Company/Fund Name: Gamma Real Estate Capital Management, Inc. But the good news is, if China invades Taiwan, there is a way to protect yourself. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow is President at this company. 8. 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. 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. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. So the portfolio isn't as robust in a rising interest-rate environment. (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. Are there any particular markets or segments that you two are excited about and why? ), 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.. But he met with us, and it was clear that he did not intend to make the sale.. These comparisons contain one major weakness: AFCG has no leverage. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. We find solutions to help them expand and meet their needs versus roadblocks. Both markets have strong medical programs with a robust addressable market and population of patients. 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. 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. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. 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. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). And no obvious conflicts of interest. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. The company was purchased by Cresco for $213 million a year later after we financed them. Three of the companies are still active while the remaining one is now listed as inactive. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. Contact Jonathan + Leaflet Gamma Real Estate 101 Park Ave New York, NY, 10178-0002 Cost And of the four directors classified as independent, one worked under said CEO as recently as 2017. AFC Gamma is a commercial mortgage REIT that provides loans to companies secured by three pillars: cash flows, licenses, and 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. Kalikow has reason to be angry. Their experience seems at least sufficient for their roles. 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. 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. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. 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. Learn More about Jonathan Gilbert Kalikow's net worth. Youre not winning this one.. They purchased a total of 87,783 shares worth more than $1,380,633.40. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. 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. We tend to focus on deals in limited license states and also deals that have real estate as collateral. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. The only count left was criminal usury, for which the court ruled that the building loan had a rate higher than the New York statute. The higher end of that range equates to an 8.3% yield. I am not receiving compensation for it (other than from Seeking Alpha). These companies can't even get bank accounts. 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. 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. Marker Address Rent ? On Feb. 17, 2016, Bauhouse filed a suit seeking a preliminary injunction to stop the foreclosure sale. This is clearly an extremely speculative play. Roumie, too, is deserving of all the love and encouragement he is receiving. Jonathan Kalikow NY, age 52, female. 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. I am not receiving compensation for it (other than from Seeking Alpha). The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. 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. 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. The suit also notes that another Pilevsky, Jordan, is a partner at said law firm. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. Under the terms of the second loan, Beninati had to either find a partner or find a buyer for the development, according to Kalikow. 220 E 72nd St #16D, New York, NY 10021, lived here in 2019 $3,040: C. 350 Madison Ave, New York, NY 10017, lived here in 2013 $3,040: D. Grace Prize for Most Inspiring Performance for TV, Movieguide. 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. Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Jonathan Roumie is drinking coffee. Do you know what youre doing? I think I said, You have to be kidding me? she said. 5. 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. 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. The most recent insider tranaction occured on June, 17th when CEO Leonard M Tannenbaum bought 5,000 shares worth more than $79,250.00. It actually took us some time to figure out what happened.). The company was incorporated in 2020 and is based in West Palm Beach, Florida. Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . Traditional financing is notoriously difficult to get for cannabis companies, experts say. Invision. 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. We have it in our [loan] documents that if you do anything to fight a foreclosure youre fully personally liable, but if you turn over the deed, youre not personally liable, Kalikow said. Companies like IPR engage in sale-leasebacks. It's not zero, but still. "I love Jesus and it is the honor of my life to get to portray him," he said. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. 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. 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. 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. Learn More on AFC Gamma's active insiders. The commercial mortgage REIT also has a credit line of up to $40 million, freeing up a total of $120 million in capital. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. Learn More on Jonathan Gilbert Kalikow's contact information. We like the state of Arizona. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . Kallos said that during the meeting, he flagged the height of the building and warned Kalikow that it might be in Gammas best interest to scale down the project to fit the neighborhoods context or use its air rights elsewhere. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. Especially when theres so little actual history to work with. 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. Information is often lacking there, and one has to dig very deep to uncover the full picture. I'd classify two of the seven as truly independent. To summarize the analysis of the board, the CEO is chairman. We see relatively heavy volume on the day of the IPO, though that quickly subsided. 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.". That amounted to total gross proceeds of $118.75 million. You have the large publicly traded MSOs we have lent to, such as Verano. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. There were so many little fights during this war. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. Based on her biography, Robyn's career started in 2007. (Podcast). Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. There are so many great opportunities to put capital to work with good borrowers. We think its a very unique property, and we havent put it on the market. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed Joseph Beninatis Bauhouse Groups 87-story residential development at 3 Sutton Place between East 57th and East 58th Streets. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. Its like a bunch of seventh graders picking a fight with a Navy Seal platoon. I was on the stand for seven hours, Kalikow said. The WMR brands include: (1) iREIT on Alpha (Seeking Alpha), and (2) The Dividend Kings (Seeking Alpha), and (3) Wide Moat Research. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. So it's critical to use limit orders when transacting such a low liquidity stock. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. And AFC Gamma was created roughly half a year later in mid-2020. And tell me more about your approach to lending, what do you look out for and why? Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. As for margins, theyre quite strong. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. Learn More on AFC Gamma's active insiders. Portfolio Builder / Fund Intersect. Its a pain. The board of directors, meanwhile is led by Leonard M. Tannenbaum. SUITE 1770, WEST PALM BEACH FL, 33401. 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. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. [3] [4] He is also a voice artist. 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? The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Anything you build thats residential proximateis going to be expensive. 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. His estimated net worth is $600000. (The city must log and address each complaint as it relates to construction safety. 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. This does offer investors an average amount of protection, though its still far from perfect. At the same time, management indicated there were $561.8 million of potential loans under review. 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. The company is now prepared to go forward with the towers construction, according to Kalikow. 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. Amy D Scott Jonathan G Kalikow. I have no business relationship with any company whose stock is mentioned in this article. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. LT: Giving back to others is extremely important to us. 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. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. So why they would want to get into a fight with us literally makes no sense. We were at the meeting doing our due diligence and checking on the project like any good lender would. The councilman said he simply brought forth community concerns. 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Of cannabis numbers and says, Oh my god, Kallos responded cheerfully to Kalikows accusation that he not!
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