Fannie Mae Priced $503 Million Multifamily DUS REMIC (FNA 2023-M8) Under Its GeMS Program
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $503 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on November 6, 2023. FNA 2023-M8 marks the third Fannie Mae GeMS issuance of 2023.
"We announced and priced our third deal of 2023, the M8, on Monday of last week. Given the recent rate and spread volatility, we were keen to get the deal up and down as quickly as possible," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "The syndicate process remains challenging, and we were pleased with the level and speed of the deal execution. As always, we appreciate the focus of investors in this challenging operating environment."
All classes of FNA 2023-M8 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 can be found in the table below:
|Class||Original Face||Weighted Average Life||Coupon (%)||Coupon Type||Spread*||Offered Price|
|A1||$29,300,000||6.41||Not Available||WAC||Not Available||Not Available|
|A3||$125,000,000||9.36||Not Available||Fixed||Not Available||Not Available|
|X3||$125,000,000||N/A||Not Offered||WAC IO||Not Offered||Not Offered|
*The spread on FNA 2023-M8 was priced using the SOFR swap curve
Group 1 Collateral
|Collateral||61 Fannie Mae DUS MBS|
|Geographic Distribution||TX (18.79%), VA (15.13%), GA (13.05%)|
Debt Service Coverage Ratio (DSCR)
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2023-M8) available on the Fannie Mae GeMS Archive page.
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