Dear Partners,
The Constitution Real Estate Credit Fund closed July 2025 with a 2.32% gain for the month and 24.64% net return YTD.
Our first official investor meetup will be on October 24th 5pm-8pm est in Greenwich, CT at our new offices. Our office is 5 minutes from the Westchester County Airport (HPN) and about 10 minutes driving from the Metro North Greenwich Station.
Please RSVP here. We look forward to seeing/meeting you!
Performance
- Net Return YTD (as of July 31, 2025): 24.64%
- Net Return FY 2024: 57.60%
- NAV as of July 31, 2025: $11,752,930
Net P/L Performance by Month Breakdown
Jan 2024
-1.21%
Feb 2024
2.85%
Mar 2024
6.59%
Apr 2024
3.38%
May 2024
5.84%
Jun 2024
5.78%
Jul 2024
4.68%
Aug 2024
3.83%
Sep 2024
0.06%
Oct 2024
2.69%
Nov 2024
4.11%
Dec 2024
8.02%
YTD 2024
57.60%
Jan 2025
10.27%
Feb 2025
2.18%
Mar 2025
2.25%
Apr 2025
2.52%
May 2025
0.61%
Jun 2025
1.63%
Jul 2025
2.32%
YTD 2025
24.64%
Portfolio Insights and Highlights
- As of July 31, the Fund holds 12 active investments.
- Quiet month from a new investments standpoint. But a lot of strong resolutions in the current portfolio are around the corner and the pipeline of deals for the next 60 days is strong.
- The fund reached $11.752mm in NAV. Growth we’re proud of, and grateful to our investor base for making possible. Across the broader Constitution Lending platform, we now manage over $100 million in capital, including both the fund and actively managed individual/prefunding notes and JVs.
- The fund alone now includes over 90 limited partners, and more than 400 accredited investors have participated across the platform. Whether you’re new to Constitution or a long-time supporter, thank you for being part of it. If we haven’t had a chance to connect directly, we’d love to hear from you.
Asset Updates
- Orange, CT Shopping Center:
Construction is underway for The 7 Brew Coffee drive thru. This along with the other lease we just signed means we’re now 100% occupied. From 50% to 100% occupancy in 5 months. Not bad! See timelapse of current construction progress
Market Thoughts
- The backdrop for distressed debt acquisition remains highly favorable. Banks and private lenders continue to offload paper as refinancing challenges mount in the “higher for longer” rate environment. Unlike prior downturns where real estate fundamentals were weak, today’s distress is primarily capital-structure driven. That means underlying assets (multifamily, retail, industrial) remain fundamentally sound, while overleveraged sponsors are forced to sell or restructure.
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Looking Ahead
- We’ll be sending a separate email for a case study on the latest resolution in the fund and how we turned a partially built ground up multifamily non-performing loan into a $4mm profit in 67 days. This one even caught us by surprise! We estimated we’d have to be in this position for a year, possibly more.
- Constitution continues to do what it was built for: producing strong returns with strong collateral backing by leaning into complexity and executing legally and operationally.
- We appreciate your continued trust and look forward to seeing many of you in Greenwich this October 24th.
Please RSVP if you plan on attending. Thank you
Learn more about investing in the Constitution Real Estate Credit Fund
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Yours truly,
Ricardo, Kyle, and Joe
200 Pemberwick Road
Greenwich CT 06831
Invest@ConstLending.com
203-423-3534
