KBRA Affirms All Ratings for PGA 2024-RSR2
4 Jun 2025 | New York
KBRA affirms its outstanding ratings for PGA 2024-RSR2, a CMBS SASB transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable collateral performance since securitization.
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 $28.2 million and a KBRA value of $282.4 million ($784,366 per key). The resulting in-trust KLTV is 111.6%, compared to 111.2% at securitization. KBRA assigned a KPO of Perform to the loan.
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