Fannie Mae Prices $767 Million Multifamily DUS REMIC Under Fannie Mae GeMS Program
- Mar 16, 2012
Washington, D.C.—Fannie Mae priced its third Multifamily DUS REMIC in 2012 totaling $767 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on March 14, 2012.
FNA 2012-M3 marks the first time the Fannie Mae GeMS program has employed a grouped collateral structure, offering separate tranches backed by seven-year and ten-year collateral.
All classes of FNA 2012-M3 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering are listed below.
Group 1 Collateral
Collateral: 83 Fannie Mae 10/9.5 DUS MBS
Geographic Distribution: CA (13%), NY (10%), TX (10%)
Debt Service Coverage Ratio (DSCR): 1.77x
Loan-to-Value (LTV): 65.7%
Group 2 Collateral
Collateral: 44 Fannie Mae 7/6.5 DUS MBS
Geographic Distribution: CA (23%), VA (13%), FL (13%)
Debt Service Coverage Ratio (DSCR): 1.48x
Loan-to-Value (LTV): 69.0%
Lead Manager: Morgan Stanley
Co-Managers: Citigroup and J.P. Morgan
Settlement Date: March 30, 2012
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2012-M3) available on Fannie Mae’s GeMS Archives page at www.fanniemae.com.