LT: From January 1, 2020, through December 24, 2021, we have reviewed 443 deals and have funded 21 loans. In the last twelve months, AFC Gamma insiders bought shares 5 times. We really like the state of Ohio as the market continues to be ripe for cannabis operators since its a limited license state. 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. Im proud. (When asked about a stop-work order issued on June 28 by the New York City Department of Buildings, Kallos said, I wish I could take credit for that stop-work order. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. Then you have the tier right below the top tier MSOs, where you have some public like Acreage, who is one of our borrowers, and then some private like Nature's Medicine and Justice Grown. Serial cheat Jonathan Neale, 40, fell asleep by his front door a From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. The lead director is affiliated rather than independent and appears to have a very close business relationship with the CEO. First, it's key to realize the uncertainty involved. But based on 2020 data incorporated in SEC filings and assuming a 100% payout ratio. A. Copyright 2022 Gamma Real Estate. The Kalikows arent exactly wet behind the ears when it comes to real estate lending. Get notified the next time Jonathan Gilbert Kalikow buys or sells AFC Gamma stock. 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. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Gamma filed a complaint against Pilevsky, plus his sons Michael and Seth Pilevsky, for tortious interference, in a filing dated Sept. 16, 2016. Background Report for Jonathan Kalikow. 3-min read. Includes Age, Location, Address History for Jonathan Kalikow; Arrest, Criminal, & Driving Records . We believe Ohio may go recreational soon, but we have enjoyed supporting that medical market. Traditional financing is notoriously difficult to get for cannabis companies, experts say. Beninati also alleged that Gamma was not a lender but a partner and acted as equity, Kalikow said. It will be a net positive for all operators. Grace Prize for Most Inspiring Performance for TV, Movieguide. Companies like IPR engage in sale-leasebacks. There are parts of this deal that made a lot of sense to us.. Kalikow has been approached a half-dozen times by potential buyers, he said. One early loan that we funded was with a company called OnePlant, run by Brady Cobb. He asked, What sell-out price are you using? and we replied, $4,000 a foot. He said, What if you use $7,000 a foot? We said that if you use $7,000 a foot you probably make half a billion dollars. In many ways, its approach is in between that of a Business Development Company and mREIT. But Id love to stay in., Thats not to say there havent been interested suitors. 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. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. 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.. Gamma has originated billions of dollars of loans on hundreds of properties over the past half-century. Youre not winning this one.. Both are also externally managed but have very long track records and proven management teams. I'd classify two of the seven as truly independent. AFC Gamma, a West Palm Beach-based real estate investment trust, now has $120 million in capital on hand to lend to cannabis operators. 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. This is industry standard and in line with the likes of Blackstone Mortgage Trust (BXMT). JB: Although AFC Gamma is open to lending to all aspects of cannabis production, Im sure not all operators qualify for financing. WMR has a team of experienced multi-disciplined analysts covering all dividend categories, including REITs, MLPs, BDCs, and traditional C-Corps. For now, Kalikows eyes are firmly on the finish line. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . JB: AFC Gamma is currently located in Florida, the largest medical market in the U.S. are there any other medical markets or opportunities that seem like attractive targets? Kalikow interpreted that as a threat and that Kallos was going to do something with these tenants to hurt us, he said. In July 2016, Beninati brought a 26-count lawsuit against Gamma, alleging improper conduct and that Gamma breached contracts between the two parties. It has committed to lending another $30 million to existing borrowers and to two new borrowers, according to the release. Bauhouse Group likely will not see any proceeds from sale of controversial East Side site 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. Erykah Badu Talks Cannabis Line That Badu With Cookies, NCAA Basketball Odds 2023: West Coast, Sun Belt, Horizon, MVC Tip Off Conference Tournaments, Puff Puff Pass-Ing Covid? Learn More on AFC Gamma's active insiders. 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. 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. Just last month, AFC Gamma successfully sold 6.25 million shares of common stock at $19 per share. That's $1.23 per share that could theoretically be paid in sustainable dividends annually. The only count left was criminal usury, for which the court ruled that the building loan had a rate higher than the New York statute. 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. That's considerably lower than the likes of Blackstone Mortgage Trust and Starwood Property Trust's (STWD) ~8% yields the two commercial mREIT heavyweights. The hurdle rate or minimum amount of core earnings produced on a percentage basis applicable to the performance fee (otherwise known as the incentive fee or carried interest) paid to the external manager is 2% per quarter. The court concluded that Beninati had failed to establish a basis for relief on 12 of the remaining 13 counts. RT: Since starting AFC Gamma, we have completed almost $500 million of transactions we provide capital to an industry that others do not and, in turn, allow these operators to build cultivation facilities, production facilities, and dispensaries. They purchased a total of 87,783 shares worth more than $1,380,633.40. Both Robyn and I knew that being listed on NASDAQ would be crucial to our success. Moving down the line, Tomer Tzur appears to be truly independent. 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. One of his reasons [for believing this] was that we had attended a meeting at the architects office, and my father sat at the head of the table, Kalikow recalled. But [Beninatis counsel] filed a document that said [3 Sutton Place] is not a single real estate asset. Incidentally, Leonard and Stacey filed for divorce two years later in 2016. They just need avoid certain types of relationships for at least three years. Write to Katherine Kallergis at kk@therealdeal.com. We are different from other lenders in two significant ways. The companies were formed over a five year period with the most recent being incorporated three years ago in February of 2019. As for margins, theyre quite strong. 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. [Beninati] would have made $50 million after paying us off, had he done the sale, Kalikow said. Jonathan Kalikow. Add in the inherent complexity of mortgage REITs and the ever-changing nature of cannabis legislation and it's a worthy challenge. RT: AFC Gamma is a commercial mortgage REIT. With license value being a component of our underwriting, we tend to focus on limited license states such as New Jersey, Florida, Pennsylvania, Ohio, to name a few. As in, now youve fucked with the wrong person.. JONATHAN KALIKOW et al, Defendants. This does offer investors an average amount of protection, though its still far from perfect. If youre wondering how someone can be recently reported to AFC Gamma's current CEO and chairman possibly be classified as independent Independent directors don't actually need to be legally independent. We have it in our [loan] documents that if you do anything to fight a foreclosure youre fully personally liable, but if you turn over the deed, youre not personally liable, Kalikow said. The company was purchased by Cresco for $213 million a year later after we financed them. Roumie said he was drawn to both "The Chosen" and "Jesus Revolution" because of their scripts and characters, which "spoke to his heart.". Again, serving on two related boards concurrently doesnt violate the requirements of an independent director. The oldest executive at AFC Gamma is Mr. James F. Velgot, Chief Marketing Officer, who is 61 years old. When youre looking at this building in the skyline as you come over the 59th Street Bridge, its center stage. (The city must log and address each complaint as it relates to construction safety. Our loan, plus the interestwell call it $185 million. The councilman said he simply brought forth community concerns. We make loans to companies secured by three pillars: cash flows, licenses, and real estate. But some of the ridiculous things he was asking for led us to believe that he would never find a partner, Kalikow said, one example being a $50 million step-up in basis cashed-out to him. Because of this, our expectations surrounding AFCG's pipeline and margins directly correlate with estimates of its fair value. A cheating husband strangled his wife after she found his 'dirty' text messages to other women when he passed out following a binge on Coors Light and Jack Daniel's. Serial cheat Jonathan Neale . 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. We weren't able to discern what type of healthcare companies were involved. 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. Amy D Scott Jonathan G Kalikow. We look forward to making our first of many donations shortly and positively impacting these communities. Like Beninati and Bauhouse, the Pilevskys did not respond to COs requests for comment. 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