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Fannie Mae prices $858M mortgage-related securities

Fannie Mae has priced a multifamily Delegated Underwriting and Servicing Real Estate Mortgage Investment Conduit, or DUS REMIC, totaling $858.2 million under its Fannie Mae Guaranteed Multifamily Structures program.

All classes of FNA 2018-M3 are guaranteed by Fannie Mae.

The group one collateral consists of 62 Fannie Mae DUS mortgage-backed securities in Georgia, Ohio and Nevada with a total unpaid principal balance of about $439.5 million. The weighted-average debt service coverage ratio is 1.90x, while the weighted-average loan-to-value is 69.9%.

The group two collateral consists of 44 Fannie Mae DUS mortgage-backed securities in California, Texas and Maryland with a total unpaid principal balance of about $418.7 million. The weighted-average debt service coverage ratio is 1.42x, while the weighted-average loan-to-value is 69.8%.

The settlement date is March 29.

Amherst Pierpont Securities is acting as lead manager. Morgan Stanley, PNC Capital Markets LLC and Mischler Financial Group Inc. are serving as co-managers.