Co-Founder and Principal

Joshua Crane is co-founder and principal of Spruce and S3 Capital and is responsible for sourcing and executing on all aspects of the business. Prior to founding S3 and Spruce Capital, he was at Irongate, where he developed the Trump International Hotel and Tower at Waikiki Beach Walk. Joshua 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 Mergers and Acquisitions group. He graduated from the Wharton School at the University of Pennsylvania.


Co-Founder and Principal

Robert Schwartz is co-founder and principal of Spruce and S3 Capital, and leads acquisitions, financing and day-to-day management for the firm. Prior to founding Spruce and S3 Capital, Robert helped run a successful family business where he established and grew the family’s real estate investment program. Robert began his career as an investment banker at Donaldson, Lufkin & Jenrette and UBS, in their Financial Institution Coverage groups. He is a graduate of the Wharton School at the University of Pennsylvania, where he serves on the Executive Board.



Matan Kurman is the head of operations and underwriting at S3 Capital. He joined S3 Capital Partners at its inception in July 2014 to manage day-to-day operations and underwriting of loans. Prior to working for S3 Capital Partners, he was an acquisition intern at Brookwood Financial Partners in Beverly, MA. Mr. Kurman previously served as a Captain in the Israeli Air Force as an F-16 fighter pilot. He earned his undergraduate degree from Ben-Gurion University of the Negev in Beersheba, Israel with a B.A. in political science, and his MBA from Brandeis University in Waltham, MA. He is fluent in English and Hebrew.


Shawn Safdie is a Managing Director at S3 Capital Partners where he focuses on loan origination, business development, structuring and underwriting. He excels at developing new relationships, maintaining existing ones and executing transactions. Mr. Safdie has more than a decade of experience in the real estate credit business, focusing on bridge lending. He has a B.A in Business Management & Finance from CUNY Brooklyn College.



Alan Purser is the Global Head of Capital Formation for Spruce and S3 Capital. Alan has over twenty years of industry experience in capital raising, joint ventures, programmatic equity, and strategy development. Most recently he was the Global Head of Client Services and Marketing for Stockbridge, a $15 billion institutional core and value platform. Alan previously worked at Heitman first as a Senior Vice President and then as the Global Head of Consultant Relations. Prior to joining Heitman, Alan worked for Deutsche Bank/RREEF and focused on cultivating new and existing relationships for their alternatives investment platform. Alan received his BBA from North Carolina State University, and is a Series 7, 63, and 79 Registered Representative. He is a member of the Pension Real Estate Association, the National Association of Office and Industrial Professionals, the Urban Land Institute and the International Council of Shopping Centers.














































Ari Kalton is the Chief Financial Officer and Chief Compliance Officer of S3 Capital. Ari oversees the financial reporting, tax and accounting for our real estate debt funds and is responsible for implementing the firm’s overall compliance program. Prior to joining S3 Capital, Ari served a Controller for DH Property Holdings overseeing all aspects of their financial reporting, accounting and cash management functions, and a Director in the Alternative Investments Assurance Practice in PricewaterhouseCoopers. Ari is a New York State Certified Public Accountant who graduated from Yeshiva University with a Bachelor’s of Science in Accounting.



Paul Foschi is the Director of Construction for S3 Capital, leading the in-house team overseeing the firm’s active construction loan portfolio. Paul is an accomplished and well-respected construction professional with many years of leadership at every level of the industry, including directing operations and staff of an ENR Top 400 ranked construction manager for many years. He is directly responsible for the execution of more than 10 million square feet of new construction projects and managing some of the largest mixed-use open shop construction projects in NYC, including one totaling more than 1 million square feet.   Paul’s many years of construction experience and credentials as a licensed architect, uniquely position him to work collaboratively with designers and engineers while also speaking authoritatively on the most complex construction issues. Paul is an honors graduate of Georgia Tech, where he earned a Bachelor of Architecture degree.



Steven Jemal joined S3 Capital Partners in October 2016 to originate and underwrite loans for the firm. Prior to working for S3 Capital Partners, he was an originator and acquisitions associate at Hirshmark Capital where he sourced and underwrote debt and equity investments for the firm. Mr. Jemal earned his Bachelor of Science degree from Yeshiva University’s Sy Syms School of Business with a B.S. in Finance and Management.


Alexander Wrede joined S3 Capital Partners in 2018 as an Analyst. In this role, he is responsible for underwriting and evaluating new and existing loans, overseeing the S3 construction portfolio, and assisting in day-to-day operations. Mr. Wrede previously worked at Dow Jones and nH2. He received his B.S. in Business Administration and Finance from Bucknell University Freeman School of Management in 2018.



