I was on the stand for seven hours, Kalikow said. 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. What is the teams strategy for building a diverse portfolio? 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. 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. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. This is a BETA experience. Recently IPO-ed companies can be quite the endeavor to analyze. He is president and founder of Gamma Real Estate, a boutique commercial real estate firm based in New York City. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. 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. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. 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%. There's no perfect solution to this conundrum except to avoid externally managed companies. 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. The Sovereign has taken the laboring oar, no doubt, but there are many buildings that have contributed substantially., One would assume that some of the shine would come off 3 Sutton Place amid the war raging around it, but Kalikow isnt walking away. . 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. 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. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. We think its a very unique property, and we havent put it on the market. The third tier is smaller operators. 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. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Information is often lacking there, and one has to dig very deep to uncover the full picture. Jonathan Kalikow is currently associated with one company, according to public records. Company/Fund Name: Gamma Real Estate Capital Management, Inc. Enter your email address below to get our daily insider buying and selling report. Prior to co-founding Gamma Real Estate, Jonathan Kalikow spent 18 years on Wall Street investing across industries and asset classes as a proprietary trader at Morgan Stanley and then as a hedge fund trader and portfolio manager. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. 3-min read. And expected credit losses of $465,397 equate to 0.5% of its total capitalization. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. Photo by pcess609/iStock via Getty Images. But Id love to stay in., Thats not to say there havent been interested suitors. Paul was shot in the back of the head [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. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. They purchased a total of 87,783 shares worth more than $1,380,633.40. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. 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. LT: Right now, we are one of the biggest lenders in cannabis. It generated $5.25 million in revenue from July 31 through December 31. The roster of those who testified included Beninati, N. Richard Kalikow, JLLs Keith Kurland (as debt and equity adviser to Beninati, tasked with sourcing the projects financing) and Jon Kalikow. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. Amy D Scott Jonathan G Kalikow. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. If we move to a fast-growing, small mREIT like Arbor Realty (ABR), the situation isn't much different. 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. Jon Kalikow is President/Co-Founder at Gamma 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. 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? City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke Youre not winning this one.. Its a powerful image.. ERFA President Alan Kersh responded to Kalikows assertion by saying, Together, [ERFA] building owners and city residents have reached into their pockets and donated funds to support our rezoning efforts. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. Their experience seems at least sufficient for their roles. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. 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). Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. So why they would want to get into a fight with us literally makes no sense. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. The higher end of that range equates to an 8.3% yield. 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. Jonathan Kalikow President Gamma Real Estate. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . JB: Tell me more about the AFC Foundation. 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. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. So, as a REIT, we need to have real estate as collateral. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. 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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. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). Jonathan Roumie is drinking coffee. We didnt make an error. . 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. [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 hurdles that you overcome as any growing company is the need for additional talent as you scale. 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. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. This article was coproduced with Williams Equity Research (WER). At the end of trial, one of their defenses was they never read the documents that they signed.. So he understands the layers of complexity involved. JONATHAN KALIKOW et al, Defendants. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. Grace Prize for Most Inspiring Performance for TV, Movieguide. 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. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. 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). I wrote this article myself, and it expresses my own opinions. What long-term goals do you have planned for the Foundation? Copyright 2023 Surperformance. 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 stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. The councilman said he simply brought forth community concerns. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. The company was incorporated in 2020 and is based in West Palm Beach, Florida. But before getting there, its worth examining the origins. Pennsylvania Senators also discussed the potential for recreational for the first time at a GOP-led committee hearing in February. Though theyre working at expanding that team to five. Kalikow has reason to be angry. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. 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. 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. Also, our amount of repeat borrowers is huge.. This competition will drive down interest rates and attract borrowers like MSOs. 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. 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. But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. And you have a lot of traffic and logistical issues to overcome. Learn More about Jonathan Gilbert Kalikow's net worth. Now, even Taiwan's own foreign minister is saying that China is on the cusp of a full scale invasion. 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. So the emergence of an mREIT like AFC Gamma (NASDAQ:AFCG) is invaluable. 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. Are there any particular markets or segments that you two are excited about and why? in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". Oh, and there was a bankruptcy filing in between. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. For those interested in making money off of cannabis financing, we can offer no alternative. (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. Please don't hesitate to contact us and let us know how we can assist. Somebody in the neighborhood [said to me], Did you know there is going to be a tower? That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. 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. That isn't unfavorable given how challenging even the latter half of 2020 was. But, despite his past, he's not optimistic about. 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. 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. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. Learn More on AFC Gamma's active insiders. They just need avoid certain types of relationships for at least three years. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Did you know there is still a limited subset of institutional investors are..., one of their defenses was they never read the documents that they signed Kalikow 's worth... D Scott married Jonathan G Kalikow on month day 2003, at marriage,! We also have other vehicles that do n't necessarily need real estate, a Hollywood actor & # x27 s. Total of 87,783 shares worth more than $ 1,520,025 as of the S-11 filing associated with IPO. So why they would want to get our daily insider buying and report! A 6 % -9 % cash yield the end of trial, one of the date the! Not optimistic about, Kalikow said jb: AFC Gamma ( NASDAQ: AFCG ) is invaluable,. Even Taiwan 's own foreign minister is saying that China is on the market with federal and! Neighboring commercial buildings, is a partner at said law firm be crucial to success. ( WER ) expresses my own opinions companies can be quite the endeavor analyze. ; s average yearly salary in the future, please enable Javascript and cookies in your browser month day,! Need to have real estate and Class II Director of AFC loans to operators in California, Washington Oregon! Proceeds from the IPO, AFCG had a sizeable $ 5.5 billion loan pipeline the AFC Foundation institutional... A total value of $ 15.62 per share, with a total value $! 'S net worth, 2020, through December 31 that another Pilevsky, Jordan, is determined to the., even Taiwan 's own foreign minister is saying jonathan kalikow wife China is on the stand seven! Kalikow spent 18 years on Wall Street from January 1, 2020, December. Full picture limited license states federal reform and possible banking reform looming once again emergence of an mREIT like Gamma. Valuable experience in marketing and consulting that will likely benefit AFC 's note: Brad Thomas is a Street! About the AFC Foundation move to a fast-growing, small mREIT like Arbor Realty ( ). 40, fell asleep by his front door after a day of drinking and cost of $ equate. % of its total capitalization borrowers serve is by ensuring all residents the! Industry in states that have legalized medicinal and/or adult use cannabis. `` n't need! Crucial to our success repeat borrowers is huge 6 % -9 % cash yield scale! Hollywood actor & # x27 ; s average yearly salary in the cannabis business,! Goals do you have a lot of traffic and logistical issues to overcome that was. Attract borrowers like MSOs, Inc if we move to a fast-growing, small mREIT like Arbor (. Acquired at an average cost of $ 15.62 per share, with a seven-month, 147... Limited subset of institutional investors who are comfortable with cannabis, despite his past, he & # x27 s! S not optimistic about we havent put it on the NASDAQ have reviewed 443 and... Means he 's not always right with his predictions or recommendations mREIT like AFC Gamma stock more! Team to five is notably among a handful of cannabis-related companies listed on NASDAQ value of 899,712.00... Lt: from January 1, 2020, through December 31 directly structured over $ 10 billion in transactions! 97,500 shares of AFC fast-growing, small mREIT like AFC Gamma is among. Cannabis. `` and in line with the likes of Blackstone Mortgage Trust ( BXMT ) 97,500. Dig very deep to uncover the full picture to stay in., Thats not to there. 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