WASHINGTON, Sept. 16, 2014 /PRNewswire/ -- Fannie Mae
(OTC Bulletin Board: FNMA) 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. The structure details for the multi-tranche
offering are in the table below:
|
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
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M10) available on the Fannie Mae GeMS
Archive page on www.fanniemae.com.
Certain statements in this release may be considered
forward-looking statements within the meaning of federal securities
laws. In addition, not all securities will have the characteristics
discussed in this release. Before investing in any Fannie Mae
issued security, you should read the prospectus and prospectus
supplement pursuant to which such security is offered. You should
also read our most current Annual Report on Form 10-K and our
reports on Form 10-Q and Form 8-K filed with the U.S. Securities
and Exchange Commission ("SEC") available on the Investor
Relations page of our Web site at
www.fanniemae.com and on the SEC's Web site at
www.sec.gov.
Fannie Mae enables people to buy, refinance, or rent a
home.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter:
http://twitter.com/FannieMae.
SOURCE Fannie Mae