Please approach the following case study with a blank workbook and use formulas wherever possible everything below should be completed on an annual basis to simplify the process. The project is a speculative office development with two leases. Financing Assumptions: Please assume a traditional bank construction loan for this project. That means equity up-front. 1. Loan to Cost: 65% 2. Interest Rate: 6.00% 3. Recordation Tax: 2.50% 4. Financing Fees: 1.50% Please include the following as part of your model: 1. Sources and Uses Table 2. Returns a. Unlevered IRR b. Levered IRR c. Equity Multiple d. Stabilized Yield e. Stabilized Cash on Cash 3. Data Tables Measuring IRR at the following: a. Tenant 1 rents ($1/SF increments) vs cap rates b. Land purchase price ($5 / SF increments) vs debt interest rate (0.25% increments) c. Tenant 2 rents ($2 / SF increments) vs TIs ($10 / SF increments) 4. Please build a waterfall reflecting the following: a. 5% GP Investment / 95% LP Investment b. Pari Passu until a 8% return c. 20% to the GP and 80% to the LP until a 12% return d. 30% to the GP and 70% to the LP until a 15% return e. 40% to the GP and 60% to the LP thereafter