Development Project Details: Projected Square Footage: Bar - 9,504 aft, Restaurant -9,504 aft, AirBnB (2nd floor) - 11,035.8 saft Estimated Development Duration: Approximately 1 year per 10,000 aft o Costs: o Acquisition: $2,339,144 o Renovations: $4,966,110 (at $225/saft) o New Construction: Not applicable (renovations only) o Total Project Cost: $7,305,254 Funding Structure: Bank-Acquisition Terms: 100% of Acquisition Cost, 8.825% fixed, 20-year term from Day 1 Bank-Construction Terms: 40% of Construction Costs, 8.825% fixed, 20-year term after 10% of project duration Mezzanine Terms: 35% of Construction Costs, 15.75% fixed, Interest Only, starting after 25% of project duration Preferred Equity: 20% of Construction Costs, 21% required return, starting 50% of project duration Common Equity: 5% of Construction Costs + Interest for debt, 26% required return, starting 75% of project duration Find the common equity for the project and provide an exit strategy with math work