KBRA Affirms All Ratings for CGCMT 2021-PRM2

KBRA affirms all outstanding ratings for CGCMT 2021-PRM2, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, whose performance has improved since last review and securitization. However, the magnitude of the change in KNCF and KLTV does not warrant ratings adjustments at this time.

The transaction is secured by a $340.0 million first-lien whole mortgage loan backed by a portfolio of 21 self-storage properties (71.8% of the loan balance) and one mixed-use property (28.2%). The self-storage properties operate under the Prime Storage brand. The floating-rate, interest-only loan has an initial term of two years with three one-year extension options. The loan initially matured on October 9, 2023, but the borrower has utilized the first two extension options, extending the maturity to October 2025. As of April 2025, the loan was reported current.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $26.6 million and a KBRA value of $308.7 million ($112 per sf). The resulting in-trust KLTV is 110.1%, down from 112.5% at last review and from 133.9% at securitization. KBRA maintains a KPO of Perform on the loan.

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