News & Insights

December 8, 2020 | JLL

NYC-based Spruce Properties buys Des-Moines-area portfolio for $56.75M, largest single apartment trade in the state of Iowa

JLL Capital Markets closed the $56.75 million sale, the 2nd largest multi-family purchase in the history of Iowa, and arranged $45.4 million in acquisition financing for Spruce Properties, the multi-family investment affiliate of Spruce Capital Partners.

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November 11, 2020 | Commercial Observer

S3 Capital Provides $60M Construction Loan for Bronx Multifamily Property

JCS Realty has landed $60 million in construction financing from S3 Capital Partners for a multifamily property located in the Mott Haven neighborhood of the Bronx.

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March 3, 2020 | Commercial Observer

S3 Capital Provides $26M Construction Loan on Astoria Condo Building

S3 Capital Partners, a lending arm of investment and development firm Spruce Capital Partners, has provided a $26 million construction loan to a trio of sponsors to help construct a mixed-use residential condominium building on the waterfront in Astoria, Queens.

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February 7, 2020 | GlobeSt.com

Rainmakers in Debt & Equity Finance

GlobeSt.com profiles S3 Capital Partners.

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February 6, 2020 | Commercial Observer

Spruce Capital Lands $102M Agency Loan for Indianapolis Rental Portfolio

Spruce Capital Partners has landed $102 million in Fannie Mae-backed debt from Newmark Knight Frank Multifamily to fund its purchase of a four-building multifamily portfolio in Indianapolis.

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January 24, 2020 | Commercial Real Estate Direct

S3 Capital Wrote $915M of Loans in 2019; Expects Similar Volume This Year

S3 Capital Partners, which specializes in funding bridge and construction loans against properties in New York City and New Jersey, originated 85 loans totaling $915 million last year.

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January 15, 2020 | Brownstoner

Salvation Army Sells Francis Kimball’s Clinton Hill Gem to Developers for $28.5 Million

Developers Loketch Group and Meral Property Group plan to construct 90 homes on the site, including condos in the existing building and 41 rentals in a brand-new one, mortgage lender S3 Capital Partners told the Commercial Observer earlier this month.

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January 10, 2020 | Commercial Observer

$50M Construction Loan from S3 Capital Funds Brooklyn Rental Project

Loketch Group and Meral Property Group have picked up $50 million in financing to acquire and redevelop a parcel in Brooklyn’s Clinton Hill, Commercial Observer first reported.

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January 5, 2020 | Citybizlist

S3 Capital Partners Provides $50M Loan for Two Residential Properties in Brooklyn

S3 Capital Partners LP , a New York City-based private lending platform, has provided a $50 million loan to the Loketch Group and Meral Property Group for the renovation of 10 Quincy Street and for the ground-up development of 26 Quincy Street in the Clinton Hill neighborhood of Brooklyn.

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January 3, 2020 | Commercial Observer

S3 Capital Funds Brooklyn Apartment Project with $50M Construction Loan

Loketch Group and Meral Property Group have picked up $50 million in financing from S3 Capital to acquire and redevelop a parcel in Brooklyn’s Clinton Hill.

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December 19, 2019 | Citybizlist

S3 Capital Partners Provides $250M Loan for New Hotel in Times Square

S3 Capital Partners LP  has provided a $250 million loan to the McSam Hotel Group LLC for the acquisition and construction of 150 West 48th Street , a new hotel development in Times Square.

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December 19, 2019 | The Real Deal

Sam Chang Lands $250M Loan for Midtown Hotel Project

Sam Chang has landed a $250 million loan for his upcoming project at 150 West 48th Street from S3 Capital Partners.

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December 4, 2019 | Real Estate Weekly

Tony Union City Condo Development Bags $44M Construction Loan

National Realty Investment Advisors (NRIA) has secured a $44 million construction loan from S3 Capital for its 55-unit gated development in Union City, NJ.

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November 27, 2019 | GlobeSt

NRIA Secures $44M Loan to Begin New Union City Project

Upon completion, Hoboken Heights at 1300 Manhattan Avenue will feature four buildings with 55 luxury residences, including nine penthouses with private elevators and expansive terraces.

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November 26, 2019 | NJBIZ

S3 Capital Provides $44 Million Construction Loan for Union City Residences

S3 Capital Partners provided a $44 million Construction loan to NRIA LLC, a national commercial rea estate developer, for a 55-unit condominium in Hoboken Heights in Union City.

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November 26, 2019 | Real Estate NJ

Hudson County Condo Project Lands $44 Million in Financing

S3 Capital Partners, a private lending platform, has closed on a $44 million construction loan to the developer of a 55-unit condominium project in Union City.

