Hines and Rialto Capital held a final close this month for Hines Rialto Credit Partners, a partnership focused on US office credit opportunities, with $1.1 billion in capital commitments, a US Securities and Exchange Commission filing showed.
Launched in 2024, the fund held its first close on about $700 million and has been active in deploying capital to loan deals, PERE previously reported. The partners aimed to take a “debt-first” approach to the office sector, as outlined in a March 2025 report from Hines, with the aims of focusing on the asset class’s post-covid rebound.
The close comes as office lending rebounds, as tracked by representative data from PERE‘s Lending Barometer. Office lending volumes in the US rose from roughly $18 billion in 2024 to $31 billion in 2025, with origination volume through September 15 this year of $28.1 billion.
Alfonso Munk, global co-head of investment management at Hines, noted that the partnership benefited from both firms’ market expertise and asset-level underwriting capacities. Hines provides property-level expertise, with Rialto contributing to the credit side of the equation.
“In real estate credit, understanding the underlying asset – what it is worth, how it performs and how it may hold up under pressure – is becoming increasingly important as the market works through a significant refinancing cycle,” he said.
Jeff Krasnoff, CEO of Rialto Capital, noted that the complexity of the US real estate credit market creates meaningful openings for experienced investors. “This close reflects the strength of bringing together two complementary platforms, and the potential opportunity we see in US office credit.”
Banks have dominated office lending year-to-date, with this cohort making up nearly 70 percent of the $28.1 billion in volume tracked by the Lending Barometer. Debt funds, in contrast, made up about 25.6 percent of loans tracked through September 15.
In July, Hines and Rialto provided a $228.9 million refinancing package for 295 Fifth Avenue, a historic office in Midtown Manhattan. The refinancing was arranged to the century-old Textile Building, which underwent a $350 million redevelopment and was transformed into a modern office property.
The partners also funded a $58 million loan in December 2025 to Columbia Pacific Advisors for an office complex at 101 and 103 JFK Parkway in Short Hills, New Jersey, per Lending Barometer data.
