A commercial development has stabilized and is performing with revenues of $800,000 per year, and expenses of $450,000, providing Income of $350,000 per year. The loan provided 75% the project's total cost of $4,000,000, or $3,000,000 in loan principal (the balance was raised in cash equity). The loan interest rate of 5% requires annual payments of $150,000, leaving $200,000 in Net Cash Flow after loan payments. What return on equity does the $200,000 NCF yield?

	25%
	20%
	6.67%
	5%