The manager of a real estate investment fund is considering purchasing a Class B office building. The fund would hold the building for 7 years. The manager assumes that NOI in the year following the sale will be $1,115,000 and the property will have a terminal cap rate of 7.0%. Cost of sale will be 4%. If the fund plans to take on an $8.2 million loan to purchase the building today at a rate of 5.5% and a 20-year amortization period, calculate equity returned to the fund (i.e., net profit) from the resale of the building at the end of year 7.