Real estate developers
turned lenders.

The story and team behind our platform.

Founded
2013
Headquarters
New York City
About S3 Capital

Our Story

The firm's principals spent years as developers before launching S3 as a specialized construction credit platform in 2013. S3 strives to be a trusted lending partner to developers across the country through its vertically integrated platform and commitment to reliable execution. Early lending activity targeted smaller transactions, which helped establish the operating infrastructure, relationship network, and proprietary transaction data that underpin the platform today.

Over time, S3 expanded alongside its borrowers, evolving into a nationally recognized lender capable of financing projects from $1 million to over $300 million. While the platform has grown, its focus remains unchanged: improving efficiency for builders and delivering consistent outcomes for investors.

“We built S3 to be the lender we always wished we had as developers.”

Joshua Crane & Robert Schwartz

Co-Founders & Managing Principals

Milestones

History

2007

Spruce Capital Partners is formed to develop multifamily real estate in New York City.

2013

After identifying a gap in institutional-quality financing for middle market developers, the firm shifts its focus to credit, originates its first loan, and formally establishes S3 Capital as a vertically integrated real estate debt platform.

2015

S3 launches its first fund focused on originating smaller loans of $1M–$20M. The firm begins originating larger loans between $20M–$300M via Special Purpose Vehicles.

2020

S3 navigates the COVID-19 disruption with tailored borrower solutions, preserving capital across the portfolio.

2023

S3 successfully navigates the interest rate hiking cycle without losing principal on any loans and continues to deliver consistent quarterly distributions to investors.

2026

S3 crosses $10 billion in originations since inception across 975+ loans.

Over a decade of disciplined lending

By the Numbers

$10.5B+

Originated Since 2013

$5.7B

Current Firm AUM¹

$5.1B

Repaid Loan Value²

975+

Loans Closed

Firm information as of August 31, 2026. Origination volume and loans closed are measured since S3's inception in 2013.
¹ Current Firm AUM represents the aggregate of active whole loan commitments.
² Repaid Loan Value represents the aggregate principal commitment amount of loans repaid in full since inception.

The People Behind S3 Capital

Our Team

Leadership

Joshua Crane
Co-Founder & Managing Principal
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Co-Founder & Managing Principal

Joshua Crane

Joshua Crane is Co-Founder and Principal of S3 Capital. Prior to founding S3, Joshua worked at Irongate, where he developed the Trump International Hotel and Tower at Waikiki Beach Walk. He 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 neighborhood, and 2,000 units in Washington, D.C. Joshua began his career at Salomon Brothers in its M&A group and earned a degree from the Wharton School at the University of Pennsylvania.

Robert Schwartz
Co-Founder & Managing Principal
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Co-Founder & Managing Principal

Robert Schwartz

Robert Schwartz is Co-Founder and Principal of S3 Capital. Prior to founding S3, Robert helped run a successful family business where he established the family's real estate investment program. He began his career in investment banking at Donaldson, Lufkin & Jenrette and UBS in the Financial Institution Coverage groups. Robert graduated from the Wharton School at the University of Pennsylvania and serves on the Executive Board.

Adam Feit
Legal
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General Counsel

Adam Feit

Adam Feit is the principal of The Feit Law Firm PLLC and serves as General Counsel of S3 Capital and its affiliates, where he is responsible for all legal matters related to the company’s business, including corporate operations, real estate transactions and all other legal issues. Adam previously served as Associate General Counsel of Arbor Realty Trust, Inc., a publicly traded real estate investment company. Prior to joining Arbor, Adam was an associate at Willkie Farr & Gallagher, LLP and Weil, Gotshal & Manges LLP, two preeminent international law firms, where he advised clients on all aspects of complex real estate transactions. Adam received his J.D. from the New York University School of Law and his B.A. from the University of Pennsylvania where he graduated summa cum laude.

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S3 shares office space and administrative resources with The Feit Law Firm PLLC (“Feit Law Firm”). Feit Law Firm is a captive service provider that provides legal services to S3, the Clients, Subsidiary Companies, and their respective affiliates. Feit Law Firm also represents S3 and certain S3 affiliates and principals and may provide fee discounts or other benefits to S3 and certain S3 affiliates and principals in connection with such representation. Feit Law Firm does not charge any fees to S3’s Clients or Subsidiary Companies.

