Assumptions:

For Reveille Apartments, a mortgage for $$9\mathrm{.}5$ million is expected $($based on roughly $70\%$ LTV$).$ Terms are based on a $20$ year fully amortized loan with monthly payments. The purchase price was $$13,596,700$ and the sales price at the end of the $5$ year holding period is based on a terminal cap rate of $9\%.$ The unleveraged discount rate for the investor is $15\%.$ The leveraged hurdle rate is also $15\%.$

lat is the "going$-$in$"$ capitalization rate for this property?