Think about the Waterfall flow. Assume you are a common equity investor and want to invest in an office building that was purchased for @2million in 2003. The investment was $1,000,000, the preferred investor invested $500,000, the mazzanine lender secured a loan of $500,000, the junior debt lender secured a loan of $250,000 and the senior lender did $250,000. The holding period was 10 years. The CE investor expected IRR of 20% while the PE investor projected 12%. After 2008 crisis, after 5 years later purchasing, the business was forced to sell the property for a net amount of $1,000,000. Assume that all debt payments were paid during the ownership. How can the waterfall flow be explained in this case?