- Founded in 2013 by Joshua Crane and Robert Schwartz, S3 Capital is a New York-based lending platform and the private lending arm of Spruce Capital Partners;
- Specializing in small balance loans under $20m and large balance loans up to $300m, S3 Capital has successfully lent over $6.5b across 700+ transactions to date;
- The $79m of new funding from OakNorth, split across two separate note-on-note facilities, will be used to develop a new 13-storey multi-family scheme in New Jersey, as well as develop 27 new condos in South-Central Brooklyn.
New York, USA, 16 July, 2025; OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided $79m of new funding to 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 $79m of new funding from OakNorth, split across two separate note-on-note facilities, will be used to develop a new 13-storey multi-family scheme in New Jersey, as well as develop 27 new condos in South-Central Brooklyn. The New Jersey site, located in North Bergen, will consist of 157 modern units with waterfront views of the Hudson River and the Manhattan skyline, in addition to numerous amenities including several meeting rooms, fitness suite and swimming pool, lounge area and EV charging points. The South-Central Brooklyn development, located in Midwood, will consist of two-bedroom, three two-bedroom, four-bedroom and six-bedroom units, as well as several private outdoor spaces, roof terrace, exercise suite and lounge areas.
Joshua Crane, Co-Founder at S3 Capital, commented: “At S3, we continue to pride ourselves on our ability to arrange creative financing solutions, which has allowed us to become one of the most active construction lenders nationally. Having now worked with Dylan and the OakNorth team on multiple highly complex transactions, we knew they had the ability to deliver the bespoke funding we needed for these projects. Their knowledge of the New Jersey and Brooklyn real estate markets, combined with their commitment to a straightforward and efficient process, played a significant role in the successful completion of both these transactions.”
Dylan Jagjivan, Associate Director of Debt Finance at OakNorth, added: “These transactions represented another exciting opportunity to support a company that we’ve been hugely impressed with for several years now. Both Joshua and Robert are industry stalwarts who have a deep-rooted experience in the real estate lending market. Note-on-note facilities continue to enable us to access a wider variety of clients which we might not have access to typically and are key growth area in our US-based portfolio going forward. We’re delighted to have been able to support S3 Capital again and look forward to supporting them on many more real estate projects in the future.”
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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 £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $17bn 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 56,000 jobs, and over 34,000 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.co.uk for more information.
For press inquiries, please email: [email protected]
About S3 Capital
S3 Capital is a national real estate lender specializing in construction and bridge loans for multifamily development. With experienced and dedicated teams focused on origination, underwriting, and construction management, they take an active and hands-on approach to lending that mitigates risk both before and during the life of the loan. Since launching its credit business in 2013, S3 has originated over 700 loans totaling more than $6.5 billion. With a focus on multifamily in and around Tier 1 markets, S3 seeks to achieve equity-like returns for investors that are both resilient and current income-oriented. S3 Capital is wholly owned by Spruce Capital, founded in 2007, which also owns Spruce Properties, focused on managing approximately 5,000 multifamily units primarily based in the Midwest.