Question 48 (1 point) An office development has 45,000 SF of RBA and average rent of $28 per SF. The lease-up period is 12 months and average occupancy is expected to be 40% during the lease-up period. During the lease-up period, expected operating expenses are $180,000 and total leasing & capital cost are $125,000. Construction loan interest will be due during the lease-up period, with an annual rate of 6% on a $4.5 million construction loan. What will be the operating reserve required during lease-up? Excel $469,000 $199,000 $71,000 $54,000 $0