RXR and Liberty Mutual Investments Expand Strategic Partnership

By: Liberty Mutual Investments via Business Wire

August 14, 2025 at 09:30 AM EDT

Strategic Partnership Targeting $1 Billion of Credit Deployments

LMI Leads RXR’s $250 Million Investment Grade Bond Financing

RXR, an owner, operator, and developer of real estate, and Liberty Mutual Investments (“LMI”), the investment firm for Liberty Mutual Group (“Liberty”), today announced the expansion of their long-term strategic partnership. As part of this expansion, the strategic partnership will target $1 billion of credit deployments across the capital stack, including senior loans, subordinate financing, construction financing, and flexible preferred equity, positioning RXR’s platform for continued growth in partnership with prominent global institutional investors. LMI is also serving as the lead investor in RXR’s $250 million investment-grade corporate bond financing.

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RXR and LMI will deliver credit solutions across defined investment strategies, focusing on financing opportunities for multifamily property assets nationwide through three core approaches:

Gap financing – addressing capital structure shortfalls;
Construction financing – leveraging RXR’s in-house development and construction expertise; and
Platform and portfolio financing – structuring complex, cross-collateralized transactions.

LMI structured and led a $250 million investment-grade bond financing for RXR’s management company, with participation from New York Life. The loan is collateralized by diversified revenue streams from RXR’s property management, asset management, development, and credit business, which manages investments with a gross asset value of $17.4 billion.

The LMI–RXR partnership commenced in 2010 and has since expanded into a diverse range of real estate investments and credit strategies. LMI’s up to $1 billion commitment will help RXR grow its existing platform and pursue financing opportunities for multifamily property assets nationwide.

“We’re honored to expand our long-standing partnership with Liberty Mutual Investments, whose commitment is a strong endorsement of RXR’s credit platform,” said Scott Rechler, Chairman and CEO of RXR. “The market is undergoing a significant evolution, creating some of the most compelling opportunities we’ve seen in years. RXR’s vertical integration and operating expertise provide a distinct advantage in sourcing investments and managing risk. With a wave of low-interest loans maturing, we’re well-positioned to step in and deliver strong, risk-adjusted returns for our investors.”

“We’re proud to deepen our 15-year strategic relationship with RXR,” said Vlad Barbalat, President and Chief Investment Officer, Liberty Mutual Investments. “This commitment reinforces the breadth and strength of LMI’s platform in providing a diverse array of solutions across the capital structure to build and scale enduring businesses side-by-side with our strategic partners.”

“LMI’s keen understanding of RXR’s multi-faceted Real Estate Platform allowed for a customized and creative corporate bond financing solution that will uniquely support management’s execution of its strategic growth initiatives,” said Michael Maturo, President of RXR. “In today’s volatile financing markets, we are elated to have LMI and New York Life as both highly respected investors and bondholders.”

LMI invests more than $100 billion of long-term capital globally across its integrated platform on behalf of Liberty. The stable funding base enables LMI to be a true end-to-end solutions provider that can deploy flexible capital, navigate market shifts, and make long-term commitments to support its partners’ evolving needs.

RXR’s platform benefits from extensive expertise in real estate investment, asset management, construction and development, and property management. This positions the firm as a solutions-driven partner capable of optimizing development, improving operations, and fully managing projects when needed. RXR’s credit platform is led by Steven Schwartz, a highly experienced senior executive with over 30 years of experience in real estate credit. He was previously co-head of the commercial real estate and mortgage-backed securities groups at J.P. Morgan and most recently served as managing director and co-head of H.I.G. Realty Credit Partners. RXR executed over $1 billion in loan originations in 2024.

About RXR

RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally-scaled platform, RXR is an approximately 450 person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 109 commercial real estate properties and investments with an aggregate gross asset value of approximately $16.6 billion, comprising approximately 30.9 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,600 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of June 30, 2025. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

About Liberty Mutual Investments

Liberty Mutual Investments (LMI) is the investment firm for Liberty Mutual Group (Liberty), an insurance and capital solutions business with global reach. With deep expertise in fixed income, equity, and alternative strategies, LMI invests more than $100 billion of long-term capital globally across its integrated platform. LMI has a clear purpose: build enduring businesses side-by-side with our partners, drive economic growth, and generate superior risk-adjusted returns that power Liberty’s strategy and secure its promises.

Liberty Mutual Group Asset Management Inc. does business under the name Liberty Mutual Investments.

For more information, visit https://www.libertymutualinvestments.com/

Cautionary Statement Regarding Forward Looking Statements

This press release may contain forward looking statements that are intended to enhance the reader’s ability to assess the future financial and business performance of Liberty Mutual Holding Company Inc. and its subsidiaries (“LMG”). Forward looking statements include, but are not limited to, statements that represent LMG’s beliefs concerning future operations, strategies, financial results, investment market fluctuations, or other developments, and contain words and phrases such as “may,” “expects,” “should,” “believes,” “anticipates,” “estimates,” “intends” or similar expressions. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond LMG’s control or are subject to change, actual results could be materially different. LMG’s forward-looking statements speak only as of the date they are made and should be regarded solely as LMG’s current plans, estimates and beliefs. For a detailed discussion of these and other cautionary statements, visit LMG’s Investor Relations website at www.libertymutualgroup.com/investors. LMG undertakes no obligation to update these forward-looking statements.