Press Release|CMBS
View PDF

KBRA Affirms All Ratings for PRM7 2025-PRM7

16 Oct 2026   |   New York

Contacts

KBRA affirms all ratings for PRM7 2025-PRM7, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The collateral for the transaction is a $505.0 million non-recourse, first lien mortgage loan secured by the borrower’s fee simple interests in 32 self-storage properties and two mixed-use assets. The properties are branded as Prime Storage facilities. The portfolio properties total 3.9 million sf, inclusive of 1.2 million mixed-use sf and 21,280 sf of parking and miscellaneous unit space. The self-storage space totals 2.7 million sf (22,736 units, 69.7% of total sf), with facilities ranging in size from 17,210 sf (133 units) to 221,500 sf (1,591 units). Overall, 50.2% of the portfolio’s self-storage sf is climate-controlled. According to the March 2026 rent rolls, the portfolio’s self-storage component had a weighted average occupancy rate of 80.1% on a unit basis.

The fixed-rate loan has a five-year term and requires monthly interest-only payments based on a WA component rate of approximately 5.28%. The loan sponsor is Prime Storage Fund II CV, LLC, an affiliate of Prime Group Holdings LLC (collectively with its affiliates, “Prime”), a full-service vertically integrated real estate owner-operator focused on self-storage facilities located throughout North America.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $38.8 million and a KBRA value of $464.4 million ($120 per sf). The resulting in-trust KLTV is 108.7%, which was in line with 109.4% at securitization. KBRA assigned a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

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.

Doc ID: 1017541