WASHINGTON, DC-Some three years in operation, Fannie Mae's Guaranteed Multifamily Structures program is still attracting new investors to the program, Kimberly Johnson, Fannie Mae SVP of Multifamily Capital Markets, tells GlobeSt.com.
That observation was one of her take-aways from Fannie Mae's latest transaction –- and its fifth for the year – when it priced a multifamily DUS REMIC totaling $1.02 billion. "We had over two dozen names in the book, including four new investors. We have been getting new investors at a very consistent pace, which is a positive of course."
Another notable development with this offering is the appetite investors showed for the discounted support bonds. "We offered a number of tranches at discounted pricing due to the market selling off as we led into the pricing," Johnson says. "These were a unique opportunity for investors to take advantage of potential prepays."
The rest of the bonds traded in line with expectations, she reports.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
