. Use Excel to create all solutions and submit an excel document for final HW submission. Use the mathematical functions within excel to make all calculations. Partial credit is only possible if functions are used in all calculable cells. You hired an investment firm and a developer to build an office building on a 4-acre plot of land. Construction will begin at the end of 2021 (December 31, 2021). Use the follow deal structure to set up a development pro forma: Land Size: 4 acres Land Price: $160 square foot Floor Area Ratio: 10 Leasable to Gross Area Ratio: 90% Hard costs per gross square foot $175 Soft costs per gross square for $90 Completing time is 2 years LTC (loan-to-cost) is 70% Annual interest rate is 5% and interest is capitalized Draw on equity first and use until exhausted, then draw on debt Assume that 50% of land cost is paid in the first month and 50% in the last month Hard and Soft Costs are distributed evenly over the 2 year period. (This is not the case in real life but it's an assumption to make your model easier). Investor contribution is 80%, the rest comes from developer. . . . . Instructions Make a development pro forma for the construction phase of the deal. Begin with determining the uses of funds by calculating the funds needed for the development (land acquisition, hard and soft costs). Then determine the source of funds. Show the 2 years construction period monthly. When you are done, show the amount of the construction loan that needs to be refinanced