Fannie Mae (OTCQB: FNMA) priced a $509.1 million Multifamily DUS REMIC under its Fannie Mae Guaranteed Multifamily Structures program on April 9, 2024. FNA 2024-M4 marks the second Fannie Mae GeMS issuance of 2024.
“We’re excited to announce the pricing of our second GeMS deal for 2024,” said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. “Despite persistent market challenges, including continued rate volatility, we were pleased with the speed and efficiency of the execution. Investor interest was robust, and we appreciate their continued participation.”
All classes of FNA 2024-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 |
Coupon (%) |
Coupon Type |
Spread* |
Offered |
|
Price |
||||||
|
A1 |
$25,096,202 |
6.16 |
4.791 |
Fixed |
Not Available |
Not Available |
|
A2 |
$357,000,000 |
9.44 |
4.871 |
Fixed |
P+89 |
100.00 |
|
A3 |
$127,000,000 |
9.57 |
4.40 |
Fixed |
Not Available |
Not Available |
|
X1 |
$25,096,202 |
6.13 |
0.322 |
WAC IO |
Not Offered |
Not Offered |
|
X2 |
$357,000,000 |
8.95 |
0.242 |
WAC IO |
Not Offered |
Not Offered |
|
X3 |
$127,000,000 |
9.07 |
0.713 |
WAC IO |
Not Offered |
Not Offered |
|
Total |
$509,096,202 |
* The spread on FNA 2024-M4 was priced using the SOFR swap curve
Group 1 Collateral
|
UPB: |
$509,096,202 |
|
Collateral: |
76 Fannie Mae DUS MBS |
|
Geographic Distribution: |
TX (24.30%), FL (11.81%), IL (8.14%) |
|
Weighted Average Debt Service Coverage Ratio (DSCR): |
1.42x |
|
Weighted Average Loan-to-Value (LTV): |
58.8 % |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2024-M4) available on the Fannie Mae GeMS Archive page.
About Fannie Mae
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