The ULI case study of Pat Pendergasts Pearl Lofts gives a break down of the Development Cost and sale price of units. a) Calculate the profit made taking 1) lowest price of units and 2) highest price of units. Deduct the sum of (interest rate of 40% on half the Development cost for investors and 5% on the other half of the Development cost for the Fannie Mae loan) from the profit. What was the percentage of profit made by Pat Pendergast after paying off the investors and bank? Show how you did the calculations.

\begin{tabular}{|l|r|} \hline Sewer/water/drainage & 28,766 \\ \hline Paving/curbs/sidewalks & 54,860 \\ \hline Landscaping/irrigation & 7,995 \\ \hline Lighting/power & 78,945 \\ \hline Phone & 985 \\ \hline Fees/generalconditions/insurance \\ \hline (Minusreimbursementfromdjacentprojectforhalfofcostsoralley/gates/Lutilities) & 11,050 \\ \hline \begin{tabular}{l} Total \\ \hline \end{tabular} & $101,108 \\ \hline \end{tabular} Construction Costs: \begin{tabular}{|l|r|} \hline Sitework & $154,585 \\ \hline Concrete & 107,770 \\ \hline Masonry & 133,560 \\ \hline Metals & 79,564 \\ \hline Carpentry & 359,558 \\ \hline Thermal and moisture protection & 50,202 \\ \hline Doors and windows & 95,383 \\ \hline Finishes & 477,072 \\ \hline Specialties & 18,619 \\ \hline Equipment & 32,448 \\ \hline Furnishings & 58,743 \\ \hline Mechanical & 176,027 \\ \hline Electrical & 214,545,000 \\ \hline \hline Fees/generalConditions/insurance \\ \hline Total \end{tabular} Soft Costs \begin{tabular}{|l|r|} \hline Architecture & $50,000 \\ \hline Marketing & 15,000 \\ \hline Legal/accounting & 25,000 \\ \hline Appraisal & 5,000 \\ \hline Environmental & 5,000 \\ \hline Soils structure & 2,000 \\ \hline Survey & 10,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Sewer/water/drainage & 28,766 \\ \hline Paving/curbs/sidewalks & 54,860 \\ \hline Landscaping/irrigation & 7,995 \\ \hline Lighting/power & 78,945 \\ \hline Phone & 985 \\ \hline Fees/generalconditions/insurance \\ \hline (Minusreimbursementfromdjacentprojectforhalfofcostsoralley/gates/Lutilities) & 11,050 \\ \hline \begin{tabular}{l} Total \\ \hline \end{tabular} & $101,108 \\ \hline \end{tabular} Construction Costs: \begin{tabular}{|l|r|} \hline Sitework & $154,585 \\ \hline Concrete & 107,770 \\ \hline Masonry & 133,560 \\ \hline Metals & 79,564 \\ \hline Carpentry & 359,558 \\ \hline Thermal and moisture protection & 50,202 \\ \hline Doors and windows & 95,383 \\ \hline Finishes & 477,072 \\ \hline Specialties & 18,619 \\ \hline Equipment & 32,448 \\ \hline Furnishings & 58,743 \\ \hline Mechanical & 176,027 \\ \hline Electrical & 214,545,000 \\ \hline \hline Fees/generalConditions/insurance \\ \hline Total \end{tabular} Soft Costs \begin{tabular}{|l|r|} \hline Architecture & $50,000 \\ \hline Marketing & 15,000 \\ \hline Legal/accounting & 25,000 \\ \hline Appraisal & 5,000 \\ \hline Environmental & 5,000 \\ \hline Soils structure & 2,000 \\ \hline Survey & 10,000 \\ \hline \end{tabular}