Janney is Acting as Distribution Agent in Sachem Capital Corp's $30.0 Million At-the-Market Stock Issuance and Acted as Joint Book-Running Manager in its $23.7 Million Public Notes Offering
June 28, 2019 – Sachem Capital Corp. ("Sachem" or the "Company") entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with Janney Montgomery Scott LLC as a distribution agent (the "Agent), pursuant to which the Company may offer and sell through the Agent common shares (the "Placement Shares") in accordance with the terms and conditions set forth in the Sales Agreement. Sales of Placement Shares made under the Sales Agreement will be made by any method permitted by law that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act of 1933, as amended. Under the Prospectus Supplement up to $30 million of the Placement Shares may be sold.
June 21, 2019 – Sachem Capital Corp. announced the pricing of its registered public offering of $23 million of 7.125% unsecured, unsubordinated notes due 2024. The Company has granted the underwriters a 30-day option to purchase up to an additional $3.45 million aggregate principal amount of notes to cover over-allotments, of which $663,000 has been exercised. The Company has received an investment grade private rating of “BBB+” from Egan-Jones Ratings Company, an independent, unaffiliated rating agency.
Janney Montgomery Scott LLC acted as joint book-running manager in the offering.
About Sachem Capital Corp.
Sachem Capital Corp. specializes in originating, underwriting, funding, servicing and managing a portfolio of mortgage loans secured by first mortgage liens on real property. Its customers include real estate investors and developers who use the proceeds of the loans to fund their acquisition, renovation, development, rehabilitation and/or improvement of properties located primarily in Connecticut. The properties securing the company’s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. The company does not lend to owner occupants. The company’s primary underwriting criteria is a conservative loan to value ratio. Sachem has elected to be taxed and operates as a real estate investment trust (REIT) for federal income tax purposes.