Ari Kalton
Finance & Accounting
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Chief Financial Officer

Ari Kalton

Ari Kalton is the Chief Financial Officer at S3 Capital and oversees financial reporting, tax, and accounting for the firm's real estate debt funds. Prior to joining S3 Capital, Ari served as Controller for DH Property Holdings, overseeing all aspects of financial reporting, accounting, and cash management, and as a Director in the Alternative Investments Assurance Practice at PricewaterhouseCoopers. Ari is a New York State Certified Public Accountant and earned a B.S. in Accounting from Yeshiva University.

Matan Kurman
Investments
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Head of Investments

Matan Kurman

Matan Kurman is the Head of Investments at S3 Capital and oversees the firm's investment strategy. He joined S3 at inception in July 2014 to manage day-to-day operations and underwriting. Prior to S3, Matan worked in acquisitions at Brookwood Financial Partners and served as an Air Force Pilot (Captain). He earned his undergraduate degree from Ben-Gurion University of the Negev with a B.A. in political science, and his MBA from Brandeis University in Waltham, MA. He is fluent in English and Hebrew.

Michelle Fang
Marketing & Investor Relations
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Head of Global Marketing & Investor Relations

Michelle Fang

Michelle Fang joined S3 Capital in December 2024 and leads global marketing and investor relations, bringing S3's investment capabilities and private credit funds to institutional investors. Michelle has 30 years of experience in the institutional investment management industry. Prior to S3 Capital, she was a Senior Managing Director at Principal Real Estate, where she led global marketing and product development and served on the firm's management team. Previously, she held real estate product and marketing roles at Metropolitan Real Estate Equity Management (now part of Carlyle) and GE Asset Management and earlier worked in marketing and product management across multiple asset classes at Bankers Trust and SEI Investments.

Paul Foschi
Construction
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Head of Construction

Paul Foschi

Paul Foschi joined S3 Capital in early 2024 and oversees the firm's construction portfolio and draw process. Paul brings more than 30 years of hands-on construction experience and previously served as Senior Project Executive at a major New York construction company for over a decade. He has directed high-rise new construction and large-scale renovation projects across hospitality, multifamily residential, commercial office, interiors, and laboratory facilities. Paul earned a Bachelor of Architecture from Georgia Tech, where he was a Tau Sigma Delta Honoree.

Shawn Safdie
Originations
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Head of Origination

Shawn Safdie

Shawn Safdie joined S3 Capital at inception to lead loan origination, business development, structuring, and underwriting. Shawn has 25+ years of experience in real estate credit, particularly bridge lending, and excels at developing and maintaining relationships. He earned a B.A. in Business Management & Finance from CUNY Brooklyn College.
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Please reach out to Shawn Safdie via email for any opportunities: shawn@s3cap.com

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Steven Jemal
Originations
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Managing Director of Origination

Steven Jemal

Steven joined S3 Capital in 2016 and is a senior member of the firm’s leadership and origination teams. He helps lead S3 Capital’s origination platform, overseeing the sourcing, structuring and execution of new lending opportunities across a broad range of asset classes and markets throughout the United States.

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Steven plays an integral role in the firm’s lending strategy and capital deployment, working closely with S3 Capital’s credit and investment teams throughout the underwriting and execution process. He also helps guide the origination team, develop and maintain the firm’s borrower and intermediary relationships, and expand S3 Capital’s lending presence nationally.

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Since joining S3 Capital, Steven has been instrumental in the continued growth of the firm’s lending platform and has originated and executed billions of dollars of commercial real estate financings.

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Please reach out to Steven Jemal via email for any opportunities: steven@s3cap.com

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Team

Alex De Castro
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Analyst

Alex De Castro

Alex de Castro joined S3 Capital in August 2025 and assists with underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, Alex held roles in real estate acquisitions and asset management at The Dermot Company and Steers Private Fund, as well as corporate finance at Starwood Capital Group. He earned a B.S. in Business Administration with a focus in Finance from Georgetown University, where he was part of the Global Business Fellows program.

