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. And tell me more about your approach to lending, what do you look out for and why? Jonathan Kalikow is currently associated with one company, according to public records. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. Anything you build thats residential proximateis going to be expensive. Markets never sleep, and neither does Bloomberg. 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. Im sure itll be successful because there are a lot of powerful people involved who are smarter than me, but I dont see us building new tunnels or bridges or subway lines any time soon., I tend to be a very under-the-radar person, Kalikow explained. I wrote this article myself, and it expresses my own opinions. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. After the sale, I took some time off and started a family office, and saw an arbitrage opportunity in the cannabis industry while researching investments. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. Jonathan Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. We weren't able to discern what type of healthcare companies were involved. 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. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. This brings us to an important point: Recent daily trading volumes average less than 25,000 shares. Given this "unique" arrangement and its direct impact on AFC's decision making it's time to put on our institutional due diligence officer hat. This is impressive since the company didn't exist a year ago. Interestingly, only one of the eight loans is floating-rate. Once. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. 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. Insiders at AFC Gamma own 28.0% of the company. 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. 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? 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. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. Our bid out of bankruptcy [for 3 Sutton] was $86 million, so thats a $100 million crystallized loss. (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. 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. 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. Known for. He is survived by his wife of 52 years, Elizabeth; his daughter, Amy (Jonathan) Kalikow; his son, David H. (Lauren); a brother, Stanley; and six grandchildren. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. He asked, What sell-out price are you using? and we replied, $4,000 a foot. He said, What if you use $7,000 a foot? We said that if you use $7,000 a foot you probably make half a billion dollars. Overnight on Wall Street is daytime in Asia. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. Our loan, plus the interestwell call it $185 million. Half of the 26 counts were dropped before the trial, and over five days of hearings last November, the Southern District of New Yorks bankruptcy court held a trial regarding the remaining claims. Its a powerful image.. 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. Id make over a billion! , Kalikow added, It was very clear that the money was not nearly as important to him as his name in lights.. Company/Fund Name: Gamma Real Estate Capital Management, Inc. Write to Katherine Kallergis at kk@therealdeal.com. When Beninati resurfaced later with new legal counsel, it kick-started another (ongoing) lawsuit in the 3 Sutton Place saga, and another player entered the picture: Philip Pilevsky, the CEO of real estate owner and property management company Philips International. Has the Foundation made any headway this year to support local communities? This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). 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. Moving down the line, Tomer Tzur appears to be truly independent. And AFC Gamma was created roughly half a year later in mid-2020. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. We decided to share a few more details on this analysis than we usually since its a great case study for subscribers to learn from. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. Traditional financing is notoriously difficult to get for cannabis companies, experts say. The firm lends on real estate nationwide, owns a portfolio of . Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. Each loan is unique and tailored specifically to meet the needs of our borrowers. 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. 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 . 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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: Jonathan Kalikow President of Gamma Real Estate & Triton Real Estate Investments New York, New York, United States 1K followers 500+ connections Join to view profile Gamma Real Estate The Wharton. And no obvious conflicts of interest. Live market coverage co-anchored from Hong Kong and New York. Are there any particular markets or segments that you two are excited about and why? The proposalbrought forth in January 2016would ban commercial development between East 52nd and 59th Streets east of First Avenue and cap the height of new structures at 260 feet. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. Five of those six were trying to assess my strength and desire to hold itto see if they can get in at a cheap price.. It generated $5.25 million in revenue from July 31 through December 31. The councilman said he simply brought forth community concerns. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. Theres generally no 10-Qs or 10-Ks to analyze. Learn More about Jonathan Gilbert Kalikow's net worth. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom. Companies like IPR engage in sale-leasebacks. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. JB: Tell me more about the AFC Foundation. 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. I am not receiving compensation for it (other than from Seeking Alpha). So why they would want to get into a fight with us literally makes no sense. Every day I get complaints from residents about construction noise. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. 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.. At the end of trial, one of their defenses was they never read the documents that they signed.. But [Beninatis counsel] filed a document that said [3 Sutton Place] is, Armada Merges With Data Analytics Firm Arialago to Target REIT Research. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. 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. RT: We're excited about New York, although there is some work to do. 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. 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. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. See Jon Kalikow's compensation, career history, education, & memberships. 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. 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. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? Do you know what youre doing? I think I said, You have to be kidding me? she said. It was not a threat; it was a specific explanation of the fact that I had hoped that we could work together., One of the ways Kalikow believes Kallos followed through on what he thought was a threat was through the communitys increased use of 311 calls this past summer, specifically around the Fourth of July weekend, which invited greater scrutiny on the site. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. . institutional investment and operational due diligence for the last decade. RT: Two types of financing are available to cannabis operators. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. We see relatively heavy volume on the day of the IPO, though that quickly subsided. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". 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. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. AFC Gamma works with cannabis companies nationwide. 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. Kalikow said he has been told that the ERFA, which has grown to include 45 buildings and roughly 2,600 individuals living within and outside the propsed rezoning area, spent $1.3 million to $1.4 million trying to fight 3 Sutton Places height, speculating the bulk came from residents of The Sovereign. Tzur appears to be ripe for cannabis operators since its a limited license state with... 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