Miami-Based Rialto, Hines Close $1.1B U.S. Office Debt Fund

Hines and Rialto Capital have closed Hines Rialto Credit Partners, a fund built to lend against U.S. office buildings, at $1.1 billion in investor commitments, according to Commercial Observer and the fund’s own SEC filing. That filing lists the vehicle’s business address as Rialto’s Biscayne Boulevard headquarters in Miami, tying a national credit story directly back to a South Florida-based lender.

Why it matters

Bank construction and bridge lending has stayed tight through 2026, and this close is a concrete number for how much non-bank capital exists to fill the gap on office assets moving through the refinancing wall. Developers and owners facing maturities now have a named, funded counterparty to call, and it is headquartered in Miami. Hines global co-head of investment management Alfonso Munk said understanding the collateral “is becoming increasingly important as the market works through a significant refinancing cycle.”

The numbers

The SEC Form D/A, filed September 4, 2026, shows $1,079,211,604 sold to 126 investors at a $100,000 minimum, with first sale dated August 29, 2024. That is short of the $2.5 billion target Hines and Rialto set when they announced a first close of roughly $700 million around November 2024, per PERE. The fund is aimed at “U.S. office credit,” a mix of bridge loans and debt acquisition rather than ground-up construction financing. It has already put capital out: a $228.9 million bridge loan behind the refinancing of the Textile Building at 295 Fifth Avenue in Manhattan, and roughly $100 million in loans tied to office buildings controlled by developer Joseph Hilson, both reported by The Real Deal.

What’s next

The fund’s SEC filing has been amended four times since July, suggesting fundraising or allocation activity is still moving even after the “final close” language in press coverage. The open question for South Florida is how much of that $1.1 billion, managed out of a Miami office, actually lands on local office borrowers versus New York and other gateway markets where it has deployed so far. Track how this capital shows up locally on our South Florida market page.