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In return for the apartments, plus $150,000 in cash, the lawsuit alleges that the Pilevskys received an indirect equity interest. If you have an ad-blocker enabled you may be blocked from proceeding. "In Gamma's multifamily business, Jon Kalikow saw an opportunity to claim credit for Kulick's successes," the suit says. He agreesbut then goes radio silent.. The company is now prepared to go forward with the towers construction, according to Kalikow. If the United States goes to war with another nuclear armed superpower, this could have a devastating impact on your retirement portfolio. Each loan is unique and tailored specifically to meet the needs of our borrowers. Occupation. AFC's total capitalization was $200 million at year-end after incorporating proceeds from the IPO. AFC Gamma, Inc. has elected and qualified to be taxed as a real estate investment trust for the United States federal income tax purposes under the Internal Revenue Code of 1986. Read the latest edition of the Commercial Observer online! We are different from other lenders in two significant ways. Kalikow has reason to be angry. The fact of the matter is, lawsuits cost a lot of money. Any person who is being bothered by construction at [the Sutton Place development] or at any site in my district, I ask them to call 311; I ask them to reach out to me personally. Serial poda za duetem, ktry poszukuje, negocjuje, kupuje i odnawia zniszczone domy w imieniu klientw. [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. Jonathan Kalikow Principal of Manager, Head of Real Estate and Class II Director of AFC. AFC is externally managed, which isn't unusual for an mREIT. 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. LT: Throughout my career, I've been fortunate to have significant experience with taking companies public to date, I've taken four companies public, including AFC Gamma. The company was incorporated in 2020 and is based in West Palm Beach, Florida. This April, CO reported that Gamma had spent the previous few months demolishing the three tenement buildings that had previously occupied the site. The DOB was doing their job. Actor. Amy D Scott married Jonathan G Kalikow on month day 2003, at marriage place, New York. RT: We are fortunate to have support from a robust institutional investor base that understands the cannabis market. I think theres a group of potential buyers that would find living in that area exciting, he said. Learn More about insider trades at AFC Gamma. 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. Known for. Mr. Kalikow is also Member of New York State Bar Association and Director & Head-Real Estate at. After the sale, I took some time off and started a family office, and saw an arbitrage opportunity in the cannabis industry while researching investments. I'd classify two of the seven as truly independent. In cannabis, it's sometimes difficult to predict the timing of closings, but were excited about our pipeline. So it's critical to use limit orders when transacting such a low liquidity stock. We feel good about its strength, although the number may fluctuate from time to time, and we look forward to continuing to advance the cannabis industry. Theyve also directly structured over $10 billion in loan transactions and taken three companies public. 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. We see relatively heavy volume on the day of the IPO, though that quickly subsided. 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.). Coupled with its other financial resources, it's sufficient to achieve a diversified portfolio capable of demonstrating AFCs abilities. [3] [4] He is also a voice artist. 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? Prior to co-founding Gamma, Jonathan Kalikow spent 18 years on Wall Street. And while its lower than its previous high, it remains roughly 10% higher than its initial $19.0 price. 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 . AFC Gamma executed an IPO on March 19, 2021. Copyright 2022 Gamma Real Estate. 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. Most recently, on Thursday, June 16th, Jonathan Gilbert Kalikow bought 57,600 shares of AFC Gamma stock. They were a Florida operator that we backed in November 2020 and provided capital to build out their Indiantown cultivation facility. Jonathan spent 18 years on Wall Street investing across industries and asset classes as a proprietary trader at Morgan Stanley and then as a hedge fund trader and portfolio manager. Jonathan Neale, 40, fell asleep by his front door after a day of drinking and . 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. 