(1) With an initial loan commitment of $1,225,000 and using the initial terms outlined in the case, what is ARP's expected return if the property is held for six years? Eleven years? Assume that ARP and its investors are in the 31% marginal tax bracket at the federal level and the 6% bracket at the state level. Assume a 28% capital gains tax rate and standard depreciation schedules. Similar projects in the Atlanta market have sold at cap rates of between 8.5% and 11%.