Park Siena is a 200 unit garden apartment complex. Each unit is a 1-bedroom apartunent with monctiy ferit of $1,500 On average 10 units are vacart at any ghen time. The landiord pays for all operating expenses. The owmer is forecauting the following line items for the first year: - Property tax: $1,000,000 - Insurance $100,000 - Maintenance, $120,000 - Management experse $100,000 - Capilal expenditures: $300,000 Rents, expenses, and captal expendtures are expected to increase by 2t per year findefinitely cost of capul for this property is 7w (fixed for all years). Imestors of Park La Siena are negotating with first Capital Bank to refinance an exising permanent loan the Ioan is a 10 year CPM (constant payment mortgageL amortized over 30 years, with Aviul payments and a contractual interest rate of 6h. What is the largest loan that can be offered for this property if First Capital requires a maximum intial loan to value ratio (LTV) of 75k? A. $27,000,000 B. 528,800,000 C. $30,600,000 D. 521,600,000 E. $18,000,000