Put water and cranberries in a large saucepan and bring to a boil. Lower to a simmer, add in spices, cover saucepan, and let cook for 20-25 minutes.
Strain mixture through a fine mesh strainer to extract liquid (Dispose of cranberry mash or save for another use).
Pour liquid back in saucepan over low heat and stir in sugar and lime juice.
Pour into heat-proof bowl or pitcher and place in fridge to let cool completely before using.