Drexel just bought a 3 acre lot of land which they are thinking of constructing an office building for different kind of employees so they can hire Drexel students. The construction, finance, and exit assumptions are: Land size: 3 acres at $150 a square foot Floor Area Ratio: 8 Leasable to Gross Area Ratio: 85% Hard Costs: $200 a square foot Soft Costs: $130 a square foot Construction Time: 24 months LTC: 75% Annual interest 6% Land cost: 50% on construction and 50% at the end of construction Hard and soft costs are split evenly per month At the end of construction, Drexel needs $10 per leasable square foot as capital reserves which they add on to the refinance amount. Take on the max amount of debt and the rest is equity (80% Drexel and 20% Developer). Construction begins of Jan 1, 2020-Dec 31, 2021 (Changed for consistency reasons. It doesn't matter when you start the project the return should stay the same. I changed in to keep it consistent with the last part of this prompt)