Casa Loma Development has recently completed the construction of a commercial project covering $100,000$ square feet on a site of the same size. The land cost amounted to $$50$ per square foot of the site area, while the soft costs and hard costs were $$100$ per square foot and $$300$ per square foot, respectively. The anticipated market value of the developed property is $$60,000,000,$ and the takeout loan is set at a $45\%$ Loan$-$to$-$Value $($LTV$)$ ratio. The takeout permanent mortgage is amortized over $25$ years at an annual interest rate of $5\%($utilizing MPF@$0\mathrm{.}005816).$ The property generates a net operating income of $$35$ per square foot. What would be the estimated return on equity for this project?

Question $30$ options:

$9\mathrm{.}40\%$

$15\mathrm{.}30\%$

$11\mathrm{.}00\%$

$19\mathrm{.}00\%$