About Spruce
Spruce Capital Partners is a privately-held, New York-based real estate investment firm that owns, develops, and finances real estate and real estate-related opportunities. Founded in 2007 by Joshua Crane and Robert Schwartz, Spruce’s primary focus is on delivering superior risk adjusted returns while protecting downside. We believe this is achieved through a creative, multi-faceted approach to identifying, structuring, and executing deals.
SPRUCE CAPITAL
Established: 2007
Focus: Opportunistic Investment & Development
Transactions: 10+
Track Record: Over $2.5 billion in value
12-year history of successfully buying, developing, and managing individual real estate transactions throughout New York City
Experience in sourcing and originating creatively structured transactions
Execution spans across different asset types
SPRUCE PROPERTIES
Established: 2014
Focus: Multi-Family Housing Outside of NYC
Transactions: 3,500+ units
Track Record: $500+ million in value
Multi-family rental apartments outside of New York City
Characterized by consistent cash flow, 20-year investment horizon, and steady risk-adjusted returns
Properties with stable demographics, attractive cost-basis, and potential for long-term appreciation
S3 CAPITAL
Established: 2013
Focus: Real Estate Credit Platform
Transactions: Over 250 loans since inception
Track Record: In excess of $1.5 billion in loans
Provides real estate bridge and construction financing secured by recorded first liens
Closed over 250 first mortgages totaling >$1.2 billion
Originate loans up to $15 million with dedicated funds, and loans in excess of $15 million with discretionary special purpose vehicles
In house expertise
The firm’s Principals, Joshua Crane and Robert Schwartz, lead an accomplished team of 20+ dedicated professionals with specialized market knowledge and they bring an entrepreneurial approach to uncovering and creating value. To ensure the success of each investment, Spruce employs a team of industry professionals across:
Acquisitions
Construction
Finance
Management
Origination
Underwriting
Featured Transactions
151 East 78th Street, New York, NY
Spruce assembled land and air-rights in five separate closings. Spruce then built 151 East 78th Street, a 16-story condominium consisting of 14 luxury apartments. Spruce proceeded to finish construction in 24 months and sold out the units during construction for approximately $3100 per square foot.
Crystal Woods, Alexandria VA
Spruce identified 344 workforce housing units 10 miles outside of Washington DC which they purchased in October 2013 for a total cost of $72mm ($17.75mm Equity). The property was gradually improved and sold four and a half years later realizing a 16% IRR.
Spruce Capital
151 East 78th Street, New York, NY
Spruce assembled land and air-rights in five separate closings. Spruce then built 151 East 78th Street, a 16-story condominium consisting of 14 luxury apartments. Spruce proceeded to finish construction in 24 months and sold out the units during construction for approximately $3100 per square foot.
Spruce Properties
Crystal Woods, Alexandria VA
Spruce identified 344 workforce housing units 10 miles outside of Washington DC which they purchased in October 2013 for a total cost of $72mm ($17.75mm Equity). The property was gradually improved and sold four and a half years later realizing a 16% IRR.