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

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

Net leasable area (square feet) 29,500

Financing specifications:

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

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) 9

Operating expenses, per sq. ft. of leasable area $9.50

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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?