Well, at least you know what you're looking at. When you do construction—and I was a developer for many years—you have your interim financing and you have your rate for that. Then, when you're ready to move in and you get your occupancy permit, you lock in your interest rate, and the ground has moved so quickly.
However, there are ways to decrease that amount. It's to have a direct relationship with government and not have all these middle groups having their cut along the way—so relationships with banks. Co-ops and non-profits need a direct funding relationship with government to decrease that rate.