Commercial and Multifamily Briefs March 31, 2022

Commercial and Multifamily Briefs from Cushman & Wakefield, Fannie Mae

Cushman & Wakefield Acquires Grant Street Associates
Cushman & Wakefield acquired Grant Street Associates Inc. in Pittsburgh, Pa., after an 18-year alliance.

Grant Street Associates has been providing commercial real estate services since 1993; the firm’s principals have more than 90 years of combined real estate experience.

Grant Street Associates currently represents more than five million square feet of office, flex and retail space in downtown and suburban Pittsburgh.

Mike McCurdy, Managing Principal of Cushman & Wakefield’s greater Philadelphia and Baltimore regions, will oversee operations in Pittsburgh.

Fannie Mae Enhances DUS Disclose to Expand Multifamily Social Disclosures

Fannie Mae said it will expand the affordability disclosures for multifamily pools issued on or after May 1 in an effort to give more transparency to market participants.

These enhanced disclosures include a breakdown of units by Area Median Income based on rent roll submitted at acquisition. Fannie Mae’s multifamily disclosure platform, DUS Disclose, will display the percentage of units in the respective property that meets the following Area Median Income levels.

Breakdown of AMI Levels

% of Units <=50% AMI

% of Units >50% – 60% AMI

% of Units >60% – 80% AMI

% of Units >80% – 100% AMI

% of Units >100% – 120% AMI

% of Units >120% AMI

The units within each AMI level will be categorized as either restricted (where units are encumbered by a regulatory agreement) or unrestricted. Multifamily pools with restricted, unrestricted or both restricted and unrestricted rental units that meet certain criteria will be identified as a social bond by the social flag indicator in DUS Disclose.

Fannie Mae said it will notify the market once the DUS Disclose enhancements are available, which is scheduled to occur on May 1.