3-min read. Last but not least then, we have Jodi Hanson Bond, whos been serving as a corporate director at Fifth Street since March 2017. This is the entire management team provided on Fifth Street's website, another company founded by Tannenbaum. JONATHAN KALIKOW et al, Defendants. RT: AFC Gamma is a commercial mortgage REIT. I think, from the outset, most of the competition will come from hedge funds, not big banks. [Three Sutton Place] is in a residential neighborhood that we find unique, and it has these really strong water views, Kalikow said about Beninatis plan for a 950-foot tower when it first crossed his desk in 2014. This building [101 Park Avenue] is next to Grand Central [Terminal], whereas it could take you another 40 minutes to get over there. After all, this started out as a beautiful dream. 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. 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. In customary fashion, underwriters were granted the option to purchase another 937,000 shares at the IPO price, less underwriting discounts and commissions. The corporate mailing address for Mr. Kalikow and other AFC Gamma executives is 525 OKEECHOBEE BLVD. Given its especially profitable, high-interest rate loans even somewhat expensive leverage will create a spread of at least 500 basis points and potentially 800-900. Thomas is also the author of The Intelligent REIT Investor Guide (Wiley) and is writing a new book, REITs For Dummies.. To summarize the analysis of the board, the CEO is chairman. And AFC Gamma was created roughly half a year later in mid-2020. 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 the point where things start looking quite attractive for AFC. 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. 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 stock was acquired at an average cost of $15.62 per share, with a total value of $899,712.00. Acreage has one of those prized licenses, and we're looking forward to helping them continue building it out. Mr. Kalikow owns 97,500 shares of AFC Gamma stock worth more than $1,520,025 as of March 1st. The third tier is smaller operators. 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. Mr. Kalikow is a graduate of the Wharton School of Business with degrees in Real Estate and Finance. Create a free family tree for yourself or for Jonathan Kalikow and we'll search for valuable new information for you. Both markets have strong medical programs with a robust addressable market and population of patients. AFC Gamma's insider roster includes Jodi Bond (Director), Jonathan Kalikow (Insider), Leonard Tannenbaum (CEO), and Robyn Tannenbaum (Director). 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. We like the state of Arizona. Jonathan Roumie is drinking coffee. After an excellent twenty-year run, I decided to sell the company to Oaktree Capital Management in 2017 for $320 million. Her educational and professional background are impressive, just unrelated to cannabis, marketing, commercial real estate, or any other area we consider core to AFCs business. 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. While the then-single Robyn joined the firm in March 2014 while Leonard was still married to his second wife, Stacey Thorne. From a cash flow perspective, our best estimate is that AFC generated $2.87 million over the period, or about $7 million annualized. 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. Im sure itll be successful because there are a lot of powerful people involved who are smarter than me, but I dont see us building new tunnels or bridges or subway lines any time soon., I tend to be a very under-the-radar person, Kalikow explained. Gammas lawsuit firstly alleges that Philip Pilevsky caused Prime Alliance Group (of which he is president) to lend Beninati $50,000 to retain a law firm, LaMonica, Herbst & Maniscalco, to file a bankruptcy petition which then prevented Gamma from executing the foreclosure sale. It comprised a $145.9 million single loan to refinance the previous loan and a $1.4 million building loan to fund the demolition of the existing properties at the site. 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? Of course, as in any market, some operators will be successful, but we do not have plans to enter the California market. 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. 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). The interference made it difficult for Kulick to do his job, and he came. RT: Many success stories have resulted from our funding and operators that we provided capital to build and expand their businesses. RT: Two types of financing are available to cannabis operators. 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. Bauhouse also alleged that Gamma had a different motivation than a traditional lender and seized greater control by refusing to fund the project in accordance with loan documents. We're very bullish on New Jersey as well. Dr. Jonathan Eisenstat testifies during Alex Murdaugh's double-murder trial at the Colleton County Courthouse in Walterboro, South Carolina, on Feb. 27, 2023. So, as a REIT, we need to have real estate as collateral. Get New Jersey Jewish News's Newsletter by email and never miss our top stories Free Sign Up Services were held Feb. 11 with arrangements by Bernheim-Apter-Kreitzman Suburban Funeral .

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