a privately-held, New York-based
real estate investment firm

Own

Spruce Properties

a privately-held, New York-based
real estate investment firm

Finance

S3 Capital

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 340 loans since inception

Track Record: In excess of $2 billion in loans

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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: 3,500+ units

Track Record: $500+ million in value

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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

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:

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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.

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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.

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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.

View More Transactions

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.

View More Transactions