You are considering the acquisition of the Skyfall Apartments in Austin. The offering memorandum provided the broker at CBRE contains the following information:

Number of Units: 400

Avg. Sq. Ft. per Unit: 940

Market Rent per Sq. Ft. per month: $2.10

Vacancy & Collection Loss per Sq. Ft. per month: $0.12

Expenses per Sq. Ft. per month: $0.60

Purchase price: $100,000,000

You called your banker at ABC Bank, and she is willing to make you a loan on the following terms:

LTV: 70%

Interest Rate: 4.56%

Amortization: 30 years

Origination Fee: 1.5% of Loan Amount

Other Borrower Closing Costs: $150,000

What is your NOI?