Fannie Mae Prices $1.07 Billion Multifamily DUS REMIC (FNA 2021-M4) Under Its GeMS Program
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) priced a $1.07 billion Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on February 10, 2021. FNA 2021-M4 marks the third Fannie Mae GeMS issuance of 2021.
“This week’s M4 is backed by call-protected DUS 10-year fixed-rate collateral and offered investors a tight window, low premium investment opportunity,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. “As Agency CMBS spreads continue to grind tighter this year, we were pleased with the diversity of investors in the order book.”
All classes of FNA 2021-M4 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|
|A3||$100,000,000||9.92||1.386||Fixed/AFC||Not Available||Not Available|
|X||$110,358,000||6.49||0.507||WAC IO||Not Offered||Not Offered|
|X3||$100,000,000||9.42||0.08||WAC IO||Not Offered||Not Offered|
|Collateral||120 Fannie Mae DUS MBS|
|Geographic Distribution||TX (19.69%), CA (16.68%), FL (13.62%)|
Debt Service Coverage Ratio (DSCR)
For additional information on this transaction, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M4) available on the Fannie Mae GeMS Archive page. For additional information on Fannie Mae’s social bonds, please refer to our website.
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