Alex Eversole
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Analyst

Alex Eversole

Alex Eversole joined S3 Capital in July 2025 and supports the Marketing & Investor Relations team. Prior to S3 Capital, Alex gained experience in commercial real estate finance and development through internships at Eastdil Secured and Stanford University's Land, Buildings & Real Estate group (LBRE). She earned a B.A. in Political Science from UCLA, where she served as Co-President of the Bruin Real Estate Association.

Alex Fiedler
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Construction Analyst

Alex Fiedler

Alex Fiedler joined S3 Capital in 2026 and supports the construction team with underwriting and evaluating new and existing loans, overseeing the construction portfolio, and supporting day-to-day operations. Prior to S3 Capital, Alex worked at HITT Contracting Inc., a nationally ranked general contractor, where he served as an Assistant Project Manager overseeing commercial interior projects valued up to $120 million across mission critical, office, retail, life science, and hospitality sectors. He earned a B.S. in Architectural Engineering with a Construction Option from Pennsylvania State University.

Aryeh Abergel
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Analyst

Aryeh Abergel

Aryeh Abergel joined S3 Capital in February 2026 and supports the origination team. Prior to S3 Capital, Aryeh was a Private Banking Intern at Safra National Bank and an Acquisitions Analyst at KCore Holdings. He earned a B.S. in Finance from Yeshiva University's Sy Syms School of Business.

Ben-Hemir Collado
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Treasury Analyst

Ben-Hemir Collado

Ben-Hemir Collado joined S3 Capital in April 2025 as a Treasury Analyst. Prior to S3 Capital, Ben worked as a Fund Accountant at Banner Ridge Partners and as an Internal Auditor at Daiwa Capital Markets America Inc. He holds a BBA in Accounting from Baruch College of CUNY and is completing an M.S. in Accountancy to fulfill CPA licensure requirements.

Betty Valouktzis
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Chief Compliance Officer

Betty Valouktzis

Betty Valouktzis joined S3 Capital as Chief Compliance Officer in July 2025 and works with the firm in an outsourced capacity through Optima Partners. Betty provides compliance guidance and support to the firm and brings extensive experience in U.S. securities law, regulatory compliance, and corporate governance.

Blake Shechtman
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Senior Analyst

Blake Shechtman

Blake Shechtman joined S3 Capital in January 2026 and assists with underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, Blake worked at Green Courte Partners in real estate private equity acquisitions and at The Blackstone Group in asset management. He earned a B.A. in Economics from the University of Michigan with a concentration in Sport Policy and Analytics.

Bojan Jankulovski
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Associate

Bojan Jankulovski

Bojan Jankulovski joined S3 Capital in February 2026 and supports the originations team. Prior to S3 Capital, Bojan was an Associate at Secured Debt Investments, where he focused on underwriting, acquisition, and asset management of distressed debt and real estate investments across multiple property types. He earned a Master of Real Estate Development from the University of Miami.

Clayton Whitton
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Senior Construction Analyst

Clayton Whitton

Clayton Whitton joined S3 Capital as an Analyst supporting the construction team in July 2024. In this role, he is responsible for underwriting and evaluating new and existing loans, overseeing the construction portfolio, and supporting day-to-day operations. Prior to joining S3, Mr. Whitton received his B.A. in Economics and Political Science from Boston College in May 2024.

Daniel Hsu
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Senior Construction Analyst

Daniel Hsu

Daniel Hsu joined S3 Capital in 2026 as a Senior Construction Analyst. Prior to joining S3, Daniel served on the project management team for an established General Contractor specializing in aviation infrastructure. His earlier career includes extensive experience at both domestic and international architecture firms. Daniel holds degrees in Architecture and Construction Management from Pratt Institute.

Danielle Zalta
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Fund Accountant

Danielle Zalta

Danielle Zalta joined S3 Capital in November 2025 as a Fund Accountant. Prior to S3 Capital, Danielle was a Senior Associate in the Assurance Practice at PricewaterhouseCoopers. She holds both a B.S. and an M.S. in Accounting from the University at Buffalo.

David Tuzik
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Analyst

David Tuzik

David Tuzik joined S3 Capital in August 2026 and assists with underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, David interned at CBRE in debt and structured finance. He earned a B.S. in Management with concentrations in Finance and Information Systems from Boston College.

