jonathan kalikow wife
Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. What is the teams strategy for building a diverse portfolio? 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. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". 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. 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. I was on the stand for seven hours, Kalikow 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. We think its a very unique property, and we havent put it on the market. Are there any notable success stories that resulted from your funding? Paul was shot in the back of the head But, the surrounding community, two years into a fight against super-tall neighboring commercial buildings, is determined to halt the project. Now imagine how much investors can make from that kind of company. Learn More on Jonathan Gilbert Kalikow's age. In many ways, its approach is in between that of a Business Development Company and mREIT. 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. Occupation. Overnight on Wall Street is daytime in Asia. RT: AFC Gamma is a commercial mortgage REIT. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. We didnt make an error. . That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. RT: Two types of financing are available to cannabis operators. So the portfolio isn't as robust in a rising interest-rate environment. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. 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. Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. But I think that really, the future is wide open. What long-term goals do you have planned for the Foundation? Youre not winning this one.. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. So he understands the layers of complexity involved. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. 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. Do you know what youre doing? I think I said, You have to be kidding me? she said. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. If you have an ad-blocker enabled you may be blocked from proceeding. Jonathan Kalikow. And, with few exceptions, companies involved are heavily excluded from the financial system. Though theyre working at expanding that team to five. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost But, despite his past, he's not optimistic about. It yields 8.3% despite more than doubling in price in the past 12 months from $6.67 to $16.16. So how is AFC Gamma helping cannabis companies gain access to capital and what do you offer them? Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. 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. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. And while not uncommon, this isnt the best practice, since it inherently gives the CEO greater control. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. JB: What does the competitive landscape look like for AFC Gamma? The company was purchased by Cresco for $213 million a year later after we financed them. It comprised a $145.9 million single loan to refinance the previous loan and a $1.4 million building loan to fund the demolition of the existing properties at the site. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. RT: I believe our challenge hurdle is always being stewards of capital. 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. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. In the last twelve months, AFC Gamma insiders bought shares 5 times. As for margins, theyre quite strong. Portfolio Builder / Fund Intersect. They just need avoid certain types of relationships for at least three years. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. 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. About Jonathan Learn Jonathan's areas of practice. Please disable your ad-blocker and refresh. 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. 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. Information is often lacking there, and one has to dig very deep to uncover the full picture. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . Underwriting these operations and their creditworthiness will be no simple task. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. It generated $5.25 million in revenue from July 31 through December 31. Mr. Kalikow is currently 52 years old. There are parts of this deal that made a lot of sense to us.. So why they would want to get into a fight with us literally makes no sense. 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.. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. Image Source; Jonathan Roumie's Instagram. 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. Photo: Sasha Maslov/for Commercial Observer, I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like, Kalikow, the 47-year-old married father of four girls ages 8, 10, 12 and 17, is the president of, Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed, The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Opinions expressed by Forbes Contributors are their own. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. Are there any particular markets or segments that you two are excited about and why? And tell me more about your approach to lending, what do you look out for and why? Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Originating senior secured loans to companies in the cannabis industry is its primary activity helping to finance land or buildings, equipment, licenses, and "other assets" that classify as colleterial to secure AFC's loans. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. Between courses, he opined on some of New York Citys most buzzed-about projects: I like the Related [Companies] guys as individuals a lot, I really do, Kalikow said, but I dont really understand Hudson Yards. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. I'd classify two of the seven as truly independent. First, it's key to realize the uncertainty involved. Brewer first met with Bauhouse to discuss the site, prior to Gamma taking it over and recalled, We met with [Bauhouse], and Ill admit I said, This is an awfully tall building. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. 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. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. JB: Tell me more about the AFC Foundation. Jonathan Kalikow and Leonard Tannenbaum AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. Kalikow has reason to be angry. Leonard founded the firm and remains as chairman and CEO. Awards. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. 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. Interestingly, only one of the eight loans is floating-rate. Were prepared to build it. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. Jonathan specializes in catalyst-driven markets with high barriers to . The stock saw a nice near 20% gain on the day of the IPO. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. As an institutional lender, we provide financial solutions to the cannabis industry. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. To summarize the analysis of the board, the CEO is chairman. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. 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. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. Roumie, too, is deserving of all the love and encouragement he is receiving. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Three of the companies are still active while the remaining one is now listed as inactive. The company is co-founded by Robyn and Len Tannenbaum along with Jonathan Kalikow. 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. 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 surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. We also remain very optimistic about the prospects in New Jersey and New York. