A lender has outlined key terms for a $4-$year annuity balloon mortgage at a fixed interest rate including the credit margin of $5\mathrm{.}50\%,$ with a maximum loan$-$to$-$value $($LTV$)$ ratio of $55\%$ amortised over $20$ years.

The property is in a good but not prime location. It is fully leased to a range of mainly good credit rated tenants. Leases have between $3$ years and $7$ years remaining and all have internal repairing only clauses with annual escalation to $\frac{C}{P}$I $.$

$\backslash$table$[[,$Year $0,$Year $1,$Year $2,$Year $3,$Year $4],[$Market Value,$-25\mathrm{.}000,,,,],[$Transaction costs @ $6\mathrm{.}80\%,-1\mathrm{.}700,,,,],[$Purchase cost$,-26\mathrm{.}700,,,,],[$Net Income,,$2\mathrm{.}250,2\mathrm{.}340,2\mathrm{.}434,2\mathrm{.}531],[$Capex @ $10\mathrm{.}00\%,,-0\mathrm{.}225,-0\mathrm{.}234,-0\mathrm{.}243,-0\mathrm{.}253],[$Sale incl'g costs,$-26\mathrm{.}700,2\mathrm{.}025,2\mathrm{.}106,2\mathrm{.}190,31\mathrm{.}524],[$Net Cash Flows,,,,,$]]$

Figures shown in $$millions$.$

Set out the line by line After Debt Cash Flow, based on the details above and whatever further reasonable and fully justified assumptions you feel are necessary.

The borrower only invests in property that can achieve an after debt annual return of $14\mathrm{.}00\%$ or above and an average forecasted cash$-$on$-$cash of $7\mathrm{.}50\%.$ Show your detailed calculations and comment on whether this project is capable of meeting these criteria?