Sachem Capital Corp. Expands Capabilities with Acquisition of Urbane New Haven LLC, a Premier Real Estate Development and Construction Firm
10 Ottobre 2022 - 2:30PM
Sachem Capital Corp. (NYSE American: SACH) today announced that it
has acquired substantially all the business assets of Urbane New
Haven, LLC (“Urbane”), a premier real estate firm specializing in
all phases of development and construction, including architecture,
design, contracting, and marketing. Headquartered in New Haven,
Connecticut with 11 employees, Urbane has successfully developed
and overseen hundreds of real estate projects in multiple markets
across the country for over 21 years. In connection with the
acquisition, Eric O’Brien, one of the owners of Urbane, has been
hired by Sachem as its new Senior Vice President, Asset Management.
Mr. O’Brien’s primary responsibilities include construction
management oversight and real estate development. The purchase
price for the Urbane assets was 300,000 of Sachem’s common shares.
The transaction is closed on October 6, 2022.
John Villano, CPA, the company’s Chief Executive
Officer stated, “The acquisition of Urbane is both strategic and
highly synergistic, as the Urbane team will be overseeing our
construction finance business, which has grown significantly over
the past few years. Having Urbane in-house provides Sachem with
go-to construction expertise, which should enable us to take on
larger and more profitable construction loans, as well as further
vertically integrate our lending platform. We have been working
with Urbane for over a year now, helping us manage complex real
estate development and construction projects from Connecticut to
Florida for which Sachem has provided financing. The fees for these
construction management services are paid for by the customer,
providing us with new income streams to help ensure the highest
level of oversight and planning diligence on all projects, as we
continue to diversify to into new asset classes where our capital
is better protected and risk of loss is minimized, in an effort to
maximize shareholder value.”
“We expect this transaction to accomplish two
important goals for the Company. First, our construction finance
business will benefit from exceptional development and construction
expertise, which will not only add value for our borrower
clientele, but also provide additional protection for our invested
capital. Second, should a loan run into difficulty, we now have the
ability to remedy and, perhaps, complete projects minimizing the
costs associated with distressed property. In addition, the
inclusion of the Urbane team is particularly timely given the
current state of the real estate market, which is facing challenges
due to labor and material shortages, as well as the disruption in
demand caused by large and frequent interest rate increases.
Internally, as we continue to enhance our underwriting process and
prudently manage portfolio risk, the inclusion of Urbane into our
construction origination process will be an important addition to
our capabilities as we continue to grow. Having greater flexibility
than traditional lenders will also help further differentiate
Sachem Capital, allowing us to take on additional projects at
favorable terms with attractive margins, while continuing to expand
our market share,” concluded Mr. Villano.
Eric O'Brien, President and founder of Urbane
New Haven, noted, “We are excited to combine our capabilities with
Sachem, which we believe will truly differentiate the company in
the marketplace. At Urbane, our core vision is rooted in family
culture, which we share with Sachem. For the past 8 years we have
enjoyed a productive relationship with Sachem and look forward to
growing together given our combined expertise. Our ability to
visualize end results and create enjoyable environments will serve
us well in the future. Given the current market conditions, we feel
we can take advantage of under-performing assets and convert them
to meaningful profits for Sachem, through optimized design,
development and execution. Urbane is a firm with many versatile
team members whose goal is to focus on the design, management and
construction of spaces. Our team values the accomplishment of their
work and we feel this will add a new profit center for Sachem going
forward.”
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Investor & Media
Contact:Crescendo Communications, LLCEmail:
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