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JONATHAN KALIKOW et al, Defendants. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Why? 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. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. The firm lends on real estate nationwide, owns a portfolio of . 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. Both markets have strong medical programs with a robust addressable market and population of patients. Companies like IPR engage in sale-leasebacks. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. One of his reasons [for believing this] was that we had attended a meeting at the architects office, and my father sat at the head of the table, Kalikow recalled. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. Are there specific deals the team tends to focus on more? [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. AFC is externally managed, which isn't unusual for an mREIT. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. Jonathan Kalikow Partner, Head of Real-Estate BIO Brett Kaufman Chief Financial Officer and Treasurer BIO Gabe Katz Chief Legal Officer BIO James Velgot Chief Marketing Officer BIO Christopher Gioia Managing Director, Head of Origination BIO Brandon Hetzel Executive VP BIO Edwin Gomez Director BIO Carly Hooker Director BIO Professionals I am not receiving compensation for it (other than from Seeking Alpha). (Kalikow was insistent that he does not loan to own, even if that turned out to be the case for 3 Sutton Place. I wrote this article myself, and it expresses my own opinions. 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. Construction. 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. Is this an April Fools Day joke? . 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. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org 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. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Erykah Badu Talks Cannabis Line That Badu With Cookies, NCAA Basketball Odds 2023: West Coast, Sun Belt, Horizon, MVC Tip Off Conference Tournaments, Puff Puff Pass-Ing Covid? These comparisons contain one major weakness: AFCG has no leverage. . RT: AFC Gamma is a commercial mortgage REIT. 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. Jonathan Kalikow. And Beninati and his business partner Chris Jones had plenty of experience raising millions of dollars in financing, having overseen several large-scale development projects totaling $4 billion, according to the post-bankruptcy trial memorandum of decision dated Dec. 1, 2016. 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. 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. 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. We like the state of Arizona. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. Fortunately, WER's expertise is in the private institutional space. I was on the stand for seven hours, 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. As in, now youve fucked with the wrong person.. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. 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. We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. 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. Jonathan Kalikow was born and raised in New York. Write to Katherine Kallergis at kk@therealdeal.com. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. 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. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. 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. Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . We provide term loans, draw facilities, and construction loans. Youre not winning this one.. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. And tell me more about your approach to lending, what do you look out for and why? I offered them options such as using their air rights in other parts of the city, Kallos added. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? After some further analysis, I realized there was a void in the cannabis market as there was no institutional lender, and capital was only being provided by sale-leasebacks or family offices. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. Its a pain. 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.. LT: Giving back to others is extremely important to us. But, despite his past, he's not optimistic about. It generated $5.25 million in revenue from July 31 through December 31. 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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.. This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. Underwriting these operations and their creditworthiness will be no simple task. 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. RT: Our strategy for building a diverse portfolio is to lend to multiple operators of all sizes, the large MSOs, the mid-tier MSOs, and single state operators. What Could Elon Musk Possibly Be Thinking? 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. Mr. Kalikow is currently 52 years old. 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. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. New York, NY 10178 | (212) 9220222 |. [Three Sutton Place] is in a residential neighborhood that we find unique, and it has these really strong water views, Kalikow said about Beninatis plan for a 950-foot tower when it first crossed his desk in 2014. JB: Cannabis companies of all sizes have been traditionally starved of access to capital most mom-and-pop and larger established businesses like MSOs cannot walk into a bank or financial institution and receive a loan. But thats not all. The DOB was doing their job. Employment Details. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. This is impressive since the company didn't exist a year ago. We look forward to making our first of many donations shortly and positively impacting these communities. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. Then theres partner and head of real estate Jonathan Kalikow, and Thomas Geoffroy, CFO. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. 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. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Their experience seems at least sufficient for their roles. Theres generally no 10-Qs or 10-Ks to analyze. Were prepared to build it. 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. 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. Their jonathan kalikow wife notably among a handful of cannabis-related companies listed on the stand for hours. Parts of the remaining 13 counts shortly and positively impacting these communities Marketing Officer, who is 61 years.... Portfolio and explain what types of companies AFC Gamma by year and by quarter also! You look out for and why overview of your investment portfolio and explain types! Firm lends on real estate nationwide, owns a portfolio of urged residents to call 311 the Nasdaq for on... Second wife, Stacey Thorne but if admittedly a big if its portfolio grows to a couple billion in transactions. 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