Press Release|CMBS
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KBRA Affirms All Ratings for PGA 2024-RSR2

4 Jun 2026   |   New York

Contacts

KBRA affirms its outstanding ratings for PGA 2024-RSR2, a $315.0 million CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited declining collateral financial performance since securitization; however, the magnitude of the changes does not warrant ratings adjustments at this time.

The collateral for the transaction is a $315.0 million non-recourse, first lien mortgage loan. The mortgage loan is collateralized by the borrower’s fee simple interests in the PGA National Resort, a 360-key full-service hotel and resort located in Palm Beach Gardens, Florida. The 506.5-acre resort was built in 1981 and sits within the larger 2,000-acre PGA National planned community development. The loan sponsor at closing was Brookfield Strategic Real Estate Partners III. However, in January 2025, Henderson Park, in partnership with Salamander Collection and South Street Partners, purchased the collateral property for $422.5 million ($1.2 million per key) and assumed the loan. The property manager following the loan assumption is an affiliate of Salamander Palm Beach, LLC.

KBRA analyzed the cash flow for the property utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $25.8 million and a KBRA value of $258.4 million ($717,764 per key). The resulting in-trust KLTV is 121.9%, compared to 111.6% at last review and 111.2% at securitization. KBRA maintains a KPO of Perform for the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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