You want to purchase an office building in Brooklyn. The property contains 27,500 square feet of rentable space and is currently occupied by multiple tenants each with differing maturities on their respective leases. No lease is currently shorter than 1 year. The annual rent in the 1^st year of ownership is $42.50/sq ft. The vacancy rate is 6.5%. You expect to incur collection losses (from tenant default) on 1.5% of the square feet during your first year.

The sellers asking price for the property is $7,000,000. The loan must satisfy both the minimum DSCR of 1.2 and maximum LTV of 70%. What is the largest loan the borrower can get? (now apply both constraints) State your answer as a number rounded to the nearest cent