KBRA Affirms All Ratings for CGCMT 2023-PRM3
28 Jun 2024 | New York
KBRA affirms all outstanding ratings for CGCMT 2023-PRM3, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which exhibits a slight improvement in performance since securitization. However, the magnitude of the change does not warrant rating adjustments at this time.
The transaction is secured by a $405.0 million portion of a $470.0 million first-lien whole mortgage loan backed by a portfolio of 45 self-storage properties operated under the Prime Storage brand. The portfolio contains 3.0 million sf of self-storage space in 24,817 units and about 133,000 sf of other types of space. Roughly 41% of the space is climate controlled. The fixed-rate, interest-only loan has a five-year term and a 6.39% annual interest rate.
KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $44.8 million and a KBRA value of $542.3 million ($175 per sf). The resulting in-trust KLTV is 86.7%, down from 90.9% at securitization. KBRA maintains a KPO of Perform on the loan.
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