Citigroup is marketing $771 million of commercial mortgage bonds backed by 37 loans secured by 75 properties, according to Kroll Bond Rating Agency.

The portfolio backing CGCMT 2016-P3 is less highly leveraged than many conduits that Kroll has recently rated, with a weighted average in-trust loan-to-value ratio of 100%; however this weighted average is skewed by the inclusion of a loan, 225 Liberty representing 5.3% of the pool balance with unusually low leverage of 57.7%.  The loan is unrated by has credit characteristics consistent with a ‘BBB+’ rated obligation when analyzed on a standalone basis, according to Kroll.

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