Citi lines up self-storage CMBS deal

Green Warehouse
By Max Adams
08 Jul 2019

Citi is preparing to issue CGCMT 2019-PRM, a $278m single borrower CMBS deal backed by a portfolio of self-storage properties.

The deal pools two loans made to sponsor Prime Group, backed by 11 and 38 properties respectively. Citi will hold a $13.9m ‘vertical’ risk retention slice of the deal. Moody’s has assigned a triple-A rating to the $132.08m senior class ‘A’ notes.

The rating agency points out ...

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