Mortgage bankers leary of venturing into the sometimes precarious multifamily market got reason for some optimism Sept. 27 when Fannie Mae and Merrill Lynch & Co. introduced a Remic that each hopes will attract investors and draw more lenders into the multifamily arena.

Merrill launched the $258.8 million issue on Sept. 28 and by the next morning it was sold out, according to Jack Blackburn, vice president of mortgage financing. Fannie Mae hopes to have $2 billion to $3 billion in this multifamily market by 1994. Blackburn said Merrill is already looking for new issuers for a new deal and expects others, such as Freddie Mac, to sponsor similar deals soon.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.