You are analyzing a development with the following data, rentable square feet of 200,000, land cost of $8 million, hard, and soft costs of $250/sq. ft., stabilized market value of $100 million, a floating rate construction loan of $40 million, a construction mezzanine loan of $5.5 million, pre- ferred equity of $25 million and owner equity of $7 million. The construction loan to cost ratio is