Joint Partnership Equity Split Question

[Dan Mogo]

Hi BP! For experienced Syndicators or JV Partners, I am trying to determine an appropriate equity share and need your help. Here are the details:

-$4mm purchase of a 40ksf commercial building. Additional ~$5mm required by me to complete TI and required repairs of the building

-I located the off market building and found the tenant that will lease it for 10yrs

-I got financing approved at 80%LTC, so ~$2mm is required in terms of cash contribution

-I will manage all of the construction, permitting and tax credits for the deal

-I will contribute $400K and the other partner will contribute the other $1.6mm.

What is the appropriate equity split in consideration of the above?