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