. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. And that's the point where things start looking quite attractive for AFC. In many ways, its approach is in between that of a Business Development Company and mREIT. It actually took us some time to figure out what happened.). 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. We like the state of Arizona. 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. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. Enter your email address below to get our daily insider buying and selling report. About Jonathan Learn Jonathan's areas of practice. 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. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. 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. Were prepared to build it. 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. 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. With license value being a component of our underwriting, we tend to focus on limited license states such as New Jersey, Florida, Pennsylvania, Ohio, to name a few. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. And this offer includes a 2-Week FREE TRIAL plus my FREE book. So why they would want to get into a fight with us literally makes no sense. 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. The hurdles that you overcome as any growing company is the need for additional talent as you scale. 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