S3 Capital Partners, a New York City-based private lending platform, closed 85 loans for a total of $915 million in 2019. S3 Capital is the New York metropolitan area's most active lender with 150 active loans in the five boroughs of New York City and New Jersey.

S3 Capital closed the year with a $250 million loan to the McSam Hotel Group for 150 West 48 Street. The financing, a $210 million first lien and a $40 million mezzanine loan, is for the acquisition and construction of a new hotel development in Manhattan's Theatre District.

Among S3 Capital's other notable 2019 loans were $65 million for the development of 190 residential units and 20 extended-stay units at 224 East 135th Street in The Bronx; $50 million for the renovation and development of 10 & 26 Quincy Street in Brooklyn's Clinton Hill; $44 million for the development of 55 condominium units at 1300 Manhattan Avenue in Union City, NJ; $40 million as a land loan for a 600,000-square-foot development of a hotel and two condo buildings at 131-02 40th Road in Queens, and $38.5 million for the development of 146 rental units and 20,000 square feet of retail at 176 Kinderkamack Road in Emerson, NJ.

S3 Capital's smaller-balance loans in 2019 included $8.1 million for the refinancing and development of a condominium project at 707 Willoughby Avenue in Bedford-Stuyvesant, Brooklyn; $9 million for the refinancing and development of a rental property at 1611-1617 Brooklyn Avenue in East Flatbush, Brooklyn; and $14.75 million for the refinancing of a condominium property at 906 Prospect Place in Crown Heights, Brooklyn.

"The past year has seen significant development momentum in the region, and we have been pleased to partner with developers in the New York metro region to advance many market-leading projects," said Joshua Crane, co-founder and principal of S3 Capital.

"It seems that 2020 will be a year of continued activity, and we look forward to using our understanding of the construction and development process to support new projects with varied loan products," said Robert Schwartz, co-founder and principal of S3 Capital.

About S3 Capital Partners 

S3 Capital Partners was established in 2013 by the Principals of Spruce Capital. S3 Capital offers a flexible platform that originates both smaller loans of between $1 million to $20 million, and larger loans of $20 million to over $250 million. Since its inception, S3 Capital has originated more than 320 first mortgages, with a current portfolio of 150 active loans totaling over $1.4 billion. S3 is currently the most active private debt lender in New York City. The firm has deep development experience and is especially well positioned to streamline the construction process. It has a committed pool of capital, funding construction draws and responding quickly to meet borrower needs.

About Spruce Capital Partners

Spruce Capital Partners is a privately-held, New York-based real estate investment firm that owns, develops and invests in real estate and real estate-related opportunities. Founded in 2007 by Joshua Crane and Robert Schwartz, Spruce’s primary focus is delivering superior risk-adjusted returns. The company achieves this through a creative, multi-faceted approach to identifying, structuring and executing deals. Since its inception, Spruce has invested in an array of real estate transactions with an aggregate value in excess of $5 billion.