A developer is looking to build a 90 unit apartment building. She can acquire the land for $1,620,000. Her general contractor provided an estimated budget of $210,000 per unit for hard costs and she estimates that soft costs, which would include her interest carry, will be $3,100,000. Her lender is offering her an 18-month interest only loan with a Loan-to Cost ratio of 70%, where total development cost includes acquisition. Assuming no other sources of debt, how much equity does she need to raise for the project?