NMR Trust 2026-CGCTR secures final Morningstar DBRS ratings for Miami office CMBS deal

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NMR Trust Miami CMBS ratings

Highlights

Morningstar DBRS assigned final ratings of AAA (sf) to Class A through BB (low) (sf) to Class E, all with Stable trends, for the $216.8 million NMR Trust 2026-CGCTR Miami CMBS deal.
The Citigroup Center, a renovated 805,877-square-foot Miami office tower, is 74.9% leased as of April 2026, with 146,485 square feet of new, renewal, or expansion leasing since January 2025 at lease spreads of about 31.8%.
Senior loan proceeds of $216.8 million and $58.2 million in mezzanine debt will refinance $215.9 million of existing debt, return $10.1 million equity to the sponsor, and fund improvements and leasing costs.

Miami office collateral and ratings structure

As reported by Morningstar DBRS, DBRS, Inc. has finalized its provisional credit ratings on the Commercial Mortgage Pass-Through Certificates, Series 2026-CGCTR, issued by NMR Trust 2026-CGCTR. The agency assigned AAA (sf) to Class A, AA (low) (sf) to Class B, A (low) (sf) to Class C, BBB (low) (sf) to Class D, and BB (low) (sf) to Class E, with Stable trends on all classes.

The transaction is backed by the borrower's fee-simple interest in Citigroup Center, an 805,877-square-foot, 34-story Class A office tower in Miami. The property sits in downtown Miami near Brightline's Miami Central Station, South Beach, and Miami International Airport, with entertainment and dining options within walking distance.

The building was developed in 1983, and the current sponsor renovated it in 2021 for $298.5 million, then invested another $30.7 million, bringing the total cost basis to about $358.7 million. Renovation work has included a valet program, a renovated lobby with a cafe, a 6,700-square-foot indoor-outdoor restaurant called Cactus Club, and 130,299 square feet of move-in-ready spec suites that have attracted small- to midsized tenants; the future capex budget of $8.9 million includes a fourth phase covering an additional 37,740 square feet.

Refinancing plan and market support

As of April 2026, Citigroup Center is 74.9% leased and has a weighted-average remaining lease term of 5.2 years. Citigroup, the largest tenant, has occupied the building since the early 1990s, and its latest lease for 122,678 square feet, or 15.2% of net rentable area, began in January 2015 and expires in January 2030.

Since January 2025, the property has signed 102,839 square feet of new leases at base rents with lease spreads of about 31.8%, while total new, renewal, or expansion leasing has reached 146,485 square feet over the same period. Of the 10 investment-grade tenants in the building, three account for 4.1% of total net rentable area and meet Morningstar DBRS long-term credit tenant criteria, with leases extending three years beyond the fully extended loan term.

Senior loan proceeds of $216.8 million, together with $58.2 million of mezzanine debt, are set to refinance $215.9 million of existing debt, return $10.1 million of equity to the sponsor, fund tenant improvements and leasing costs, cover reserves for tax and insurance, and pay closing costs. About $26.2 million of the mezzanine debt is expected to be funded later by MRESS TRS SN I LLC for future leasing costs and capital expenditures.

The sponsor is a joint venture of Monarch Alternative Capital, Tourmaline, and CP Group. Morningstar DBRS said its ratings address the credit risk associated with the certificates' principal and interest distribution obligations under the transaction documents.

Our earlier article on Mission Lane’s credit card ABS issuance explained the planned Series 2026-A deal backed by credit card receivables originated through TAB Bank and WebBank. We outlined the preliminary ratings across six note classes and the key structural protections—such as excess spread, overcollateralization, subordination, and a potential reserve account—along with a revolving period of about three years before principal amortization unless an early amortization event occurs.

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