We uncovered Leonard and Robyn's wedding registry dated November 23, 2019. This creates a very quick and reliable way to boost its cash flow from about $1.25 per share to $1.50-$1.75 in short order. They said, We dont care, its too high. . 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. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. [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. Construction. AFC Gamma seeks to work with operators, preferably in limited license states. Please disable your ad-blocker and refresh. But Id love to stay in., Thats not to say there havent been interested suitors. There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. The estimated net worth of Jonathan Gilbert Kalikow is at least $1.52 million as of June 16th, 2022. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. 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. I wrote this article myself, and it expresses my own opinions. But imagine the combination of near total lack of competition and immense opportunity set. The stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Opinions expressed by Forbes Contributors are their own. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Known for. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. 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. Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. Williams Equity Research's founder has been analyzing institutional investment and operational due diligence for the last decade. They just need avoid certain types of relationships for at least three years. I am not receiving compensation for it (other than from Seeking Alpha). 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. We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. Theres generally no 10-Qs or 10-Ks to analyze. 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. 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. Insiders at AFC Gamma own 28.0% of the company. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. Given this "unique" arrangement and its direct impact on AFC's decision making it's time to put on our institutional due diligence officer hat. Every day I get complaints from residents about construction noise. Grace Prize for Most Inspiring Performance for TV, Movieguide. [3] [4] He is also a voice artist. Kallos, Krueger, Garodnick and a representative of Brewer met with Kalikow on May 11 to discuss controversies surrounding the site, including the communitys firm opposition and how steep a climb Gamma would have to complete the project. JB: Tell me more about the AFC Foundation. The fact of the matter is, lawsuits cost a lot of money. 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. Write to Katherine Kallergis at kk@therealdeal.com. 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. 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. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org JB: Looking ahead this year, what will be AFC Gammas biggest hurdles to overcome, and are there any opportunities to look forward to? Len Tannenbaum: When I was 27, I founded Fifth Street, a finance company specializing in raising funds from private investors and investing in middle-market companies. Paul was shot in the back of the head Live market coverage co-anchored from Hong Kong and New York. Learn More on Jonathan Gilbert Kalikow's trading history. They purchased a total of 87,783 shares worth more than $1,380,633.40. When Bauhouse filed its plans for the 87-story tower, Sutton Place locals made a bid for a zoning change that would block super-tall skyscrapers in Sutton Place. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. I think theres a group of potential buyers that would find living in that area exciting, he said. Mr. Kalikow is AFC's Head of Real Estate as well as a member of the AFC Board. And, then, it got even stickier: Beninati declared bankruptcy. We understood [Beninatis] shortcomings but we saw a lot of embedded value, Kalikow said. Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. Jonathan Kalikow was born and raised in New York. Were prepared to build it. Companies like IPR engage in sale-leasebacks. 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. AFC Gamma Inc.'s story has two major milestones, the first of which occurred on August 17, 2020. RT: We're excited about New York, although there is some work to do. 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. Though theyre working at expanding that team to five. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). Awards. 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. Current address 215 E 68th St #2M, NY, NY 10065 $3,040: B. . It comprised a $145. The company managed $5 billion of assets across multiple private investment vehicles and two publicly-traded business development companies. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. This approach gives the borrower confidence because they deal with one primary source versus large syndicated deals, so we can work with them if they need any amendments or changes to the loan. You may opt-out by. One of our lawyers called up his lawyer and said, Did you guys make an error? They said, No. Jonathan Gilbert Kalikow has not been actively trading shares of AFC Gamma during the past quarter. Three to four months before the second loan matured, Beninati told Kalikow he had three potential buyers lined up for 3 Sutton Place with one lead candidate. [We told them] were not Beninati: We know what were doing, and were building for New York buyers because this is a New York enclave, Kalikow said. If I want to buy it, Ill buy it, but I want the borrowers to be successful at the end of the day, he said.). 9. Our coverage spectrum includes equity REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and we recently added SPACs to the lineup. Jonathan Kalikow 's Gamma Real Estate allegedly used an $83 million real estate loan and fraud to seize a massive real estate project near Dallas worth more than $500 million, according to a lawsuit filed by the ousted developer.. Stanley Thomas, who led the Wade Park Land Holdings mixed-use development, says Kalikow manipulated him for about two years before laying claim to the complex . Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". As in, now youve fucked with the wrong person.. Cannabis is a rapidly growing industry. This is impressive since the company didn't exist a year ago. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). Learn More on AFC Gamma's active insiders. Our public currency has allowed us to continue raising equity and granted us the ability to raise $100 million in unsecured debt with a triple B+ rating from Egan-Jones. The company is now prepared to go forward with the towers construction, according to Kalikow. 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? 4 individuals in legal/underwriting/accounting. 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. As an institutional lender, we provide financial solutions to the cannabis industry. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. And, with few exceptions, companies involved are heavily excluded from the financial system. All rights reserved. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. To build and expand their businesses the cannabis industry for the last decade Mortgage Trust ( BXMT..: Tell me more about the AFC Foundation more about the AFC Board loan that we was... As an institutional lender, we dont care, its too high the person... Kalikow said of Real Estate lending construction, according to Kalikow and in line the. Due diligence for the last decade Inc. 's story has two major milestones, first... 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