National’s investment in St. Paul Crossing met the developer’s capital needs with both first mortgage construction debt and additional leverage via a mezzanine loan. Total leverage exceeded 90% of the project’s $21 million development budget. It is not unusual for National to provide both construction and mezzanine debt on the same development, and we did so here because our staff had intimate knowledge of the local condo market and confidence in the strength and ability of the developer. The St. Paul project was conservatively underwritten by the developer below price levels of comparable properties, further demonstrating the project’s ability to readily support the National debt. St. Paul Crossing is an excellent example of National’s ability to structure mortgage investments which are supported by sound real estate fundamentals and meet our developer’s capital requirements.