- Founded in 2013, S3 Capital is a New York-based lending platform and is the private lending arm of investment management company, Spruce Capital;
- Specializing in small balance loans under $20m and large balance loans up to $250m, the firm has successfully lent over $5b across c.600 transactions;
- The £60.7m note-on-note loan from OakNorth will be used to support the development of 68 new luxury condo in Greenpoint, Brooklyn;
- The transaction marks OakNorth’s fifth individual deal with S3 Capital, with recent past loans being used to develop a major multi-family scheme in New Jersey, and multiple new condos in South-Central Brooklyn.
New York, USA, December 15th 2025; OakNorth – the leading digital bank for entrepreneurs, by entrepreneurs, has provided a $60.7m note-on-note facility to returning customer and New York-based lending platform, S3 Capital.
Founded in 2013 by Joshua Crane and Robert Schwartz after they recognized a significant lack of institutional quality, middle market construction lenders in NYC, the firm has since become one of the most active private lenders nationally. Formed as the private lending arm of Spruce Capital Partners, the firm specializes in small balance loans under $20m and middle market loans up to $300m, successfully lending over $6.5b across 700+ transactions to date.
The £60.7m note-on-note loan from OakNorth will be used to support the ground-up development of 68 new luxury condos in Greenpoint, Brooklyn. Considered to be one of the borough’s most desirable waterfront neighborhoods, the development will offer residents a modern collection of spacious one, two, three and four bedroomed homes, complemented by a range of premium amenities, including a 24-hour concierge, landscaped rooftop garden, co-working lounge, fitness center, and children’s play area. Designed with high-end finishes and private outdoor spaces for most units, the project aims to deliver best-in-class living with easy access to the G train, East River Ferry, and Manhattan’s business districts.
Joshua Crane, Co-Founder at S3 Capital, commented on the transaction: “We’re delighted to once again partner with OakNorth on this exciting project in Greenpoint. This marks our fifth deal together, and we keep returning to OakNorth due to their deep expertise, strong track record, and speed in executing complex real estate transactions. Their continued trust and partnership reflect our shared focus on disciplined underwriting and delivering high-quality developments in key markets.”
Dylan Jagjivan, Director of Debt Finance at OakNorth, added: “This project showcases the strength of our ongoing relationship with S3 Capital, one of the most experienced and reliable lenders in the New York market. The Greenpoint development is well-located in a high-demand neighborhood, with strong fundamentals and a proven sponsor team behind it. We’re proud to continue supporting S3’s growth in the US, as we expand our footprint in high-quality residential developments.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £5m-£100m in revenue), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $18bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 61,000 jobs, and over 38,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.com for more information.
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