…
2027 is construction; 2028 is lease-up at … average occupancy; 2029 is the first stabilized year and the basis for sizing the loan. Rents and income trend at … a year and expenses at …, the standard 2%/3% agency test. Cash flow repays the deferred developer fee first, fully repaid within … years of construction start, inside the 15-year window the IRS requires for the fee to stay in basis.