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June 26, 2019 | The Real Deal

Cheskel Schwimmer lands $65M construction loan for South Bronx project

Cheskel Schwimmer’s Chess Builders landed a $65 million construction loan from S3 Capital Partners for the second tower at its apartment/hotel project in the South Bronx.

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January 4, 2019 | The Real Deal

Spruce Capital Partners returns to UES with resi building

Spruce Capital Partners got a taste of the Upper East Side five years ago with a condominium on 78th Street, and it’s back in the neighborhood with another project. The developer on Friday filed plans for a new 35,000-square-foot, 17-story residential building at 323 East 79th Street. It will house 15 units, most of which will occupy either a full floor or two floors, which suggests another condo.

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October 24, 2018 | New York Post

Luxe Living – New York’s Poshest Property Trends

Some of the world’s top interiors experts are tackling dazzling new Manhattan projects. William Sofield – known for his work designing stores for Tom Ford, Ralph Lauren and YSL – masterminded, the layouts at JDS Development Group, Property Market Group and Spruce Capital Partners 111 West 5th Street.

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September 21, 2018 | Real Estate Weekly

New Steinway Tower the talk of the town

JDS Development Group and Property Markets Group launched sales at 111 West 57th Street last week for owner, Spruce Capital.

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September 20, 2018 | New York Post

High & Mighty – The 10 New York City buildings to know this fall

The highly anticipated 111 W. 57th St. condo, on Billionaire’s Row, launched sales last week with prices from $18 million to over $57 million.

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August 20, 2018 | Alabama.com

Mobile apartment complexes sell for $134 million

Some 2,000 apartment units in central Mobile have changed hands in a five-complex, $134 million deal. The five complexes involved are Crossings at Pinebrook, The Pathways, Sandpiper, Windsor Place and Yester Oaks.

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September 6, 2018 | The New York Times

A New Tower Rises Above Billionaires’ Row

If the redevelopment of the Steinway & Sons piano store in Midtown were a song, it would be a long one, with some dramatic pauses and a bit of dissonance. But despite the project’s yearslong struggles with escalating costs, infighting and lawsuits, the developers of the sky-high condo at 111 West 57th Street hope the building will still impress potential buyers.

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August 2, 2017 | Real Estate Weekly

Filling the Void for Middle Market Construction Loans

With so many active construction projects in progress in New York at any given time, one could be forgiven for thinking that financing for those properties is relatively easy to secure.

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July 29, 2016 | Commercial Observer

Commercial Observer Q&A with Robert Schwartz, Founder and Partner at S3 Capital

Commercial Observer’s Finance Weekly sat down with Robert Schwartz to learn more about Spruce Capital and S3 Capital.

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June 24, 2016 | Commercial Observer

Meridian Negotiates $65M Freddie Mac Loan From Capital One for Long Island Buy

A partnership between New York-based Spruce Capital Partners and Connecticut-based Post Road Properties received a $65.2 million Freddie Mac-secured loan for Hawthorne Court, a 434-unit multifamily complex in Central Islip, N.Y.

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March 18, 2016 | The New York Times

A $12.2 Million Condo for Katie Couric

Katie Couric and her husband bought an apartment on the entire 10th floor of 151 East 78th Street, a new limestone and brick condominium on the Upper East Side. At $12,168,087.50, the transaction was one of the most expensive sales of the week, according to city records.

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August 21, 2015 | The New York Times

For $28 Million, Another Perch at One57

A five-story, fully renovated townhouse at 42 West 71st Street near Central Park West was sold by Spruce Capital Partners for $18,355,000.

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August 15, 2015 | The New York Times

For $28 Million, Another Perch at One57

A sprawling aerie on the 67th floor of One57, Extell Development’s glassy-blueskyscraper, where the city’s priciest transaction for a single residence took placeearlier this year, sold to an undisclosed buyer for $28,005,375 and was the mostexpensive sale of the week, according to city records.

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April 1, 2015 | City Journal

American Architecture’s Classical Revival

Why, in 2015, would any-one want to build a classi-cal building? The answer: to reconnect present-day archi-tecture and city building with American political ideals, his-tory, and culture. This impulse, more common today than in several generations, reflects an irony of the architectural world: the avant-gardeis now composed of classical archi-tects, while the establishment, and especially the academy, is the fiefdom of modernists.

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January 12, 2015 | The Wall Street Journal

A Pair of Not-Yet-Built Manhattan Penthouses Sell for a Combined $57 Million

The two units in 151 East 78th Street have gone into contract for their asking prices of $29.5 million and $27.5 million respectively.

