The charities we evaluate are focused on causes that are important to our borrowers. Get started New York City Marriages, 1950-2017. We provide term loans, draw facilities, and construction loans. 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. 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 . It's not zero, but still. The firm lends on real estate nationwide, owns a portfolio of . Len, who serves as CEO of the AFC Gamma.and previously founded Fifth Street Asset Management, which he eventually sold to Oaktree, also founded LMT Investments, a single family office that is focused on allocating capital across various strategies, including credit via Tannenbaum Strategic Credit Fund, which is a $100M+ fund, equities and real estate. 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. Opinions expressed by Forbes Contributors are their own. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Its lowest cash interest rate charged is 12%; the highest is 16%. On the other hand, we also have other vehicles that don't necessarily need real estate as collateral. They're single or two-state operators, and we're typically coming in to help them build out licenses that they want or help them expand within that state. Employment Details. New York City . LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. 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. 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. 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. This does offer investors an average amount of protection, though its still far from perfect. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. Read the latest edition of the Commercial Observer online! 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. Aside from Arizona, New Mexico, and Nevada, most of our deals are made in Mississippi. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. 220 E 72nd St #16D, New York, NY 10021, lived here in 2019 $3,040: C. 350 Madison Ave, New York, NY 10017, lived here in 2013 $3,040: D. Learn More about Jonathan Gilbert Kalikow's net worth. Heis also the editor of The Forbes Real Estate Investor., Thomas has also been featured in Barron's, Forbes Magazine, Kiplingers, US News & World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox., He is the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, and 2022 (based on page views) and has over 106,000 followers (on Seeking Alpha). 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But this experience could aid her in assisting AFC as partner, head of origination, and investor relations. Understanding the new regulations regarding hemp licenses converting to cannabis licenses is essential, but we believe the states licenses are extremely valuable. 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. 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. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. 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. 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. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. Are there any notable success stories that resulted from your funding? 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. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. And, then, it got even stickier: Beninati declared bankruptcy. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. 4 individuals in legal/underwriting/accounting. Amy D Scott Jonathan G Kalikow. These comparisons contain one major weakness: AFCG has no leverage. Lead director Thomas Harrison isnt independent and was on Fifth Streets board as well. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. 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. 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. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. 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. I sat down with Robyn and Len to talk about their cannabis lending upstart and its seemingly bright future ahead. Youre not winning this one.. 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. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? Od czasu swojego debiutu, Property Brothers konsekwentnie zaliczaj si do najlepszych programw do majsterkowania na . This chart shows Jonathan Gilbert Kalikow's buying and selling at AFC Gamma by year and by quarter. That amounted to total gross proceeds of $118.75 million. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. Learn More on Jonathan Gilbert Kalikow's contact information. LT: Giving back to others is extremely important to us. Jonathan Kalikow Board of Directors Gamma Real Estate Contact GCP encourages questions, feedback and suggestions from our local stakeholders and visitors alike. But before getting there, its worth examining the origins. Lending and banking are always timely topics in the cannabis business world, especially with federal reform and possible banking reform looming once again. We think its a very unique property, and we havent put it on the market. And incorporating the largest residential mREITs similar to the construction of VanEck's Mortgage REIT Income ETF (MORT) still creates a yield of roughly 7.2%. Last December, Gamma filed plans for its own 844-foot, 67-story tower at 3 Sutton Place, for which construction has recently commenced. Photo: Sasha Maslov/for Commercial Observer, I believe in completely disproportionate retaliation, Jonathan Kalikow told Commercial Observer, like, Kalikow, the 47-year-old married father of four girls ages 8, 10, 12 and 17, is the president of, Still, Gamma Real Estate nevertheless found itself embroiled in a real estate battle and forced into the spotlight after it financed, The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Enter your email address below to get our daily insider buying and selling report. Its like a bunch of seventh graders picking a fight with a Navy Seal platoon. So why they would want to get into a fight with us literally makes no sense. 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. Jonathan specializes in catalyst-driven markets with high barriers to . But the good news is, if China invades Taiwan, there is a way to protect yourself. 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. Cannabis is a local business, where the operators become entrenched in the local communities providing jobs and revenue to the states. 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. At the end of trial, one of their defenses was they never read the documents that they signed.. It will be a net positive for all operators. And this offer includes a 2-Week FREE TRIAL plus my FREE book. Secondly, the suit claims that the Pilevskys altered the treatment of 3 Sutton Place, as a Single Asset Real Estate in the bankruptcy filing by transferring three small cooperative apartments at 504 Merrick Avenue in Lynbrook, N.Y., over to Beninati. The stock saw a nice near 20% gain on the day of the IPO. Photo by pcess609/iStock via Getty Images. As for margins, theyre quite strong. Also, our amount of repeat borrowers is huge.. 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. We tend to lend to operators in regulatory-friendly states, such as: Ohio, Pennsylvania, New York, New Jersey, Maryland, Massachusetts, Arizona, New Mexico, Missouri, Illinois, Michigan, and Nevada. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. And that's why state-by-state dynamics are so important to us and why we typically only lend to limited license states. Jonathan Kalikow is currently associated with one company, according to public records. In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. Awards. [In 2015], Beninati goes and describes the enormity of the project, which pisses off all the neighbors, who then raise money for their councilman [Ben Kallos], who then starts a rezoning proposal, Kalikow said. At the same time, management indicated there were $561.8 million of potential loans under review. 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