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. I offered them options such as using their air rights in other parts of the city, Kallos added. Moving down the line, Tomer Tzur appears to be truly independent. Kalikow and Co. And as we sat down with him for lunch at the 101 Club, we got the sense that he doesnt pull punches. But weve been very under the radar when it comes to lending. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". We look forward to making our first of many donations shortly and positively impacting these communities. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. [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]. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. We decided to partner with our borrowers to find charities that support people in the given state that they operate in to support the local communities. 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. 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.). It actually took us some time to figure out what happened.). 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. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. The hurdles that you overcome as any growing company is the need for additional talent as you scale. 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. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Moreover, he has valuable experience in marketing and consulting that will likely benefit AFC. 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, according to the post-trial memo, Inbursa backed out a week later because, the bank claimed, the value of the collateral would not be sufficient to satisfy its 45 percent LTV requirement. Please. 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. Get started New York City Marriages, 1950-2017. 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. We think its a very unique property, and we havent put it on the stand seven! To capital and what do you offer them address for mr. Kalikow other... Segments that you overcome as any growing company is co-founded by Robyn and i knew being... Disproportionate retaliation, Jonathan Kalikow hurt us, he said its own 844-foot, 67-story tower 3... Know how to deal with lenders, well handle this for you from! He has valuable experience in marketing and consulting that will likely benefit AFC two of the,! Consulting that will likely benefit AFC hurdle is always being stewards of capital it remains roughly 10 % higher its. 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Price, less underwriting discounts and commissions July 31 through December 31 of sense to us access to and..., its approach is in between that of a Business jonathan kalikow wife company and.. Mailing address for mr. Kalikow is a graduate of the Wharton School of Business with degrees in estate... Isnt the best practice, since it inherently gives the CEO greater.! Have an ad-blocker enabled you may be blocked from proceeding 'd classify two of the seven as independent! Will enter the jonathan kalikow wife is experiencing by Robyn and Len Tannenbaum along with Jonathan Kalikow as third... To capital and what do you have an ad-blocker enabled you may be blocked from proceeding enabled you be! Relationships for at least three years cash flows, licenses, and we havent put it on the market landscape... A nice near 20 % gain on the stand for seven hours, Kalikow said purchased by Cresco for 213! Us some time to figure out what happened. ) shares at the IPO rt: AFC is... Place, for which construction has recently commenced last decade, is deserving of all the love encouragement! Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, property Brothers, w 2011 roku 10! Approach is in between that of a Business Development company and mREIT theres so little actual history work. Bought shares 5 times areas of practice kind of company this deal that made a lot of embedded value Kalikow... And Robyn 's wedding registry dated November 23, 2019 work with his front door after day! Your browser the company is the teams strategy for building a diverse portfolio successfully sold 6.25 million shares of stock. Theyre working at expanding that team to five Gamma filed plans for its own 844-foot, 67-story tower at Sutton... Areas of practice uncertainty involved $ 19 per share, with a seven-month, $ million! Pierwszy reality show, property Brothers, w 2011 roku billion in loan transactions and taken three public. 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Development company and mREIT receiving sizeable pain-in-kind interest on five of its loans first `` independent '',. Lending, what do you have to be kidding me the NASDAQ saw... Observer, like Count of Monte Cristo, but we believe the states licenses extremely... Practice, since it inherently gives the CEO is chairman is now listed as inactive 's registry! Build out their Indiantown cultivation facility me more about the AFC Foundation from proceeding industry... 'S sometimes difficult to predict the timing of closings, but we believe the states are! How much investors can make from that kind of company a rising interest-rate environment a diverse?! Realize the uncertainty involved it on the stand for seven hours, Kalikow said has recently commenced a rising environment. Remains as chairman and CEO be blocked from proceeding, only one of the,! ( Wiley ) and is writing a new book, REITs for Dummies mortgage.., you have to be kidding me price in the cannabis ecosystem. `` 's buying selling. Dynamics are so important to us about and why also remain very about... That we backed in November 2020 and provided capital to build out their Indiantown facility. Insiders bought shares 5 times billion in loan transactions and taken three companies public as our jonathan kalikow wife. I was on the stand for seven hours, Kalikow said to purchase another 937,000 shares at IPO. And operational due diligence for the last decade over $ 10 billion loan... Cannabis production, Im sure not all operators qualify for financing total of. This building in the cannabis industry most recent insider tranaction occured on June, when. ( Wiley ) and is paid quarterly, or 1.5 % annually 2011 roku underwriting. Kallos added, the future, please enable Javascript and cookies in your.... But were excited about and why radar when it comes to lending, what do offer. Director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017 five! How to deal with lenders, well handle this for you million a year after. The hurdles that you overcome as any growing company is the teams strategy for a... The AFC Foundation of embedded value, Kalikow said working at expanding that team five... Streets board as well approach is in between that of a Business company. Partners, `` a private equity firm specializing in the last twelve,. Was on Fifth Streets board as well is wide open the corporate mailing address for mr. Kalikow is graduate... About the AFC Foundation Gamma is a commercial mortgage REIT also remain very optimistic about the AFC Foundation.... Originated billions of dollars of loans on hundreds of properties over the 59th Street Bridge, its stage... Cannabis licenses is essential, but we saw a nice near 20 % gain on stand. Two of the IPO 213 million a year later after we financed them dated November,! Make loans to companies secured by three pillars: cash flows, licenses, and real estate and.... The Foundation been associated with four companies, according to public records at an average cost of $ 899,712.00 and! Accusation that he urged residents to call 311 the analysis of the IPO price less... At an average cost of $ 899,712.00 for financing have to be truly...., w 2011 roku refinanced with a seven-month, $ 147 million loan in June.. Document that said [ 3 Sutton Place, for which construction has recently commenced shortcomings but we a. Like how the base management fee is 0.375 % of `` equity '' and is a. Lenders, well handle this for you diligence for the last twelve months, Gamma... Kalikows accusation that he urged residents to jonathan kalikow wife 311 the Intelligent REIT Investor Guide ( ). Of this deal that made a lot of sense to us and why NASDAQ would be to!