September 16, 2014
Fannie Mae Prices $986 Million Multifamily DUS REMIC (FNA 2014-M10) Under Its Fannie Mae GeMS Program Katie Penote 202-752-2261WASHINGTON, D.C. - Fannie Mae (FNMA/OTC) priced its ninth Multifamily DUS® REMIC in 2014 totaling $986 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 10, 2014.
"The M10 deal represented a number of 'firsts' for the GeMS program. It was our first deal using exclusively new issue 5-year collateral and our first deal featuring the collateral of just one of our DUS lenders - in this case, Prudential," said Josh Seiff, Vice President of Multifamily Capital Markets at Fannie Mae. "We got great execution and broad investor participation. Clearly, investors are comfortable with the high quality assets, solid underwriting, and lender risk sharing that have become hallmarks of the DUS platform."
"Prudential is very excited to have worked with Fannie Mae on this GeMS transaction," said Mike McRoberts, a Managing Director with Prudential Mortgage Capital Company. "This was a very successful execution that met all parties' needs and will help expand liquidity in the Multifamily market."
All classes of FNA 2014-M10 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal.
Class | Original Face | Weighted Average Life | Coupon (%) | Coupon Type | Spread | Offered Price |
ASQ1 | $152,963,000 | 3.13 | 1.518 | Fixed | S+20 | 99.94 |
ASQ2 | $833,442,248 | 4.99 | 2.171 | Fixed/AFC | S+23 | 100.00 |
X1 | $986,405,248 | 4.25 | 0.110 | WAC IO | T+50, 100CPY | 0.45 |
Total | $986,405,248 |
Group 1 Collateral
UPB: $986,405,248
Collateral: 17 Fannie Mae DUS MBS
Geographic Distribution: CA (100%)
Weighted Average
Debt Service Coverage Ratio (DSCR): 1.38x
Weighted Average
Loan-to-Value (LTV): 63.9%
Settlement Date: September 30, 2014
Lead Manager: Goldman, Sachs & Co.
Co-Managers: BofA Merrill Lynch and Barclays
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