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Question 13 15 pts Complete this table for a joint venture formed to buy and renovate a partly leased office building. The facts, projections and financing are outlined below. Show how you calculated the answer. total cost=$5,000,000 loan= $3,500,000,4% interest, 25 year amortization investor equity=85%; developer equity= 15% cash flow distribution= pari passu to equity invested (ie, no preferred return) terminal cap rate, sale after 3 years= 7.25% NOI: yr 1= $225,000; yr 2=$325,000; yr 3=$400,000; yr 4=$425,000 debt service cash flow after debt yr 1 cash flow after debt yr 2 cash flow after debt yr 3 investor equity amount developer equity amount yr 1 cash to investor yr 2 cash to investor yr 3 cash to investor yr 1 cash to developer yr 2 cash to developer yr 3 cash to developer terminal value loan repayment net amount to distribute amount to investor amount to developer investor IRR investor equity multiple developer IRR developer equity multiple Question 13 15 pts Complete this table for a joint venture formed to buy and renovate a partly leased office building. The facts, projections and financing are outlined below. Show how you calculated the answer. total cost=$5,000,000 loan= $3,500,000,4% interest, 25 year amortization investor equity=85%; developer equity= 15% cash flow distribution= pari passu to equity invested (ie, no preferred return) terminal cap rate, sale after 3 years= 7.25% NOI: yr 1= $225,000; yr 2=$325,000; yr 3=$400,000; yr 4=$425,000 debt service cash flow after debt yr 1 cash flow after debt yr 2 cash flow after debt yr 3 investor equity amount developer equity amount yr 1 cash to investor yr 2 cash to investor yr 3 cash to investor yr 1 cash to developer yr 2 cash to developer yr 3 cash to developer terminal value loan repayment net amount to distribute amount to investor amount to developer investor IRR investor equity multiple developer IRR developer equity multiple

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