Use the data below to solve for the following: Market Value Today Gain/Loss Since Development (excl. cash flow) Return on Assets Return on Equity Loan Constant Development Cost Per Unit Most Profitable Unit Style Construction Loan Interest Please show calculation via Excel file when answering the question.

SOFIA LOFTS - PROJECT INFORMATION Final Exam Assumptions Development Timeline Gross Building Area (GBA) Bldg. Area (sqft.] Site Purchased 2/1/2016 Residential 13,658 planning Started 2/1/2016 parking 3,000 Construction Financing Arranged 9/1/2016 Total GBA 16,658 Construction Started 10/1/2016 Total Auto Parking Spaces 16 Sales/Leasing Started 5/1/2016 Total Bike Storage Spaces Construction Completed 8/31/2016 Land Use Plan Acres If of site Buildings 0.17 41% Landscaping/Open Space 0.24 599% Total 0.41 100% Current Residential Information Number of Vacant Average Unit Type Square Feet Units Units Rents Studio (w/o parking] 615 1,425 Studio 650 1,630 Two Bedroom 930 NOOHH 2,200 Three bedroom (historic house) 1,683 3,200 Total 0,455 Development Cost Information Financing & Value Information Site Acquisition Cost $ 825,000 Construction Loan Interest Rate 3.50% Hard Costs Permanent Loan Interest Rate 5.50% Residential Units (gross) 1,950,000 Loan to Value 70% Existing House Rehab 172,500 Amortization (years) 30 Parking Area 237,000 Loan Term (years) 10 Stairwell 52,000 Lender Required DCR (min.) 1.20 Landscape/Hardscape 76,500 Interest-Only Period N/A Contractor's Fee 80,000 Market Cap Rate 8.25% Administrative Overhead & Expenses 73,250 Your Required ROE 10.0% Contingency 132,063 Subtotal - Hard Costs 2,773,313 Soft Costs Architecture 48,500 Landscape Architecture 23,650 Structural Engineering 32,000 Civil Engineering 24,675 Planning & Processing Consultants 6,000 MEP Engineering 15,840 Utility Consulting 12,350 Title 24 & Survey 15,000 Legal 16,500 Accounting, Printing & Insurance 11,275 General & Administrative 47,950 Property Taxes (24 months) 14,325 City Fees & Permits 425,000 Contingency 34,653 Construction Loan Interest Subtotal - Soft Costs 727,718 Total Development Cost $ 4,326,031