09/14/2021 | Press release | Distributed by Public on 09/14/2021 10:37
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $210 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on September 10, 2021. FNA 2021-M18 marks the ninth Fannie Mae GeMS issuance of 2021.
'We kicked off the fall season with a first for us, the re-securitization of our Hybrid ARM product in the M18,' said Dan Dresser, Senior Vice President, Multifamily Capital Markets & Pricing. 'This Hybrid ARM product provides long-term flexible financing for small building owners, and prepayment protection for investors during the fixed-rate period. Although the program is a smaller component of our Multifamily portfolio, it expands opportunity for smaller apartment building owners nationwide, providing them with alternatives to traditional, fixed-rate financing.'
All classes of FNA 2021-M18 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 |
H5 | $57,217,063 | 3.36 | 0.942 | FLT/AFC | S+15 | 100.50 |
X1 | $57,217,063 | 7.67 | 2.453 | WAC IO | Not Offered | Not Offered |
H7 | $56,746,133 | 5.00 | 1.279 | FLT/AFC | S+25 | 100.50 |
X2 | $56,746,133 | 8.02 | 1.618 | WAC IO | Not Offered | Not Offered |
H10 | $96,355,804 | 6.39 | 1.626 | FLT/AFC | S+45 | 100.49 |
X3 | $96,355,804 | 8.08 | 1.133 | WAC IO | Not Offered | Not Offered |
Total | $210,319,000 |
Group 1 Collateral
UPB | $57,217,063 |
Collateral | 30 Fannie Mae DUS MBS |
Geographic Distribution | CA (17.1%), WA (14.33%), CO (13.44%) |
Weighted Average Debt Service Coverage Ratio (DSCR) |
1.78x |
Weighted Average Loan-to-Value (LTV) |
65.6% |
Group 2 Collateral
UPB | $56,746,133 |
Collateral | 27 Fannie Mae DUS MBS |
Geographic Distribution | CA (36.73%), PA (13.62%), WV (12.26%) |
Weighted Average Debt Service Coverage Ratio (DSCR) |
1.93x |
Weighted Average Loan-to-Value (LTV) |
58.8% |
Group 3 Collateral
UPB | $96,355,805 |
Collateral | 51 Fannie Mae DUS MBS |
Geographic Distribution | CA (19.07%), IL (14.6%), MD (6.67%) |
Weighted Average Debt Service Coverage Ratio (DSCR) |
1.89x |
Weighted Average Loan-to-Value (LTV) |
64% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2021-M18) available on the Fannie Mae GeMS Archive page.