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. Sale-leasebacks are where the REIT owns the real estate, and a cannabis operator is the tenant and leases it back. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. 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? This is clearly an extremely speculative play. 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 . Learn More on Jonathan Gilbert Kalikow's trading history. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. Jonathan Kalikow President Gamma Real Estate. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. 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. As an institutional lender, we provide financial solutions to the cannabis industry. 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. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. David Ingles and Yvonne Man bring you the latest news and analysis to get you ready for the trading day. JB: Tell me more about the AFC Foundation. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. Practically speaking, the higher the hurdle rate, the lower the fees paid but the greater the incentive for the external manager to take outsized risk. On Feb. 23 the motion was denied on the merits that the borrowers would not be irreparably harmed by the sale and that the equities favored allowing Gamma to enforce its contractual rights. Jonathan specializes in catalyst-driven markets with high barriers to . We're very bullish on New Jersey as well. They said, We dont care, its too high. . 5. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. Like how the base management fee is 0.375% of "equity" and is paid quarterly, or 1.5% annually. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. All told, were talking about nothing absolutely horrible but nothing absolutely attractive either in this regard. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. 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. Somebody wants to put up 1,000 feet here, Kallos told CO. And Im like, You mean at 432 Park? They said, No, [East] 58th Street and Sutton [Place]. I said, Theres no way. View Jonathan Kalikow's record in New York, NY including current phone number, address, relatives, background check report, and property record with Whitepages. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. At the end of trial, one of their defenses was they never read the documents that they signed.. AFC Gamma works with cannabis companies nationwide. Recently IPO-ed companies can be quite the endeavor to analyze. And AFC Gamma was created roughly half a year later in mid-2020. 4 individuals in legal/underwriting/accounting. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. Are there specific deals the team tends to focus on more? 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. 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. 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. 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 . Read the latest edition of the Commercial Observer online! Learn More on Jonathan Gilbert Kalikow's contact information. 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. JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. 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. Has the Foundation made any headway this year to support local communities? [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]. 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. This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. LT: We have not currently made any loans to operators in California, Washington, Oregon or Oklahoma. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Disclosure: I am/we are long BXMT, ABR, BRMK, LADR. Looking to the future, though, if the SAFE Banking Act passes, we could see an influx of institutional capital that would increase competition amongst cannabis-specific and mainstream lenders. Robyn, who is co-partner and Head of Origination and Investor Relations formerly served as bead of investor relations at Fifth Street Asset Management and as a vice president in Healthcare mergers and acquisitions at CIT Group Inc. 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. I'd classify two of the seven as truly independent. We didnt make an error. . Simply put, its legally owed previously paid incentive fees to the external manager if adjusted capital isn't at least 7% higher than the end of the previous fiscal year. This creates a very quick and reliable way to boost its cash flow from about $1.25 per share to $1.50-$1.75 in short order. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. 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.. 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. Its lowest cash interest rate charged is 12%; the highest is 16%. First of all, we take a unique partnership approach. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. 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. 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. 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The company was incorporated in 2020 and is based in West Palm Beach, Florida. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org It comprised a $145. Learn More on Jonathan Gilbert Kalikow's trading history. 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. Paul was shot in the back of the head Please. 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. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. To summarize the analysis of the board, the CEO is chairman. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. 3-min read. 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. 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. 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. 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. 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. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. The hurdles that you overcome as any growing company is the need for additional talent as you scale. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Since that also applies to his grammar, please excuse any typos you may find. They just need avoid certain types of relationships for at least three years. 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. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. LT: Right now, we are one of the biggest lenders in cannabis. And, with few exceptions, companies involved are heavily excluded from the financial system. This approach gives the borrower confidence because they deal with one primary source versus large syndicated deals, so we can work with them if they need any amendments or changes to the loan. 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. There's no perfect solution to this conundrum except to avoid externally managed companies. (Kalikow was insistent that he does. 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. It's not zero, but still. Background Report for Jonathan Kalikow. 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. LEWIS J. LIMAN, United States District Judge: OPINION AND ORDER LEWIS J. LIMAN, United States District Judge: This case arises from the financing and development of two parcels of land outside Dallas, Texas, known as Wade Park. 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. In AFC's case, there is an incentive compensation clawback provision in the management agreement. Jon Kalikow is President/Co-Founder at Gamma Real Estate. 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). Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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. 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. 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. About Jonathan Learn Jonathan's areas of practice. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. Any person who is being bothered by construction at [the Sutton Place development] or at any site in my district, I ask them to call 311; I ask them to reach out to me personally. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. Construction. 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