Last week, Fannie Mae priced its sixth multifamily DUS REMIC of the year. The latest deal under the company's Guaranteed Multifamily Structured (GeMS) program totals $577 million.
‘The agency [commercial mortgage-backed securities] market has been resilient through a tough period of global economic uncertainty and heightened market volatility,’ says Kimberly Johnson, Fannie Mae's vice president of multifamily capital markets. "Fannie Mae has issued four GeMS deals since July, and they have all been very well received. This seven-year transaction took advantage of demand in the belly of the curve, and the execution was even better than expected."
One hundred and four Fannie Mae DUS mortgage-backed securities serve as the deal's collateral, and the weighted average loan-to-value ratio is 65.65%, Fannie Mae explains.