Fannie Mae (OTC Bulletin Board: FNMA) priced its tenth Multifamily DUS® REMIC in 2014 totaling $1.32 billion under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS) program on October 10, 2014.
"FNA 2014-M12 is our second securitization of ARM 7-6™ collateral. The ARM 7-6 is an innovative product that allows us to provide competitive floating-rate funding to multifamily borrowers of all sizes. The flexibility is great for borrowers, and the deal was well received by investors," said Josh Seiff, Fannie Mae Vice President of Multifamily Capital Markets.
All classes of FNA 2014-M12 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
FA
$719,949,655
5.67
0.453
Floater/AFC
S+30
100.00
FX
$719,949,655
0.27
1.318
WAC IO
Not Offered
Not Offered
ASV1
$53,300,000
3.52
1.928
Fixed
S+28
101.00
ASV2
$548,180,025
6.73
2.614
Fixed/AFC
S+38
101.00
X2
$601,480,025
5.99
0.393
WAC IO
Not Offered
Not Offered
Total
$1,321,429,680
Group 1 Collateral
UPB:
$719,949,655
Collateral:
105 Fannie Mae DUS MBS
Geographic Distribution:
TX (32.0%), CA (22.4%), TN (7.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
1.93x
Weighted Average
Loan-to-Value (LTV):
70.2%
Group 2 Collateral
UPB:
$601,480,025
Collateral:
52 Fannie Mae DUS MBS
Geographic Distribution:
IL (20.6%), CA (17.6%), NY (9.1%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
1.73x
Weighted Average
Loan-to-Value (LTV):
67.9%
Settlement Date:
October 30, 2014
Lead Manager:
Credit Suisse
Co-Managers:
Citigroup and Deutsche Bank Securities
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2014-M12) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.
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