The unanchored retail center will be located in the same neighborhood. The five tenants including Starbuck$$s Coffee have all signed Letter$-$of$-$Intents $($LOIs$).$ The budgeted cost to build the retail center is $$2,000,000$ and is being built to an $8\%$ cap rate according to Brian$$s underwriting. Jessie next underwrites the retail development. Since all the retail spaces are preleased, she is willing to go up to $65\%$ LTC on the loan. How much is the community bank willing to lend on the development? Once the property is complete, the property will trade at a $6\%$ cap rate, what will the LTV ratio be upon completion?