The Senate on Tuesday confirmed Andrew Hughes as the next Deputy Secretary of the U.S. Department of Housing & Urban Development. MBA President and CEO Bob Broeksmit, CMB, issued a statement about Hughes’ confirmation.

Commercial and multifamily developments and activities from MBA important to your business and our industry.

Kroll Bond Rating Agency, New York, reported the five-year trend of conduit office exposure declining reversed in first quarter, with exposure rising to 16.3% from 13.9% in Q1 2024 and 15.4% for the full-year 2024.

Total nonfarm payroll employment increased by 139,000 in May, with the unemployment rate flat at 4.2%, the U.S. Bureau of Labor Statistics reported.

Commercial mortgage delinquencies increased across all major capital sources in the first quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report. While overall delinquency rates remain relatively low by historical standards, the increases highlight growing stress in parts of the market, particularly in sectors facing refinancing challenges or weakened fundamentals.

Green Street, Newport Beach, Calif., reported commercial property prices increased 0.6% in May.

Greystone, New York, provided a $58.6 million Freddie Mac Workforce Preservation program loan to refinance a 427-unit multifamily property in Elk Grove Village, Ill.