Question 12 6 pts You own a real estate investment company and your interns have provided the below annual estimates of NOI for an office building you can acquire today for $10m. They also estimate you would receive $13.2m in net sale proceeds when the property is sold at the end of 3 years based on paying 5% brokerage expenses. PNC bank has offered you a 3-year $7m interest-onlydoan at 6% with annual payments and $60,000 of origination fees. What is the 1st year Debt-Coverage Ratio (DCR) of the investment? Please represent your answer as a percent with 2 decimals (ie. 0.0728 as 7.28). Year 1 Year 2 Year 3 Year 4 NOI $700,000 $714,000 $739.000 $748,000