Most recently, on Thursday, June 16th, Jonathan Gilbert Kalikow bought 57,600 shares of AFC Gamma stock. The most investor-friendly board of directors in the world will still hesitate to fire a terribly performing external manager if its too costly. 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. JB: Can you provide an overview of your investment portfolio and explain what types of companies AFC Gamma tends to work with? 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%. 101 Park Avenue, 11th fl. There are 4 older executives and no younger executives at AFC Gamma. But the good news is, if China invades Taiwan, there is a way to protect yourself. We have found though, that REIT loans give our clients the most flexibility, and we are able to finance more companies this way. The company has so far provided $50 million in financing to five marijuana businesses, including dispensaries, cultivators, processors, and combined operations. LEWIS J. LIMAN, United States District Judge: OPINION AND ORDER LEWIS J. LIMAN, United States District Judge: This case arises from the financing and development of two parcels of land outside Dallas, Texas, known as Wade Park. Are there any particular markets or segments that you two are excited about and why? Is this happening to you frequently? 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. Opinions expressed by Forbes Contributors are their own. Get started New York City Marriages, 1950-2017. We believe its well-positioned to profitably capitalize on the almost completely untapped market of financing cannabis projects. 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. Termination fees are another point of contention. 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. Additionally, AFC Gamma has a credit line of up to $40 million, providing the REIT with approximately $120 million of capacity to lend to cannabis operators. "As long as God keeps bringing me stories that I can honor him with, to me, it doesn't matter what genre they . They deposed the architects who attended the meeting, who didnt remember whether we were there or not, but said that if we were there, we said nothing. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. Kalikow said that his team explained to Beninati that in almost no other scenario would he cash out for $50 million. But if admittedly a big if its portfolio grows to a couple billion in the next few years while enjoying current economic conditions. . Learn More on AFC Gamma's active insiders. Learn More on AFC Gamma's active insiders. 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. The interference made it difficult for Kulick to do his job, and he came. Leonard founded the firm and remains as chairman and CEO. This is a BETA experience. Anything you build thats residential proximateis going to be expensive. Phone (212) 883-2420 Email General info@gcpbid.org Email Press press@gcpbid.org At the same time, management indicated there were $561.8 million of potential loans under review. 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. We look forward to making our first of many donations shortly and positively impacting these communities. But I think that really, the future is wide open. Most recently, shes been advising on mergers and acquisitions and leveraging finance transactions in the healthcare sector at CIT Group. When Beninati defaulted on the $147 million loan from Gamma, the lender foreclosed on the property and later acquired it in a foreclosure auction for $86 million ($98 million including air rights), outbidding Brooklyn investor Isaac Hager. 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 . So we want to see: As for the first, AFCs management and investment committee members have approximately 100 years of combined investment management experience. Information is often lacking there, and one has to dig very deep to uncover the full picture. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. Robert Levy, another independent director, has substantial experience in retail and multifamily commercial real estate. JB: AFC Gamma is notably among a handful of cannabis-related companies listed on the Nasdaq. 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. We like the state of Arizona. He agreesbut then goes radio silent.. The rest are likely or highly likely to be disproportionately influenced by the CEO due to past or ongoing outside business relationships. Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. 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. That's 40.74x the amount of originated and funded loans it had as of February 15, 2021. Long-term, we would like to benefit the states that our borrowers operate in. Jonathan Kalikow President Gamma Real Estate. But, according to the post-trial memo, Inbursa backed out a week later because, the bank claimed, the value of the collateral would not be sufficient to satisfy its 45 percent LTV requirement. A New Cannabis Dating Service Might Solve Your Financial Needs, Golf Odds, Picks And Props: 2023 Arnold Palmer Invitational Betting Preview, Most GOP Voters Support Weed Legalization, Says New Poll, Advanced Flower Capital Gamma (AFC Gamma). 4 individuals in legal/underwriting/accounting. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. The company was purchased by Cresco for $213 million a year later after we financed them. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. Suppose the Senate passes the SAFE Banking Act this go-around, which I believe they will, lenders, including AFC Gamma, will be able to borrow cheaper, which will, in turn, allow lenders to lend cheaper. What long-term goals do you have planned for the Foundation? 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. He also holds a JD from Fordham University School of Law and is a member of the New York State Bar Association. 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? Gamma Real Estate Capital Management, Inc. Awards. The third tier is smaller operators. But Id love to stay in., Thats not to say there havent been interested suitors. 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 find solutions to help them expand and meet their needs versus roadblocks. SUITE 1770, WEST PALM BEACH FL, 33401. New York City Council District 5 representative Ben Kallos first discovered news of Bauhouses planned development from a local resident while attending an Easter egg hunt in April 2015. It could also be positive for lenders assuming they have the infrastructure and capabilities to scale and decrease the cost of capital once the money starts flowing and more deals are being made. But it will take time to build that out, get the market set up and have some of the regulations probably become more favorable. I'd classify two of the seven as truly independent. 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. Brad Thomas is the CEO of Wide Moat Research ("WMR"), a subscription-based publisher of financial information, serving over 10,000 investors around the world. Especially when theres so little actual history to work with. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. Learn More on Jonathan Gilbert Kalikow's age. City Planning Approves Zoning Change, Allows Construction of Sutton 58 Resi Tower By Mack Burke 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. in the cannabis industry in states that have legalized medicinal and/or adult use cannabis.". There is still a limited subset of institutional investors who are comfortable with cannabis, despite us being listed on NASDAQ. AFC Gamma seeks to work with operators, preferably in limited license states. The company was incorporated in Florida two months ago. But thats not all. The firm lends on real estate nationwide, owns a portfolio of . LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. We believe even more institutions will enter the industry over time, given the growth the industry is experiencing. The board of directors, meanwhile is led by Leonard M. Tannenbaum. Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. (Beninati, officials at Bauhouse Group and their legal counsel never returned COs requests for comment. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. 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