The Port Authority, New York City and New York state all agreed to pay as much as $1.7 billion to finance construction of two of the towers – but Silverstein will not receive any profits until the public monies are repaid.

The delinquency rate for mortgage loans on one-to-four-unit residential properties dropped to a seasonally adjusted rate of 9.85 percent at the end of the second quarter of 2010, according to the latest Mortgage Bankers Association’s National Delinquency Survey, which was released Thursday.

According to Cole senior vice president of structured finance Matthew Donnelly, there was a highly competitive atmosphere for the debt on the property, allowing for favorable rates and terms.

CPE’s digital edition for September is here, featuring interviews with Jim Thomas and Thomas D’Arcy as well as all the up-to-the-minute information you need for your business. Click here to read.

Founded in 1987 by hospitality industry veteran Karim Alibhai, Gencom had been riding high until the tide turned for the company when its main lender, Lehman Brothers Holdings Inc., began the downward spiral that ultimately led to the global financial services firm’s demise in 2008.

Vetter, who began his career with Marcus & Millichap in 2003 as a specialist in multi-family investment sales, most recently held the position of associate vice president investments.

Orders for new homes might be down, but luxury homebuilder Toll Brothers Inc. nevertheless reported a quarterly profit for the first time since the housing bubble burst in 2007.

Grand Avenue in downtown Los Angeles, home to a bevy of internationally respected cultural venues, will soon become the site of a new contemporary art museum now that philanthropists Eli and Edythe Broad have obtained the final requisite approval for the development known as The Broad Collection.

The fund owns assets of 1 million square feet and is continuing to target core Class A assets. Its target value is in excess of $1 billion.

The 41-story twin office towers, which are currently owned solely by Thomas Properties, comprise 1.9 million square feet of Class A office space and 47,000 square feet of retail space.