You are to evaluate the development of a new, single$-$story shopping center with $2$ outparcels. Create a discounted cash flow pro forma analysis and determine the maximum purchase price to achieve a levered $18\mathrm{.}00\%$ IRR over a $7-$year holding period. Use the assumptions below to complete the pro forma. Please create in excel and show formulas.

Assumptions $-$ Main Parcel

Parcel Size $($sqft$)283,140$

Parcel Size $($AC$)6\mathrm{.}50$

Proposed Height $($stories$)1$

Proposed FAR $30\mathrm{.}00\%$

Assumptions $-$ Outparcels

Outparcel $1($sqft$)49,179$

Outparcel $2($sqft$)47,480$

FAR $7\mathrm{.}50\%$

Assumptions $-$ Construction and Financing

Total Hard Cost $PSF $$150\mathrm{.}00$

Total Soft Cost $PSF $$40\mathrm{.}00$

Entitlement Cost $$,$ yr $1$ $$250,000$

Entitlement and Approvals $($mo$)12$

Land Asking Price $20,000,000$

Construction Timeline $($mo$)24($straight average$)$

Construction Loan Interest Rate $5\mathrm{.}75\%$

Loan to Cost $65\mathrm{.}00\%$

Perm Loan Refi Start of year $4$

Perm Loan Rate $5\mathrm{.}75\%$

Amortization Term $30$

Assumptions $-$ Operations and Resale

Market Rent $($$PSF NNN per year, as of year $0)$ $$45\mathrm{.}00$

Outparcel Rent $($$ per acre $/$ year, NNN$,$ forever$)$ $$250,000$

Annual Expenses $PSF$,$ yr $0$ $$11\mathrm{.}00$

Rent Growth $3\mathrm{.}50\%$

Expense Growth $2\mathrm{.}50\%$

Vacancy Allowance, Year $1$ of delivery $50\mathrm{.}00\%$

Vacancy Allowance, starting Year $2$ of delivery $7\mathrm{.}50\%$

Exit Cap Rate $6\mathrm{.}50\%$

Resale Closing Costs $3\mathrm{.}00\%$

Discount Rate $18\mathrm{.}00\%$