I need help finding the equity IRR/MOI and Project IRR/MOI, which are calculated after all the IRR hurdles are taken into account. I have tried a couple different models, but don't believe I have calculated the right percentages/multiples. So, I want to see how and what you guys get to compare. Thank you ahead of time. (ALL INFO IS WRITTEN BELOW) Purchase Price 95,000,000 Closing Costs: 1,900,000 Renovation Budget: 5,000,0000 Loan amount interest only: 76,425,000 . Total Equity: Equity Partner: 90% . Sponsor: 10% Sale Price: 166,250,000 2% closing cost: 3,325,000 . Loan balance: 76,425,000 . Expenses: 5,000,000 Waterfall Structure: 6% Preferred . Equity Partner Sponsor to a 10% 80% 20% to a 12% 70% . 30% to a 18% 60% . 40% thereafter 50% 50% Cash Flows given: Year 1= 1,401,125 . Year 2= . 1,655,875 . Year 3= 1,910,625 . Year 4= . 2,165,375 . Year 5= . 83,792,750

IRR hurdles 10%: Equity Partner 80% / Sponsor 20%

12%: Equity Partner 70% / Sponsor 30%

18% Equity Partner 60% / Sponsor 40%

Thereafter 50% / 50% Split