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 Scott i jego brat bliniak zadebiutowaliich pierwszy reality show, Property Brothers, w 2011 roku. 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. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Jon Kalikow is President/Co-Founder at Gamma Real Estate. 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. 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. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. But, its 3 Sutton Place that has been the subject of the most industry chatter (and headaches for Kalikow) over the past couple of years, and the embattled property isnt out of the woods yet. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. 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. 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. This is impressive since the company didn't exist a year ago. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Marker Address Rent ? Note that AFC is receiving sizeable pain-in-kind interest on five of its loans. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". View Public Record Results ✓ Addresses. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Grace Prize for Most Inspiring Performance for TV, Movieguide. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost Awards. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. 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. Companies like IPR engage in sale-leasebacks. Another was that my father remarked to one of the borrowers that he liked his pen, and they said that showed the closeness of the relationshipI shit you not. 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. New York City . The councilman said he simply brought forth community concerns. And of the four directors classified as independent, one worked under said CEO as recently as 2017. [3] [4] He is also a voice artist. Jonathan Roumie is drinking coffee. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. When you're lending to a Verano or an Acreage, you're not just lending to one state; you're lending to multiple states. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. It had no debt at that time but did maintain a $40 million line of credit. We're very bullish on New Jersey as well. New York City Council District 5 representative Ben Kallos first discovered news of Bauhouses planned development from a local resident while attending an Easter egg hunt in April 2015. His estimated net worth is $600000. And this offer includes a 2-Week FREE TRIAL plus my FREE book. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. Mr. Harrison is currently Senior Operating Partner at Merida Capital Partners, "a private equity firm specializing in the cannabis ecosystem.". Leonard founded the firm and remains as chairman and CEO. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. This is a BETA experience. AFC's distribution yield would be 5.9% at today's $21 per share. So it's critical to use limit orders when transacting such a low liquidity stock. Theres generally no 10-Qs or 10-Ks to analyze. Photo by pcess609/iStock via Getty Images. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. 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. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and real estate. The DOB was doing their job. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. To summarize the analysis of the board, the CEO is chairman. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. Cannabis is a rapidly growing industry. There were so many little fights during this war. So he understands the layers of complexity involved. 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. 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. Marijuana product sales remained steady, and even saw gains in some states, including in Florida. RT: We're excited about New York, although there is some work to do. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. 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 didnt make an error. . Actor and former White House aide Kal Penn explores solutions to the climate crisis with a dose of humor and optimism. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. I think theres a group of potential buyers that would find living in that area exciting, he said. We want to be there for the company's second and third financing. 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 . 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. 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. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. As for margins, theyre quite strong. 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. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. 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. Our loan, plus the interestwell call it $185 million. What Could Elon Musk Possibly Be Thinking? 4 individuals in legal/underwriting/accounting. So we tend to work with three different buckets of operators. The company was incorporated in 2020 and is based in West Palm Beach, Florida. AFC Gamma executed an IPO on March 19, 2021. Since we underwrite loans based on three pillars: cash flows, licenses and real estate, it doesn't make sense for us to focus our efforts in those states. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". A. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. But before getting there, its worth examining the origins. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. Please don't hesitate to contact us and let us know how we can assist. But I think that really, the future is wide open. Is this happening to you frequently? 1 Practice area Other 100% Licensed for 26 years State NY Status Delinquent Acquired 1996 Updated 11/17/2022 We have not found any instances of professional misconduct for this lawyer. 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. 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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. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. Image Source; Jonathan Roumie's Instagram. Please disable your ad-blocker and refresh. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. Anything you build thats residential proximateis going to be expensive. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. But the good news is, if China invades Taiwan, there is a way to protect yourself. Jonathan Kalikow. 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. According to glassdoor.com, a Hollywood actor's average yearly salary in the United States is $35,550. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. 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. We offer our clients our expertise in understanding unique industry issues, the flexibility to customize financing solutions to each transaction and deep relationships with cannabis-focused investors and industry experts. In July 2020, a mortgage REIT (mREIT) was founded to: " originate, structure, underwrite, and manage senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. 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. But, despite his past, he's not optimistic about. So, as a REIT, we need to have real estate as collateral. RT: Two types of financing are available to cannabis operators. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. It actually took us some time to figure out what happened.). Jonathan Kalikow Overview Jonathan Kalikow has been associated with four companies, according to public records. But the community was up in arms long before Gamma took over the property. 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. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site (Kalikow was insistent that he does. New York, NY 10178 | (212) 9220222 |. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. The second way we are different is we, as the first NASDAQ-listed lender and the leading lender in the cannabis industry, have a considerable hold size where we will hold the majority of the loan versus syndicating them. 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. For now, Kalikows eyes are firmly on the finish line. Hes talking about 3 Sutton Placethe subject of three years of lawsuits, bankruptcies, foreclosures, political haggling and endless 311 calls. ), Beninati, on the other hand, claimed that it was Gamma that made unreasonable demands around a potential sale in the companys Chapter 11 disclosure statement; he attempted to reach a resolution with Gamma to ensure that creditors were paid, but Gamma demanded it be paid almost $50 million more than it was owed before creditors would be paid.. And that's the point where things start looking quite attractive for AFC. 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. The legal relationship between the general partner, limited partner, and investment offering itself detailed, to say the least. [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. Address: 101 Park Avenue, Suite 2602, New York, NY, 10178, United States Phone: 212-922-0222 Fax: 212-922-2121 Website: That's $1.23 per share that could theoretically be paid in sustainable dividends annually. And, then, it got even stickier: Beninati declared bankruptcy. The first "independent" director, Alexander Frank, also worked at Fifth Street, from 2011 through 2017. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. 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. 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. Get New Jersey Jewish News's Newsletter by email and never miss our top stories Free Sign Up Services were held Feb. 11 with arrangements by Bernheim-Apter-Kreitzman Suburban Funeral . 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. 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. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. 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. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. Since that also applies to his grammar, please excuse any typos you may find. The company was purchased by Cresco for $213 million a year later after we financed them. We include exclusive video so our members can get all of the latest and greatest insight and maximize portfolio performance. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. They purchased a total of 87,783 shares worth more than $1,380,633.40. 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. 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. 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. There are corporate governance concerns, but the portfolio is highly profitable and suited to grow very quickly. I have no business relationship with any company whose stock is mentioned in this article. AFC Gamma, Inc. has elected and qualified to be taxed as a real estate investment trust for the United States federal income tax purposes under the Internal Revenue Code of 1986. I offered them options such as using their air rights in other parts of the city, Kallos added. All rights reserved. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. 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. 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