Multifamily Millionaire Volume II LP Table 14-5 on page 236

[Joseph Rappleye]

I'm trying to recalculate the LP Annual cash flows in table 14-5 on page 236 of Multifamily Millionaire Volume II and can't quite get there. I'm sure I'm missing something, so hoping this community has some insight.

Here is the scenario:

Total invested capital (all from LPs) = $3,142,095

Total project level cash flow = $243,756

Preferred return = 7%

LP Equity share = 70%

Based on these assumptions, I'm calculating LP cash flow of $242,283, but the book is showing $227,085.  Here's my calculation:

Preferred return hurdle = $3,142,095 * 7% = $238,847

Cash flow available for equity splits = $243,756 (total project level cash flow) - $238,847 (preferred return hurdle) = $4,909

LP share of remaining cash flow = $4,909 * 70% = $3,436

LP cash flow = $238,847 (preferred return) + $3,436 (LP share of equity split) = $242,283

How are the authors getting to $227,085?  What am I missing?