A certain real estate limited partnership (LP) advertises that it has a target of matching the stock market in total return for its limited partner investors, before-taxes. (Suppose that the stock market risk premium is expected to be 9%.) The conservative office and warehouse properties which the partnership plans to acquire typically command risk premia in their before-tax expected returns of about 6%. Assuming mortgage debt at a rate of 3%, what loan-to-value ratio must the LP plan to maintain in its property investments in order to have a good chance of meeting its stated target?