1. What kind of loan would you select for this property a CMBS conduit loan or one from a Portfolio Lender? Explain what were the main factors that influenced your choice (use bullet point format)

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$ $/PFS SF Purchase Price $ 27,000,000 $ 180 51% 150,000 Build CapEx $ 12,000,000 $ 80 23% 150,000 TI - New Leases $ 3,600,000 $ 60 7% 60,000 TI - Renewals $ 1,800,000 $ 20 3% 90,000 Commissions $ 600,000 $ 10 1% 60,000 Soft Cost $ 7,500,000 $ 50 14% 150,000 Total Project Cost $ 52,500,000 $ 350 100% 150,000 $ $/PFS SF Purchase Price $ 27,000,000 $ 180 51% 150,000 Build CapEx $ 12,000,000 $ 80 23% 150,000 TI - New Leases $ 3,600,000 $ 60 7% 60,000 TI - Renewals $ 1,800,000 $ 20 3% 90,000 Commissions $ 600,000 $ 10 1% 60,000 Soft Cost $ 7,500,000 $ 50 14% 150,000 Total Project Cost $ 52,500,000 $ 350 100% 150,000