The following data, objectives, and constraints have been provided with respect to a proposed venture:

Cost (including transaction costs) $3,900,000

Net leaseable area (square feet) 29,500

Financing specifications:

a. Mortgage loan terms: 9 percent interest; 25 year monthly amortization schedule; renegotiable after 10 years

b. Minimum acceptable current yield on equity funds: 6 percent

Operating forecast for first year:

Market rent per square foot (based on analysis of comparable properties) $23.50

Vacancy rate (percent) 8

Operating expenses, per sq. ft. of leaseable area $8.50

If the minimum acceptable debt coverage ratio is 1.20 and the maximum loan-to-value ratio is 70 percent, what is the maximum total investment (combined equity funds) that will make the above proposal financially feasible?