Fatnisa Begolli
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Senior Fund Accountant

Fatnisa Begolli

Fatnisa Begolli joined S3 Capital in June 2025 as a Senior Fund Accountant. She earned a B.S. in Accounting from the University of Prishtina in Kosovo, where she received a full merit-based scholarship. Fatnisa previously served as Associate Director in the Alternative Investments division at Oppenheimer & Co., focusing on fund accounting for hedge funds and private equity funds. She has passed the CFA Level I exam and is fluent in English, Albanian, and Spanish.

Grace Nanney
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Associate

Grace Nanney

Grace Nanney joined S3 Capital in September 2024 and supports the Marketing & Investor Relations team. Prior to S3 Capital, Grace worked as a Client Relationship Executive on the Real Estate Team at Oxford Economics and began her career as an Associate in the Capital Markets Group at AlphaSights. She graduated cum laude from Vanderbilt University with a dual degree in Human & Organizational Development and Communication Studies.

Grayson Cherubino
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Construction Associate

Grayson Cherubino

Grayson Cherubino joined S3 Capital in 2024 and is responsible for underwriting and evaluating new and existing loans, overseeing the construction portfolio, and supporting day-to-day operations. Prior to S3 Capital, Grayson worked at John Moriarty & Associates as a Field Superintendent. He earned a B.S. in Business Administration from Bucknell University's Freeman College of Management, where he was elected captain of the football team.

Jack Brown
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Analyst

Jack Brown

Jack Brown joined S3 Capital in August 2026 and assists with underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, Jack gained real estate experience through internships at J. Safra Sarasin Asset Management in London, and TCII Capital. He earned a B.S. in Business Administration from Boston University with concentrations in Finance and Real Estate.

Jackson Gray
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Senior Associate

Jackson Gray

Jackson Gray joined S3 Capital in June 2022 and is responsible for underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, Jackson interned at Blackthorne Capital Management, a quantitative hedge fund focused on commodities, futures, and global indices. He earned a B.B.A. in Finance and Real Estate from the Wisconsin School of Business.

Joseph Tages
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Assistant Controller

Joseph Tages

Joseph Tages joined S3 Capital in May 2022 and serves as Assistant Controller. Prior to S3 Capital, Joseph worked in public accounting for three years at CBIZ/Marks Paneth. He earned both his undergraduate and master's degrees in accounting from Pace University.

Joseph Talmaciu
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Analyst

Joseph Talmaciu

Joseph Talmaciu joined S3 Capital in July 2026 and supports the origination team. Prior to S3 Capital, Joseph interned at TP ICAP in global broking and interned at Banesco USA, where he supported the international team on Venezuelan forex operations, communicating in both English and Spanish. He earned a B.S. in Applied Economics from Cornell University.

Kellen Furse
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Analyst

Kellen Furse

Kellen Furse joined S3 Capital in August 2025 and assists with underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, Kellen interned at Strategas Securities in equity research and held data analytics roles at the Massachusetts Department of Public Health and Betting Hero. He earned a B.S. in Finance from Wake Forest University.

Marcos de Moraes
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Senior Construction Manager

Marcos de Moraes

Marcos De Moraes joined S3 Capital in June 2025 and brings over 15 years of experience in construction and real estate development, specializing in high-rise and complex urban projects. He has managed the construction of supertall residential towers in Manhattan and Downtown Brooklyn, contributing to some of New York City's most notable developments. Prior to S3 Capital, Marcos held senior roles at a leading construction management firm, overseeing projects from early planning through completion. He earned a degree in Mechanical Engineering and completed a specialization in Construction Management at Columbia University. Marcos is also a certified Project Management Professional (PMP) through the Project Management Institute.

Matthew Stauber
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Associate

Matthew Stauber

Matthew Stauber joined S3 Capital in November 2023 and assists with underwriting new and existing loans, fund operations, and portfolio oversight. Prior to S3 Capital, Matthew worked at Circle Industrial as an Investment Analyst. He graduated magna cum laude from Wake Forest University with a B.S. in Business and Enterprise Management.

Max Rothman
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Vice President

Max Rothman

Max Rothman joined S3 Capital in September 2024 and is responsible for underwriting new and existing loans and supporting day-to-day operations. Prior to joining S3 Capital, Max was an Associate at Wells Fargo in the Real Estate Banking Group. He earned a B.A. in Economics from the University of Michigan and an MBA from the University of Chicago Booth School of Business.

