Benzinga | Jul 23, 2021 08:37AM EDT

Sachem Capital Announces $200M Master Repurchase Financing Facility With Churchill MRA Funding

Sachem Capital Corp. ("Sachem") (NYSE:SACH), today announced that it has consummated a $200 million master repurchase financing facility ("Facility") with Churchill MRA Funding I LLC ("Churchill"), a subsidiary of Churchill Real Estate, a vertically integrated real estate finance company based in New York, New York. Under the terms of the Master Repurchase Agreement between Sachem and Churchill, Sachem has the right, but not the obligation, to sell mortgage loans to Churchill, and Churchill has the right, but not the obligation, to purchase those loans.

John L. Villano, Sachem's Chairman and Chief Executive Officer, commented, "We are pleased to announce this master repurchase financing facility with Churchill, which is expected to reduce our overall cost of capital and finance the continued expansion of our lending business and for general corporate purposes. We believe the size and favorable terms of this Facility reflect our growth as an organization and the strength of our loan portfolio."

"This transaction demonstrates Churchill's continued commitment to real estate market opportunities related to fix-and-flip financing. We look forward to continuing our relationship with Sachem Capital, one of the leaders in this space," said Derrick Land, Managing Partner, Churchill Real Estate.

Janney Montgomery Scott LLC acted as sole lead arranger in the transaction.

Additional details relating to the Facility will be available in the Company's Current Report on Form 8-K, including the exhibits thereto, which the Company expects to file on or before July 27, 2021 and which will be available at www.sec.gov.