You invest $24,000,000 of cash equity in a project that will cost $40,000,000 to acquire and another $80,000,000 to build. You intend on holding the property and selling it at the end of 10 years. You obtain debt of $96,000,000 at 4.00% fixed on a 30-year amortization schedule. NOI is $7,400,000 in Year 1 and is expected to increase by 4.00% per year thereafter. Your Discount Rate is 8.00%, your Terminal Cap Rate is 10.00%, and your Cost of Sale is 3.00% 1 What is the Levered NPV and IRR? 2.. If the acquisition cost increased to $52,000,000 and your lender was only willing to provide debt at a 70% LTV, what is your new NPV and IRR? Do you invest? Why or why not?.