Sachem Capital Corp. Announces the Promotion of Nicholas Marcello to Vice President of Finance and Operations
January 10 2022 - 8:00AM
Sachem Capital Corp. (NYSE American: SACH) announces the promotion
of Nicholas Marcello to Vice President, Finance and Operations,
effective immediately, in connection with the planned retirement of
Peter Cuozzo as Executive Vice President and Chief Operating
Officer, effective January 14, 2022.
Mr. Marcello joined Sachem Capital Corp. in
September 2020 as Director of Finance and will assume a leadership
role in business operations. He will continue to have oversight of
the company’s financial reporting, capital markets activities, tax
compliance, and investments. Mr. Marcello holds a B.S. from
Providence College and an M.B.A and M.S. in Accounting from
Northeastern University.
John Villano, CPA, Chief Executive Officer of
Sachem Capital Corp., stated, “I’d like to welcome Nick into his
new role within the company and believe his proven leadership
abilities will assist in advancing the growth of Sachem. In
addition, I want to thank Pete for his decade of service advancing
our vision and mission of serving the financing needs of real
estate owners and investors. Pete has been instrumental in the past
and present success of the company, both in terms of his executive
leadership and as one of our original partners prior to our IPO. I
would like to congratulate him on his retirement and wish him well
in all his future endeavors.”
About Sachem Capital Corp.
Sachem Capital Corp. specializes in originating,
underwriting, funding, servicing, and managing a portfolio of first
mortgage loans. It offers short-term (i.e., three years or less)
secured, nonbanking loans (sometimes referred to as “hard money”
loans) to real estate investors to fund their acquisition,
renovation, development, rehabilitation or improvement of
properties located primarily in Connecticut. The company does not
lend to owner occupants. The company’s primary underwriting
criteria is a conservative loan to value ratio. The properties
securing the company’s loans are generally classified as
residential or commercial real estate and, typically, are held for
resale or investment. Each loan is secured by a first mortgage lien
on real estate. Each loan is also personally guaranteed by the
principal(s) of the borrower, which guaranty may be collaterally
secured by a pledge of the guarantor’s interest in the borrower.
The company also makes opportunistic real estate purchases apart
from its lending activities. The company believes that it qualifies
as a real estate investment trust (REIT) for federal income tax
purposes and has elected to be taxed as a REIT beginning with its
2017 tax year.
Forward Looking Statements
This press release may contain forward-looking
statements. All statements other than statements of historical
facts contained in this press release, including statements
regarding our future results of operations and financial position,
strategy and plans, and our expectations for future operations, are
forward-looking statements. The words “anticipate,” “estimate,”
“expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,”
“might,” “will,” “should,” “could,” “likely,” “continue,” “design,”
and the negative of such terms and other words and terms of similar
expressions are intended to identify forward-looking statements. We
have based these forward-looking statements largely on our current
expectations and projections about future events and trends that we
believe may affect our financial condition, results of operations,
strategy, short-term and long-term business operations and
objectives and financial needs. These forward-looking statements
are subject to several risks, uncertainties and assumptions as
described in our Annual Report on Form 10-K for 2020 filed with the
U.S. Securities and Exchange Commission on March 31, 2021. Because
of these risks, uncertainties and assumptions, the forward-looking
events and circumstances discussed in this press release may not
occur, and actual results could differ materially and adversely
from those anticipated or implied in the forward-looking
statements. You should not rely upon forward-looking statements as
predictions of future events. Although we believe that the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of activity,
performance or achievements. In addition, neither we nor any other
person assumes responsibility for the accuracy and completeness of
any of these forward-looking statements. We disclaim any duty to
update any of these forward-looking statements. All forward-looking
statements attributable to us are expressly qualified in their
entirety by these cautionary statements as well as others made in
this press release. You should evaluate all forward-looking
statements made by us in the context of these risks and
uncertainties.
Investor & Media
Contact:Crescendo Communications, LLCEmail:
sach@crescendo-ir.comTel: (212) 671-1021
Sachem Capital (AMEX:SACH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sachem Capital (AMEX:SACH)
Historical Stock Chart
From Apr 2023 to Apr 2024