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October 15, 2014 | New York Post

Luxe Living

The Latest crop of luxury residential developments is breaking ground in a whole new way by bringing interior designers and architects better known for their work in hotels, restaurants, and product design – along with swanky private homes.

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September 14, 2014 | The New York Times

Bushwick Takes the Spotlight

A girtty neighborhood undergoes a transformation with new apartments.

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July 24, 2014 | The New York Post

Gotham’s New Gold Coast

Ah, Greenwich Village, a land of stately tree-lined streets, historic townhomes and scaffolding … lots and lots of scaffolding.

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July 16, 2014 | The Wall Street Journal

House of the Day: Landmark Building, Luxury Listing

Robert Schwartz and Joshua Crane, co-founders of real estate development and investment fi rm Spruce Capital Partners, looked at dozens of townhouses before they purchased this property on Waverly Place through an LLC in 2010 for $6.85 million. ‘We were looking all over in the Villlage and everything was either very small or too pricey,’ said Mr. Crane. ‘Th is one hit all the boxes where we thought we could create a very dramatic house with architectural signifi cance,’ he said.

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July 10, 2014 | New York Post

Dream Homes – Lincoln Square

Finding a townhouse on West 71st Street (between Central Park West and Columbus Avenue, specifically) may not be that surprising, but a brand new townhouse?

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May 15, 2014 | New York Observer

This is how it Ends: From Non-Profit Institute to $20 M+ Penthouses

A year and a half ago, the Observer chronicled the real estate happenings on a block of East 78th Street, where Spruce Capital Partners went on something of a buying spree, snapping up the Ackerman Institute at 151 East 78th Street and a conjoined townhouse at 153-155 East 78th.

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May 14, 2014 | The Real Deal

Upper East Side Penthouse’s ask exceeds price paid for entire site.

The largest penthouse at Upper East Side con-dominium building 151 East 78th Street hit the market for $29.5 million. The price tag exceeds the $29 million total that developer Spruce Capital Partners paid for the property in 2012.

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March 21, 2014 | The Real Deal

Spruce Capital Puts UES Penthouse on Market for $27M

Sales launched today at 151 East 78th Street, an Upper East Side condominium project by Spruce Capital Partners. One unit, a duplex penthouse boasting six bedrooms, carries an asking price of $27.5 million, a representative of Spruce told The Real Deal exclusively.

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March 19, 2014 | New York Post

Newest NY developments offer luxury, location – and value

This has been a punishing winter for New Yorkers. Not the schizo temperature shi”s (although, we concede, those weren’t exactly fun, either) — we’re talking about the lack of available residential real estate. According to the fourth quarter 2013 reports by appraisal #rm Miller Samuel, NYC was at its lowest level of inventory in 14 years.

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March 14, 2014 | The New York Times

Prewar Apartments from Scratch

Developers have long profited from renovating out-of-date prewar apartment buildings to create interiors pleasing to today’s buyers. But many are now building entirely from the ground up, in a style harking back to the era before World War II; the trend is particularly evident on the limestone-clad Upper East Side.

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March 14, 2014 | Curbed

First Look: Peter Pennoyer’s UES Condos for $10M and Up

It’s a big day for expensive new projects on the Upper East Side. Where there once were town houses, now there will be this. Spruce Capital Partners’ 151 East 78th Street will rise 16 stories and house just 14 apartments. First came a facade rendering, then some signage, but all that’s in the past because now there’s a teaser site and all-new images of the updated facade, interiors, and outdoor spaces.

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March 1, 2014 | The Real Deal

Peter Pennoyer’s Neo-Classical High Rise will Boost Neighborhood

In its demure and quiet way, a new development at 151 East 78th Street looks to be one of the more promising projects in the city, even though its actual construction has not yet begun.

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November 25, 2013 | The Real Deal

Spruce Capital Asks $23.5M for Upper West Side Townhouse

Spruce Capital Partners has put a new 8,300-square-foot Upper West Side townhouse on the market asking $23.5 million, a spokesperson for the developer told The Real Deal exclusively. The five-story home is located at 42 West 71st Street between Central Park West and Columbus Avenue and has six bedrooms and seven full bathrooms.

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December 12, 2012 | The New York Observer

New Owner of Townhouse Duo on East 78th Street is also buying the Ackerman Institute

Is there a new housing development in the works for East 78th Street? We can’t say for sure, but it definitely looks like some funny business is afoot on the block between Lexington and Third avenues.

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March 12, 2012 | The Real Deal

Spruce Capital Lists Greenwich Village Manse for $34 Million

An 11,000-square-foot apartment building converted into a single-family townhouse in Greenwich Village has hit the market for $34 million — five times what it sold for just four years ago.

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