S3 Capital

Founded in 2013, S3 Capital (“S3”) is the real estate lending arm of Spruce Capital Partners and is an active private real estate debt lender in New York City. Led by Joshua Crane and Robert Schwartz, S3 primarily focuses on construction loans and short-term bridge financing and is headquartered in New York, NY.

Deal Sourcing & Underwriting

S3 has a flexible platform that originates smaller loans between $1M and $20M, and larger loans from $20M to over $250M. Since its inception, S3 has originated over 350 first mortgage loans, with a current portfolio of 132 active loans totaling over $1.4B.  At a high level, S3’s underwriting criteria consist of the following:


  • The borrower has existing real estate investments in their portfolio whose value is greater than that of the proposed loan
  • Completed at least 4 projects
  • Borrowed from conventional lenders in the past
  • No outstanding major litigation issues
  • No past criminal charges

Credit Underwriting:

  • Loan-to-value for rental buildings – up to 65% at closing & as stabilized
  • Loan-to-value for condo projects – up to 65% at closing, 60% as stabilized
  • Loan-to-value for hotels – up to 65% at closing & stabilized, both from an NOI and per-key basis
  • Loan-to-cost of up to 75%

Out of the 350+ loans originated since inception, S3 has only had two loans in foreclosure – one is still undergoing and is expected to recover the full value of the principal, the other is completed and S3 recovered 1.45x of the original principal.

Management Team

Joshua Crane

Co-Founder and Principal

Joshua Crane is a Co-Founder and Principal of both Spruce Capital & S3 Capital and is responsible for sourcing and executing on all aspects of the business. Previously, he was a partner at Irongate, where he developed the Trump International Hotel & Tower at Waikiki Beach Walk. Joshua also worked at Stellar Management, where he was involved in the acquisition of Independence Plaza, a 1,330-unit rental building in New York City’s Tribeca, and 2,000 units in Washington D.C. The firm also bought and sold more than one million square feet of NYC office buildings. Joshua began his career at Solomon Brothers in the Mergers and Acquisitions group. He graduated from the Wharton School at the University of Pennsylvania.

Robert Schwartz

Co-Founder and Principal

Robert Schwartz is Co-Founder and Principal of Spruce Capital and is responsible for all aspects of the business including acquisitions, financing, and management. He manages S3 Capital and is a member of its investment committee. Prior to founding Spruce Capital, Robert helped run a successful family business where he established the family’s real estate investment program. Robert began his career as an investment banker at DLJ and UBS. He graduated from the Wharton School at the University of Pennsylvania.

Shawn Safdie

Managing Director, Credit Origination

Shawn Safdie is head of debt origination at S3 Capital Partners where he focuses on loan origination, business development, structuring and underwriting. He excels at developing and maintaining relationships and executing transactions. Shawn has more than 15 years of experience in the real estate credit business and has always focused on the bridge lending space. He has a BA in Business Management & Finance from CUNY Brooklyn College.

Matan Kurman

Managing Director

Matan Kurman joined S3 Capital Partners at its inception in July 2014 to manage day-to-day operations and underwriting of loans. Prior to working for S3, he was an acquisition intern at Brookwood Financial Partners. Matan previously served as Captain in the Israeli Air Force as an F-16 fighter pilot. During this time, he gained experience planning and executing complex operational missions. In addition, he managed system installations and supervised scheduling and training scenarios for an F-16 Simulator Unit. He earned his undergraduate degree from Ben-Gurion University of the Negev in Beersheba, Israel with a BA in Political Science and his MBA from Brandeis University in Waltham, MA. He is fluent in English and Hebrew.

Peter Rosenberg

Construction & Development

Peter Rosenberg is responsible for all aspects of construction and development for both Spruce and S3. He previously was a Managing Director of Development and Construction at Lightstone and a Director of Development at Stellar Management. Peter started his career at Turner Construction and Rockrose Development. He holds an MBA in Finance from New York University’s Stern School of Business, as well as a BS in Mechanical Engineering from the University of Vermont. He is also a licensed Construction Superintendent in New York City.