Using your waterfall spreadsheet, calculate the following on your spreadsheet (No need to enter anything into Blackboard:

a) Overall project IRR

b) Equity Investor IRR

c) Developer IRR

Preferred Return		8%
Equity Partner Capital		90%
Developer Equity		10%
Promote - Equity		50%
Promote - Developer		50%
Application of Funds from Operations & Reversion
Priority #1		Preferred Return at pari-parssu
Priority #2		Return Capital
Priority #3		Splits/Promote

Cash Flows:

Year 0 (10,000,000)

Year 1 450,000

Year 2 475,000

Year 3 490,000

Year 4 500,000

Year 5 525,000

Year 6 575,000

Year 7 600,000

Year 8 675,000

Year 9 795,000

Year 10 40,000,000