WASHINGTON, April 17, 2015 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) priced its fourth Multifamily DUS®
REMIC in 2015 totaling $1.01 billion
under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae
GeMS) program on April 15, 2015.
"This deal represented a great value for investors – it would be
tough for us to structure a higher quality collateral pool at a
more fair level," said Josh Seiff,
Fannie Mae's Vice President of Capital Markets and Trading. "The
credit quality of the 10-year collateral was excellent - with a
DSCR of 1.74x and an LTV of 65.9% – you don't see that in other
lending programs at this point in the cycle. That credit
culture is really what sets Fannie Mae's DUS program apart from
other Commercial Real Estate lending platforms."
All classes of FNA 2015-M7 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
|
$67,950,850
|
2.14
|
0.882
|
Fixed
|
S+5
|
100.00
|
|
ASQ2
|
$245,812,862
|
2.82
|
1.550
|
Fixed
|
S+15
|
101.00
|
|
X1
|
$313,763,712
|
2.20
|
3.986
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
A1
|
$70,485,005
|
5.72
|
2.113
|
Fixed
|
S+33
|
101.00
|
|
A2
|
$539,538,900
|
9.58
|
2.590
|
Fixed
|
S+52
|
101.00
|
|
AB1
|
$9,611,592
|
5.72
|
1.897
|
Fixed
|
S+35
|
99.75
|
|
AB2
|
$73,573,485
|
9.58
|
2.502
|
Fixed
|
S+58
|
99.75
|
|
X2
|
$693,208,982
|
8.69
|
0.530
|
WAC IO
|
Not
Offered
|
Not
Offered
|
|
Total
|
$1,006,972,696
|
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
|
UPB:
|
$313,763,713
|
|
Collateral:
|
86 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
CA (30.1%), NY
(20.6%), PA (12.5%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio
(DSCR):
|
1.52x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
61.9%
|
|
|
|
|
|
|
|
Group 2
Collateral
|
|
|
|
|
UPB:
|
$693,208,983
|
|
Collateral:
|
67 Fannie Mae DUS
MBS
|
|
Geographic
Distribution:
|
TX (26.9%), NY
(12.9%), CA (10.6%)
|
|
Weighted
Average
|
|
|
Debt Service
Coverage Ratio
(DSCR):
|
1.74x
|
|
Weighted
Average
|
|
|
Loan-to-Value
(LTV):
|
65.9%
|
|
|
|
|
|
Settlement
Date:
|
April 30,
2015
|
|
|
|
Lead
Manager:
|
Deutsche Bank
Securities
|
|
Co-Managers:
|
Goldman, Sachs &
Co.
|
|
Jefferies
|
|
Loop Capital
Markets
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2015-M7) 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
homes.
Visit us at: www.fanniemae.com/progress
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http://twitter.com/FannieMae.
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SOURCE Fannie Mae