AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). 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. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. He's spent his entire life here and his family's real estate roots run four generations deep. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Learn More about Jonathan Gilbert Kalikow's net worth. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. It engages in cash-flow lending like a BDC but incorporates its borrowers real estate value like an mREIT. So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Investors could realistically see a double or triple on their principal while earning a 6%-9% cash yield. What long-term goals do you have planned for the Foundation? Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. Portfolio Builder / Fund Intersect. We feel good about its strength, although the number may fluctuate from time to time, and we look forward to continuing to advance the cannabis industry. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. But imagine the combination of near total lack of competition and immense opportunity set. Leonard founded the firm and remains as chairman and CEO. After all, this started out as a beautiful dream. 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. Jonathan specializes in catalyst-driven markets with high barriers to . 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. Interestingly, only one of the eight loans is floating-rate. While not necessarily unusual, this potentially augments Leonard's already powerful decision-making ability even further. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". We offer a flexible solution to meet the needs of our borrowers. His estimated net worth is $600000. Read the latest edition of the Commercial Observer online! 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. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). This idea was discussed in more depth with members of my private investing community, iREIT on Alpha. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. (Podcast). 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. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. 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. This net worth approximation does not reflect any other assets that Mr. Kalikow may own. RT: I believe our challenge hurdle is always being stewards of capital. SUITE 1770, WEST PALM BEACH FL, 33401. ), I am proud of it, Kallos responded cheerfully to Kalikows accusation that he urged residents to call 311. 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. 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 . One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. 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. 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. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. Employment Details. Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. 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. In its suit against the Pilevskys, Gamma said that the delay allowed groups like the East River Fifties Alliance (ERFA) to organize against its development. Are there any particular markets or segments that you two are excited about and why? As of the date of the S-11 filing associated with the IPO, AFCG had a sizeable $5.5 billion loan pipeline. I offered them options such as using their air rights in other parts of the city, Kallos added. LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. These companies can't even get bank accounts. Jonathan Kalikow President Gamma Real Estate. The only way to advance the communities that our borrowers serve is by ensuring all residents have the opportunity to succeed. 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. While we strongly prefer internal management, having the opposite doesnt mean we automatically ignore a company. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. 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. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. West Palm Beach-based REIT has so far provided $50M in financing to five borrowers. 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. Are there any notable success stories that resulted from your funding? 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. Occupation. All rights reserved. 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. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . Also, our amount of repeat borrowers is huge.. A CHEATING husband strangled his wife when she found his "dirty" text messages to other women after he passed out drunk. Jonathan Roumie is drinking coffee. (Kalikow was insistent that he does. We see relatively heavy volume on the day of the IPO, though that quickly subsided. I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like Count of Monte Cristo, but to the 10th power. 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. View Public Record Results ✓ Addresses. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Additional disclosure: WER is long STWD, BXMT, ABR, The #1 Service For Safe and Reliable REIT Income. 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. Especially when theres so little actual history to work with. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. Out of curiosity, how many potential deals has AFC Gamma vetted since its inception, and how many made it to funding or commitment? 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. The company was incorporated in Florida two months ago. Youre not winning this one.. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. The firm lends on real estate nationwide, owns a portfolio of . The company was incorporated in 2020 and is based in West Palm Beach, Florida. They purchased a total of 87,783 shares worth more than $1,380,633.40. I'd classify two of the seven as truly independent. AFC Gamma seeks to work with operators, preferably in limited license states. Founder of Gamma Real Estate Capital Management, Inc., Jonathan Kalikow presently occupies the position of President for Gamma Real Estate Capital Management, Inc. and Director & Head-Real Estate at AFC Gamma, Inc. 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. Roumie, too, is deserving of all the love and encouragement he is receiving. 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. Enter your email address below to get our daily insider buying and selling report. A spokesman for the DOB said that between May 1 and Sept. 25, 18 DOB-related 311 complaints were made regarding the property. But the good news is, if China invades Taiwan, there is a way to protect yourself. We also talked to them about the fact that the rezoning we were proposing would actually give them additional floor area ratio on sitethat wasnt on site and already therein order to build affordable housing. Awards. To build the cloud-piercing tower he envisioned, Beninati would have to buy those buildings (for $32 million), empty them of their rental tenants, demolish them and buy 267,000 square feet of air rights from other properties. 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