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Frank Douglas, a real estate developer, just finalized a major deal with Turner County to develop a major hotel/luxury condominium/golf/conference center/ residential mixed-use development on land owned by Turner County. The development is proposed to include a 150-room five-star hotel, 75 luxury 2,500 sq. ft. condominium units, an eighteen-hole championship golf course, and 360 residential golf course lots. The total development cost, exclusive of the cost of land and financing expenses, is projected to be $250,000 per room for the hotel, $200 per square foot for the luxury condominium units, $6 million for the golf course, and 10% of the current selling price of $500,000 for each residential lot. The county has agreed to contribute the land to Mr. Douglas, the developer, at no cost. The county’s justification for this contribution is the new jobs, taxes, and new visitors to the area generated by the mixed-use development. 1. Calculate the total project cost for this mixed-use development from the information provided. 2. If lenders are willing to provide 55% of the project cost in the form of debt, calculate the dollar amount of debt and equity that Frank Douglas must raise. 3. What sources of loans are available to Mr. Douglas? What sources of equity are available? Which sources of loans and equity are the best options for this development, and why?