Land 4,200,000 Site preparation 425,000 Hard costs 13,500,000 Professional fees 500,000 Permits 130,000 Project management 255,000 Leasing commissions 50,000 Other soft costs 325,000 Subtotal 19,385,000 Interest 186,000 approximation Total 19,571,000 Development Timeline The total construction will take place over one year (12 months) The land purchase and the site preparation occur in the first month Soft costs (excluding interest) are evenly incurred over the 12 month period Hard costs are evenly incurred from month 3 to month 12 Assume cash flows occur at the end of every month Stabilized Property Characteristics The property has been fully pre-leased Stabilized NOI at opening 1,400,000 Cap rate of comparable properties 5.00% Construction Loan LTC 60% Interest rate 5.5% Takeout Loan Maximum LTV 70% Minimum DSCR 1.20 Loan Type Mortgage Amortization period (years) 30 Term (years) 5 Payment Frequency Monthly Mortgage Rate 4.25%

1) What is the exact oustanding construction loan balance at the end of the construction period? (rounded to the nearest dollar)

please reference the cell where you calculated the response rather than typing it manually

2) How much equity will shareholders receive when the takeout mortgage is completed?

1) What is the exact oustanding construction loan balance at the end of the construction period? (rounded to the nearest dollar)

please reference the cell where you calculated the response rather than typing it manually

2) How much equity will shareholders receive when the takeout mortgage is completed?