Minor Thoughts from me to you

Does the Math Add Up on Allied Drive?

I must be missing something, because I don't understand how this makes any kind of sense:

Eventually, Olson said he put up $2 million and got financing from Anchor Bank and First Business Bank, spending an average $250,000 per property and about $130,000 in each to convert them. The project, he said, was a good use of his compensation money while making a profit.

The condo units got new carpets, doors, Italian tile floors, stainless steel appliances, bathroom fixtures, new or refurbished cabinets and more. The building mechanicals and plumbing got updated. Those on Carling Drive also received new windows, siding, gutters and decks.

"We didn 't just paint the walls and clean them up and call them condos," Malin said.

"It's something anybody would be proud to live in," Olson said.

Condos sell at $59,900 for a one bedroom, $69,900 to 74,900 for two bedrooms, and $89,000 to $99,900 for three bedrooms.

Olson spent an average of $380,000 per condo, to put them on the market. The most expensive one sells for $99,900. Where's the other $281,100? Is Olson taking a loss on these or is the city of Madison?