Loan length is 25 years Acquisition Cost: $5MM Project Development Cost: $22.2MM Project Duration: 44 Months Bank @ 100% of Acquisition (I/Y = 8.25%) Bank @ 30% of Development Costs for 90% of the project duration Mezz @ 40% of Development Costs (I/Y = 14.25%) for 60% of the project duration Preferred Equity @ 20% of Development Costs (I/Y = 19.25%) for 40% of the project duration Common Equity @ The rest of Development Costs (I/Y = 23.0%) for 15% of the project duration Exit Strategy: Build and Hold. Refinance terms: 100% of Total Project Cost @9.25% for 25 years.

Find: Amount borrowed from each lender/partner. Capitalized Interest for each loan/investment Total Project Cost (including Capitalized Interest) Monthly Debt Service after completion/Refinance Bonus Points: Find Effective Interest, NOI assuming 6% Cap Rate.