Jackson Gray joined S3 Capital as an analyst in June of 2022. In his role, he underwrites new and existing loans and assists with day-to-day operations. Prior to joining S3 Capital, Jackson interned at Blackthorne Capital Management, a quantitative hedge fund focused on commodities, futures, and global indices in Whitewater, Wisconsin. He graduated from the Wisconsin School of Business in May of 2022 with a B.B.A. in both Finance and Real Estate.



Nick Peragallo joined S3 Capital in February 2022 as an Analyst. In this role, he assists with the underwriting of new and existing loans, day to day management of fund operations, and portfolio oversight. Prior to S3, Nick worked at Apprise by Walker & Dunlop as an Associate Commercial Real Estate Appraiser. He received his B.S. in Finance and Management from the Boston College Carroll School of Management in 2020.



Sam Pennell joined S3 Capital in 2021 as an Analyst. In this role, he is responsible for underwriting new loans and preparing investment committee materials. Prior to his role at S3, Sam had several internships in residential brokerage, development marketing, and investment banking. He received a B.B.A. — with concentrations in Finance and Real Estate — from Emory University’s Goizueta Business School. Sam graduated with high distinction, earning membership to the Beta Gamma Sigma business honor society. During his time at Emory, Sam was also a member of the varsity baseball team. 



Matthew graduated magna cum laude from Wake Forest University in 2023 with a B.S. in Business and Enterprise Management. Before joining S3, Matthew was interning at Circle Industrial, a real estate private equity firm in Manhattan Beach, CA.



Ari Stein joined S3 Capital Partners in 2017. He is responsible for managing the S3 construction portfolio and overseeing the construction draw process. Mr. Stein previously worked EMCO Plumbing and has five years of onsite construction management experience. He graduated in 2015 from Queens College summa cum laude with a BA in Political Science and Government.



Richard Racanelli joined S3 Capital Partners in 2022 as an Analyst. In this role, he is responsible for underwriting and evaluating new and existing loans, overseeing the S3 Construction portfolio, and assisting in day-to-day operations. Mr. Racanelli previously worked at Racanelli Construction Company as an Assistant Project Superintendent, among other roles in project management. He received his B.S. in Management from Boston College in 2022 with concentrations in Finance and Management & Leadership.



Grayson Cherubino joined S3 Capital Partners in 2024 as an Analyst.  In this role, he is responsible for overseeing the S3 construction portfolio, conducting site inspections, and assisting in day-to-day operations.  Grayson previously worked at John Moriarty & Associates as a field superintendent.  He received his B.S. in Business Administration from the Freeman College of Management at Bucknell University in 2022. He also was elected by his teammates as captain of the football team during his time at Bucknell.



Joe Tages joined S3 Capital as a Fund Accountant in May of 2022. Prior to his role at S3, Joe worked in public accounting for three years at CBIZ/Marks Paneth. He attended Pace University, where he received his undergraduate and master’s degree in accounting in 2018 and 2019, respectively.


Olga Lisina joined S3 Capital Partners in January 2017 as a Fund Accountant. 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 has 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.



Ihor Shnitser joined S3 Capital as a Fund Accountant in April of 2023. Before his role at S3, Ihor worked in public and government jobs in Ukraine. He was part of a team that developed and launched large infrastructure objects, such as new international airport development and construction.  In 2011 Ihor received a master’s degree in accounting issued by Uzhhorod National University, and in 2015, he received a Ph.D. in economic sciences.



Will Roberts joined S3 Capital as a Fund Accountant in October 2023. Prior to his role at S3, Will worked in public accounting for two years at KPMG, auditing Asset Management clients. He attended the University of Mississippi, where he received his undergraduate and master’s degrees in accountancy in 2020 and 2021, respectively.



Xhensila Carungu joined S3 Capital as a Treasury Analyst in November 2023. Prior to her role at S3, Xhensila worked as a Treasury Associate for a period of two years at Corigin, a Real Estate Investment firm in New York City. Concurrently, Xhensila is engaged in her academic pursuits at Zicklin School of Business, Baruch College, where she is pursuing a Bachelor of Science degree with a major in Accounting and a minor in Communication Studies. Anticipated graduation is scheduled for May 2024.




Tanya Glibitskiy joined Spruce Capital in 2018. Her responsibilities include being the Office and Human Resource Manager and as an Executive Assistant. Prior to working at Spruce, she worked at Riverstone Holdings in New York and FGS Consulting in Luxembourg. She has a B.S. in Business Management from CUNY College of Staten Island.



Catherine Donlon joined S3 Capital Partners in 2023 as Investor Relations Senior Associate. Prior to joining S3, she worked as an Investor Relations Associate at Mirae and Aquiline. Catherine received her B.A. in Business/Corporate Communications from Fairfield University and her M.B.A. from Fordham University.