In a significant leadership change, Sachem Capital Corp. (NYSE: SACH), a mortgage REIT specializing in short-term real estate loans, has announced the departure of its Chief Financial Officer, Nicholas Marcello. In light of this, the company has appointed board member Jeffrey C. Walraven as Interim CFO to ensure continuity in its financial operations.
Marcello, who joined Sachem over four years ago, is leaving to pursue opportunities outside the REIT industry. His tenure at Sachem was marked by significant contributions to the company’s growth, including improvements in financial strategies and the development of a robust finance team. Marcello will assist with the transition through the end of the year.
John L. Villano, Sachem’s President and CEO, expressed confidence in the company’s financial foundation, citing the strengthened finance and accounting teams built during Marcello’s tenure. Villano praised Marcello’s role in scaling the company and enhancing its capital markets strategies.
The appointment of Walraven as Interim CFO brings a wealth of experience to the position. Walraven, who will remain on Sachem’s board but step down from various committees, has an extensive background in real estate finance and operations. His career includes serving as COO and co-founder of Freehold Properties, a REIT focused on cannabis-related real estate that recently pivoted to vineyard real estate financing. Walraven also holds a directorship at Broad Street Realty and previously served as EVP and CFO of MedEquities Realty Trust.
Walraven’s background in public accounting, particularly his experience with publicly traded REITs, positions him to maintain Sachem’s financial oversight during the transition. His expertise spans capital markets, accounting, and finance, with over 20 years in public accounting and significant experience in SEC compliance and securities offerings.
Sachem Capital, known for its focus on short-term, secured loans to real estate investors, emphasizes conservative loan-to-value ratios in its underwriting. The company primarily deals with residential and commercial properties held for resale or investment.
As Sachem begins its search for a permanent CFO, the transition highlights the company’s ability to leverage its board’s expertise to maintain operational stability. The smooth handover and the appointment of a qualified interim CFO suggest minimal disruption to Sachem’s financial operations and reporting processes.
This leadership change comes at a time when the real estate market faces various challenges, including fluctuating interest rates and economic uncertainties. Sachem’s ability to navigate this transition effectively will be crucial for maintaining investor confidence and continuing its growth trajectory in the competitive mortgage REIT sector.
