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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Thats when it announced: AFC Gamma completed a first close of its $200 million investment vehicle, having raised approximately $80 million of equity from over 20 large family offices. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. I have no business relationship with any company whose stock is mentioned in this article. . Markets never sleep, and neither does Bloomberg. 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. Read the latest edition of the Commercial Observer online! Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. Robyn Tannenbaum: Before cannabis, I was a healthcare investment banker for eight years focused on M&A and leveraged finance. 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.". Jackie Bryant: Len, Robyn, whats your background, and what were you doing before jumping into the world of cannabis? 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. We find solutions to help them expand and meet their needs versus roadblocks. Chart Data in Insider Trading History Table. 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. They purchased a total of 87,783 shares worth more than $1,380,633.40. With the expansion of dispensaries, we believe those cultivation licenses will only become more valuable as well as the dispensary locations. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. While the war ensued in the Downtown courtroom, another battle was flaring up with 3 Suttons zoning approvals. We have 16 borrowers in 17 states, and what we look for are companies that we can grow with over the long term. JONATHAN KALIKOW et al, Defendants. The hurdles that you overcome as any growing company is the need for additional talent as you scale. Is this an April Fools Day joke? . (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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. Kalikow has reason to be angry. 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. The company seeks to work with operators, ideally in limited license states. 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. ), 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.. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. The company is now prepared to go forward with the towers construction, according to Kalikow. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). 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. There were so many little fights during this war. 101 Park Avenue, 11th fl. I think theres a group of potential buyers that would find living in that area exciting, he said. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. JB: Tell me more about the AFC Foundation. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site 9. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. At the end of trial, one of their defenses was they never read the documents that they signed.. 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. The loan maturity date of Jan. 19, 2016, arrived and Bauhouse Group hadnt repaid any amounts under the loan agreements, according to court filings. AFC's distribution yield would be 5.9% at today's $21 per share. Why did your team decide to go public in March 2021, and have you noticed a shift in how cannabis stocks are viewed among institutional investors in the past year? Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. We think its a very unique property, and we havent put it on the market. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking. 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. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. [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]. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". 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. [3] [4] He is also a voice artist. 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One early loan that we funded was with a company called OnePlant, run by Brady Cobb. We needed someone with significant real estate expertise and brought on Jonathan Kalikow as our third partner. AFC Gamma executed an IPO on March 19, 2021. And another sits on another one of his company's boards. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. Based on her biography, Robyn's career started in 2007. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. Kalikow has been approached a half-dozen times by potential buyers, he said. institutional investment and operational due diligence for the last decade. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. 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. He's spent his entire life here and his family's real estate roots run four generations deep. Are there any particular markets or segments that you two are excited about and why? 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. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. Why? JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. We knew it would provide us with a great head start and the ability to have the best cost of capital in the industry, which allows us to be competitive on pricing with our borrowers. 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 found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. 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.. Why Sharing Weed Decreased During The Covid-19 Pandemic, Fizzy Drink Passion Fuels Zle Cannabis-Infused Craft Beverages, Californias Cannabis Sales Declined In 2022, The First Time Since Legalization, Still Waiting For The SAFE Banking Act? 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. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. But thats not all. 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. Live market coverage co-anchored from Hong Kong and New York. Cannabis is a rapidly growing industry. (Podcast). 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