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. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. 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. There are parts of this deal that made a lot of sense to us.. This unique partnership approach with each of our clients allows us to find solutions to help them expand and grow alongside them. 8. Performing as Jesus in The Chosen. 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. There are 4 older executives and no younger executives at AFC Gamma. 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. And another sits on another one of his company's boards. We weren't able to discern what type of healthcare companies were involved. 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. 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. Leonard founded the firm and remains as chairman and CEO. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. About Jonathan Learn Jonathan's areas of practice. Also, our amount of repeat borrowers is huge.. By January 2016, the ERFAbacked by Kallos and Manhattan Borough President Gale Brewer as well as State Senator Liz Krueger and Councilman Dan Garodnickhad formed and filed its first rezoning application with the Department of City Planning, looking to cap the height of the building and also secure a section of the residential development for affordable housing units. SUITE 1770, WEST PALM BEACH FL, 33401. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. It comprised a $145. But the community was up in arms long before Gamma took over the property. Please disable your ad-blocker and refresh. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. AFC Gamma works with cannabis companies nationwide. Mr. Kalikow specializes in what he terms "catalyst-driven markets with high barriers to entry," a strategy that he applies to Gamma's debt . 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. . 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. So the portfolio isn't as robust in a rising interest-rate environment. 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 was also in charge of investor relations at Fifth Street and was doing healthcare consulting while we both recognized the lending opportunities in cannabis. Bloomberg Markets: China Open is the definitive guide to the markets in Hong Kong and on the mainland. 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. 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. But before getting there, its worth examining the origins. JONATHAN KALIKOW et al, Defendants. 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. 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. RT: Two types of financing are available to cannabis operators. Youre not winning this one.. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. I surmise that [Pilevsky] was introduced to Joe, who told him, Woe is me, I dont want to lose my baby, Kalikow said. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org And tell me more about your approach to lending, what do you look out for and why? When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. [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]. Based on her biography, Robyn's career started in 2007. We're very bullish on New Jersey as well. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. 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. Jonathan Kalikow was born and raised in New York. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. 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. 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? Information on this page was last updated on 6/17/2022. 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Learn More on Jonathan Gilbert Kalikow's trading history. We also remain very optimistic about the prospects in New Jersey and New York. 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. 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 . Gammas lawsuit firstly alleges that Philip Pilevsky caused Prime Alliance Group (of which he is president) to lend Beninati $50,000 to retain a law firm, LaMonica, Herbst & Maniscalco, to file a bankruptcy petition which then prevented Gamma from executing the foreclosure sale. New York City . I was on the stand for seven hours, Kalikow said. 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. Theres generally no 10-Qs or 10-Ks to analyze. As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. 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. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. 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. Company/Fund Name: Gamma Real Estate Capital Management, Inc. 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. But thats not all. Gamma Real Estate Capital Management, Inc. And this offer includes a 2-Week FREE TRIAL plus my FREE book. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. Author's note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Recently IPO-ed companies can be quite the endeavor to analyze. 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. Jon Kalikow is President/Co-Founder at Gamma Real Estate. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. 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. Are there any particular markets or segments that you two are excited about and why? What we thinkand again, we dont knowis that Pilevsky believed that we had used leverage like everybody else does on [this type of] loan.. So he understands the layers of complexity involved. We find solutions to help them expand and meet their needs versus roadblocks. The stock saw a nice near 20% gain on the day of the IPO. Anything you build thats residential proximateis going to be expensive. It will be a net positive for all operators. Following the completion of the transaction, the director now directly owns 97,500 shares of the company's stock, valued at $1,522,950. Now imagine how much investors can make from that kind of company. 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. Both markets have strong medical programs with a robust addressable market and population of patients. 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. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. 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. JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? LT: Giving back to others is extremely important to us. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. Are there any notable success stories that resulted from your funding? (The city must log and address each complaint as it relates to construction safety. 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. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. Employment Details. 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. RT: Since starting AFC Gamma, we have completed almost $500 million of transactions we provide capital to an industry that others do not and, in turn, allow these operators to build cultivation facilities, production facilities, and dispensaries. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. Though theyre working at expanding that team to five. 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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. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. 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. ERFA President Alan Kersh responded to Kalikows assertion by saying, Together, [ERFA] building owners and city residents have reached into their pockets and donated funds to support our rezoning efforts. 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