About Spruce
Spruce Capital Partners is a privately-held, New York-based real estate investment firm that owns 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.
S3 CAPITAL
Established: 2013
Focus: Real Estate Credit Platform
Transactions: Over 475 loans since inception
Track Record: In excess of $3.5 billion in loans
Provides real estate bridge and construction financing secured by recorded first liens
Closed over 340 first mortgages totaling >$2 billion
Originate loans up to $15 million with dedicated funds, and loans in excess of $15 million with discretionary special purpose vehicles
SPRUCE PROPERTIES
Established: 2014
Focus: Multi-Family Housing Outside of NYC
Transactions: 4,100+ units
Track Record: $700+ million in value
Multi-family rental apartments outside of New York City
Characterized by consistent cash flow, 10-year investment horizon, and steady risk-adjusted returns
Properties with stable demographics, attractive cost-basis, and potential for long-term appreciation
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
224-228 East 135th Street, The Bronx, NY
S3 Capital originated a $140 million loan towards the construction of two new mixed-use towers in Mott Haven, Bronx consisting of 301 free market units, 129 affordable units, 24 extended stay hotel keys, 5,000 square feet of retail, and 210 parking spots. The project was built, completed, and fully leased up within 2.5 years, and successfully refinanced with a permanent loan.
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.
S3 Capital
224-228 East 135th Street, The Bronx, NY
S3 Capital originated a $140 million loan towards the construction of two new mixed-use towers in Mott Haven, Bronx consisting of 301 free market units, 129 affordable units, 24 extended stay hotel keys, 5,000 square feet of retail, and 210 parking spots. The project was built, completed, and fully leased up within 2.5 years, and successfully refinanced with a permanent loan.
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.