You are considering an investment in a small medical office building in Hackensack, NJ. The asking price for the building is $3.25M and a local commercial bank has offered to provide financing in the form of a 5-year mortgage with a 20-year amortization period. The interest rate on the mortgage is 6% and payments are made on an annual basis.

If the maximum loan-to-value (LTV) ratio for the loan is 60%, what is the most the lender will provide based on this condition?