Need your advice: we are raising equity for a multifamily development project where the developer is also the construction manager. Total project cost is $70m. The developer is asking for a developer fee of 4% of total costs. In addition, he is asking for a construction management fee of 5% of total hard costs. The prospective LPs are not very happy. From previous discussions here I realized that the 4% development fee is reasonable if paid in stages over construction. What would be a reasonable CM fee (if any) for a developer who does his own CM?