02/09/2024 | Press release | Distributed by Public on 02/09/2024 09:26
Helping lenders serve homebuyers and homeowners with affordable mortgages
Financing for quality, affordable rental housing in every market, every day
Reducing risk and enhancing housing finance liquidity
All Resources to Manage Financial Uncertainty
All Resources for Recovering from a Disaster
Recovery Assistance for Homeowners
Recovery Assistance for Renters
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) priced a $518.3 million Multifamily DUS® REMIC under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on January 31, 2024. FNA 2024-M2 marks the first Fannie Mae GeMS issuance of 2024.
"Last week, we announced and priced our first deal of 2024, the M2. Due to ongoing market volatility, we prioritized a swift execution," said Dan Dresser, Senior Vice President, Multifamily Capital Markets, Pricing and Analytics. "This deal kicks off 2024, and we are encouraged with the pricing and rapid deal execution, especially amid challenging market conditions. We will continue to seek avenues for investors to own Agency CMBS across the yield curve, and we appreciate investors' participation in this transaction."
All classes of FNA 2024-M2 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 |
A1 | $29,233,000 | 6.39 | 4.619 | WAC | P+83 | 101.15 |
A2 | $364,070,851 | 9.34 | 3.750 | Fixed | P+96 | 93.49 |
A3 | $125,000,000 | 9.33 | 4.230 | Fixed | P+93 | 97.54 |
X2 | $364,070,851 | 8.84 | 0.869 | WAC IO | Not Offered | Not Offered |
X3 | $125,000,000 | 9.03 | 0.389 | WAC IO | Not Offered | Not Offered |
Total | $518,303,851 |
*The spread on FNA 2024-M2 was priced using the SOFR swap curve
Group 1 Collateral
UPB | $518,303,851 |
Collateral | 74 Fannie Mae DUS MBS |
Geographic Distribution | FL (15.43%), NY (13.55%), NY (13.04%) |
Weighted Average Debt Service Coverage Ratio (DSCR) |
1.53x |
Weighted Average Loan-to-Value (LTV) |
60.27% |
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2024-M2) available on the Fannie Mae GeMS Archive page.