Fannie Mae has priced a multifamily delegated underwriting and servicing REMIC totaling $985.3 million under its Fannie Mae Guaranteed Multifamily Structures program.

The group one collateral consists of 86 Fannie Mae DUS mortgage-backed securities in California, Texas and Florida with a total unpaid principal balance of about $985.3 million. The weighted-average debt service coverage ratio is 1.56x, while the weighted-average loan-to-value is 66.6%. The settlement date is June 30.

Morgan Stanley is serving as the lead manager, while Goldman Sachs, J.P. Morgan and Mischler Financial Group are acting as co-managers.