A couple of questions about syndications: (I know the answer is it depends but trying to find a industry norm) 1) In your experience does the GP team get actual equity in the deal or is equity reserved for how much cash you put in? and just say for example 70/30 split is just a carry? 2) If you do get equity regardless of how much the GP team puts in, Does the GP normally get a part of the depreciation? The reason I ask is I had a bigger investor that came from the apartment world that thinks these two scenarios are crazy. Then I started wondering if I'm out of touch with whats normal or if he was just use to the apartment world or maybe this is what bigger investors think. Heck maybe I'm just completely wrong about syndications all together. Just looking for feed back on what others are doing. Thanks again

We just closed on a 2 park portfolio of 136 pads in Warner Robins, GA last Friday. Of the 136 pads, 116 of them are POH's. It took us 53 days to close from start to finish. The crazy part is this was our first CMBS loan and boy was that different lol