You have just completed construction of a 200-unit apartment complex at a total cost of $75 mil- lion. The project was funded with 65% debt at 5% interest only and 35% in equity. The EGI is $50,000 per unit and operating expenses are $25,000 per unit in year one. The risk-free rate is 3% and the risk premium on apartments is 7.5%. If the NOI increases each year by 3% and the property is sold at the end of year Three at a 6% cap rate, what is the NPV of the development?