Nick Peragallo
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Assistant Vice President

Nick Peragallo

Nick Peragallo joined S3 Capital in February 2022 and supports underwriting for new and existing loans, fund operations, and portfolio oversight. Prior to S3 Capital, Nick worked at Apprise by Walker & Dunlop as an Associate Commercial Real Estate Appraiser. He earned a B.S. in Finance and Management from Boston College's Carroll School of Management.

Olga Lisina
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Fund Accountant

Olga Lisina

Olga Lisina joined S3 Capital as a Fund Accountant in January 2017. Prior to joining S3, she worked as a Payroll Manager and Accountant at Branded Restaurants USA. She also worked as a bank teller at Santander Bank. She received her BBA in Finance from Baruch College of CUNY, and Bachelor of Engineering from Ukrainian Academy of Printing. She is fluent in Russian and Ukrainian.

Oscar Lonergan
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Analyst

Oscar Lonergan

Oscar Lonergan joined S3 Capital in August 2026 and assists with underwriting new and existing loans and supporting the firm's day-to-day operations. Prior to joining S3 Capital, Oscar interned in real estate credit at SteepRock Capital and in private equity at Certares. He earned a B.S. in Mathematical Sciences from Washington University in St. Louis.

Peter Gasparro
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Senior Analyst

Peter Gasparro

Peter Gasparro joined S3 Capital in July 2024 and is responsible for underwriting new loans and supporting day-to-day operations. Prior to S3 Capital, Peter interned at One William Street Real Estate Finance, an alternative lender. He earned a B.S. in Management with a concentration in Finance from Boston College's Carroll School of Management.

Richard Racanelli
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Senior Construction Associate

Richard Racanelli

Richard Racanelli joined S3 Capital in 2022 and is responsible for underwriting and evaluating new and existing loans, overseeing the construction portfolio, and supporting day-to-day operations. Prior to S3 Capital, Richard worked at Racanelli Construction Company as an Assistant Project Superintendent and held roles in project management. He earned a B.S. in Management from Boston College with concentrations in Finance and Management & Leadership.

Ryan Talgo
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Assistant Vice President

Ryan Talgo

Ryan Talgo joined S3 Capital in January 2025 and focuses on underwriting new and existing loans and supporting fund operations. Prior to S3 Capital, Ryan was an Associate at Churchill Real Estate, where he worked in direct lending and warehouse financing. He also completed internships at New York Life and JLL. Ryan earned a Bachelor of Business Administration with a specialization in Accounting from George Washington University.

Sander Wrede
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Vice President

Sander Wrede

Sander Wrede leads underwriting and asset management for S3 Capital's Larger Balance Loan Fund Series. He joined S3 Capital in 2018 as an Analyst and has played a key role in the firm's growth over the past eight years. In his current role, Sander is responsible for underwriting and evaluating new and existing loans, overseeing the construction portfolio, and supporting day-to-day operations. Prior to joining S3 Capital, Sander earned a B.S. in Business Administration and Finance from Bucknell University's Freeman College of Management.

Theodore Chang
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Senior AI Engineer

Theodore Chang

Theodore Chang joined S3 Capital in 2026 and focuses on the firm's technology and AI initiatives. Prior to S3, he was a software engineer at Microsoft and later founded several software and AI products. He earned a degree in Computer Science from New York University.

Tim Horan
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Senior Fund Accountant

Tim Horan

Tim Horan joined S3 Capital in December 2025 as a Senior Fund Accountant. Prior to S3 Capital, Tim was a Senior Associate at New York Life Real Estate Investors in the equity accounting group. He earned a BBA in Finance from Saint Bonaventure University.

Will Butz
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Analyst

Will Butz

Will Butz joined S3 Capital in January 2026 and assists with underwriting new and existing loans and supporting day-to-day operations. Prior to S3 Capital, Will was an analyst with Brean Strategic Advisors (Brean Capital) in New York, where he supported project-finance risk analysis, evaluated MBS and loan portfolios, and built performance reporting tools. He also held roles in real estate investment sales at Dakota Investments and in investment banking (Gaming & Leisure coverage) at Innovation Capital Investment Bankers. Will earned a B.A. in Financial Economics from Columbia University, where he was a member of the varsity football team.