Sachem Capital Announces Leadership Change in Finance
Sachem Capital Corp. (NYSE: SACH), a prominent mortgage REIT, has made a significant move by appointing Jeffrey C. Walraven as the Interim Chief Financial Officer. This transition comes after Nicholas Marcello, who has been with the company for over four years, announced his resignation to explore new opportunities outside the REIT industry. The company aims for a seamless transition as Mr. Marcello is set to assist through the end of the year.
Understanding the Transition
In a statement from John L. Villano, President and CEO of Sachem Capital, he emphasized the robust finance and accounting teams established in recent years. With Walraven's extensive background in financial management and mortgage REITs, he is expected to guide the company effectively during the search for a permanent CFO. Villano also expressed appreciation for Marcello's contributions, highlighting his role in scaling the company and refining its financial strategies.
Jeffrey C. Walraven's Background
Walraven brings a wealth of experience to his interim role. Previously serving as Chief Operating Officer and co-founder of Freehold Properties, Inc., a real estate investment trust, he has been instrumental in transitioning the company's focus toward premium vineyard real estate financing. His leadership experience extends to being an independent director for Broad Street Realty, Inc., where he participated in managing essential retail properties.
The Departure of Nicholas Marcello
Marcello's departure marks a pivotal moment for Sachem Capital, as he has played a critical role in the company's growth. His leadership helped navigate the complexities of financial markets and contributed to building a solid financial foundation. During his tenure, Marcello helped enhance Sachem's strategic approach, leaving behind a legacy of success.
About Sachem Capital Corp.
Sachem Capital Corp. specializes in originating and managing a portfolio of loans secured by first mortgages on various properties. The company primarily focuses on short-term, secured loans aiding real estate investors in acquiring and improving properties. Its conservative underwriting approach ensures that loans are secured against both residential and commercial real estate, providing a robust framework for investment security. Additionally, the company engages in opportunistic real estate purchases alongside its primary lending operations.
Looking Ahead
As Sachem Capital embarks on its search for a new CFO, stability and continuity will be paramount. The leadership team remains committed to the company’s strategic objectives, aiming to build on the solid groundwork laid by Marcello. The recruitment process for the new finance leader will focus on finding an individual who can not only maintain the current momentum but also drive innovative financial strategies forward.
Frequently Asked Questions
Who is the new Interim CFO of Sachem Capital Corp.?
The new Interim Chief Financial Officer is Jeffrey C. Walraven, appointed following the resignation of Nicholas Marcello.
Why did Nicholas Marcello resign?
Marcello resigned to pursue opportunities outside the REIT industry, while remaining to assist with the transition process until the end of the year.
What is the primary business focus of Sachem Capital Corp.?
Sachem Capital specializes in originating, underwriting, and managing loans secured by first mortgages on real properties, primarily serving real estate investors.
What steps is Sachem Capital taking for the CFO search?
The company has initiated a search for a new Chief Financial Officer to ensure smooth leadership continuity and strategic oversight.
What kind of loans does Sachem Capital offer?
Sachem Capital provides short-term, secured loans aimed at funding acquisitions or improvements of residential and commercial properties.
