NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) — S3 Capital (“S3” or “the firm”), one of the most active private construction lenders nationally1, today announced it has surpassed $10 billion in total loan originations since the inception of its credit business in 2013. The milestone underscores S3’s standing as a leading platform within the U.S. construction finance market and reflects more than a decade of disciplined, consistent execution across market cycles.
The $10 billion figure spans over 925 loans originated, with a primary focus on first lien construction loans for housing-oriented commercial developments in supply constrained markets. S3 offers a full-service lending platform that provides bespoke financing solutions for developers at any stage of the construction process, with loan sizes typically ranging from $1 million to $300 million+.
S3’s growth in origination volume has accelerated meaningfully in recent years, driven by the retrenchment of regional banks from construction lending and the persistent undersupply of housing across the markets in which S3 operates.
“We built S3 to be the lender we always wished we had as developers. By designing a platform specifically tailored to construction lending, we were able to dramatically improve the funding process for our borrowers,” said Joshua Crane, Co-Founder and Managing Principal at S3 Capital. “When the regional banks pulled back from the market in 2023, we were well placed to capitalize on the liquidity gap which has fueled significant growth since then. The $10 billion milestone reflects the trust borrowers continue to place in us and our process. We are also blessed to have the best team in the business.”
S3’s origination velocity continues to accelerate, with roughly $2 billion in origination volume since the start of 2026 and $3.3 billion originated in the past 12 months alone. Recent notable deals include:
- $101 million construction loan for Visions Orlando, a multi-phased master planned residential community in Florida that will deliver 467 for-sale units (June 2026)
- $102 million construction loan for 311 W 43rd St, an office to residential conversion in Midtown West, Manhattan that will deliver 160 rental units (June 2026)
- $131.5 million construction loan for Edgecombe Center, a Student Housing development in Washington Heights, Manhattan that will deliver 276 rental units across 321 beds (May 2026)
- $116 million construction loan for a student housing development at Texas State University that will deliver 759 beds (May 2026)
- $344.75 million construction financing package for Continuum Waterfront District that will deliver over 500 condo units and a 20-slip marina (April 2026)
Over this same period, S3 has expanded its geographic presence, originating its first loans in Pennsylvania, Connecticut, Missouri, and South Carolina in 2026, as well as strengthening activity in markets across Texas.
While expanding origination activity, S3 has maintained consistent repayment activity across its book. Since inception, the firm has been repaid on over 635 loans totaling more than $4.72 billion. As of June 30, 2026, the firm’s assets under management are $5.56 billion.
“Crossing $10 billion in originations is a reflection of not just the volume of capital deployed, but the consistency and discipline with which we have deployed it,” said Robert Schwartz, CoFounder and Managing Principal at S3 Capital. “This achievement also underscores how the construction financing market has evolved in recent years. Borrowers who previously relied on bank financing are increasingly seeking out specialized private lenders. They value the dependable execution, deep project-level expertise, speed, and flexibility that we bring to our deals. We speak their language as former developers ourselves, and it makes a big difference.”
S3 conducts all loan servicing in-house with a vertically integrated platform that encompasses origination, asset management, and in-house construction management teams. This structure has been central to the firm’s ability to scale without sacrificing credit quality. Full in-house loan management capabilities can enable consistent and efficient execution, typically funding draw requests in 5 days or less. The firm can be flexible with draw frequency as well, sometimes funding multiple times per month if a project is moving ahead of schedule, a known limitation to traditional bank financing.
The firm has delivered 43 consecutive quarters of distributions to investors with zero investor capital losses to date. S3 maintains a first-lien, senior secured position across its loan portfolio, a structure it believes provides meaningful downside protection relative to other real estate strategies.
The $10 billion milestone coincides with the ongoing deployment of S3 LB RE Credit Fund III, the firm’s latest closed-end vehicle, which raised $1.3 billion, hitting its hard cap with $850 million of discretionary commitments and an additional $465 million in co-invest commitments. Since its initial close in November 2024, Fund III has originated roughly $3 billion of whole loans.
Looking ahead, S3 sees a sustained opportunity to provide financing across the country in markets with acute supply-demand imbalances for years to come. With the cost of owning significantly more expensive than renting and elevated mortgage rates keeping many prospective buyers on the sidelines, the US renter population is shifting older. This dynamic supports an expanded pool of renters for longer that will need housing options that are different from traditional homeownership.
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 aims to mitigate risk both before and during the life of the loan. Since launching its credit business in 2013, S3 has originated over 925 loans totaling more than $10.2 billion. With a focus on multifamily residential in and around Tier-1 markets, S3 seeks to achieve equity-like returns that are both resilient and current income-oriented. S3 Capital is wholly owned by Spruce Capital, founded in 2007, which also owns Spruce Properties, an owner of approximately 5,000 multifamily units primarily located in the Midwest and Sunbelt.
Media Contacts
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Disclosures:
This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer or solicitation will be made only by means of the appropriate Fund’s confidential offering documents, including related subscription documents (collectively, the “Offering Documents”) that will be furnished to prospective investors. Before making an investment decision, investors are advised to carefully review the Offering Documents, and to consult with their tax, financial and legal advisors. This document contains a depiction of the activities of S3 Capital (“S3” or the “Firm”), and the funds S3 provides advisory services to (the “Funds”), which are subject to further amendment or modification and is qualified in its entirety by the Funds’ Offering Documents. The Firm’s investment program for the Funds is subject to significant risks. Certain of these risks are described in the Offering Documents.
Do not rely on any opinions, predictions, projections or forward-looking statements contained herein. Certain information contained in this document constitutes “forward-looking statements” that are inherently unreliable and actual events or results may differ materially from those reflected or contemplated herein. S3 does not make any assurance as to the accuracy of those predictions or forward-looking statements. S3 expressly disclaims any obligation or undertaking to update or revise any such forward-looking statements. The views and opinions expressed herein are those of S3 as of the date hereof and are subject to change based on prevailing market and economic conditions and will not be updated or supplemented.
Any reproduction or distribution of this document, as a whole or in part, or the disclosure of the contents hereof, without the prior written consent of the Firm, is prohibited.
Performance estimates contained herein are without benefit of audit and subject to revision. Past performance does not guarantee future results. Future returns will likely vary, and investment results will fluctuate.
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1 MSCI, Real Capital Analytics Mortgage Debt Intelligence, July 2026
