b'JV With Private Equity Below is a typical structure for a specified offering owned by a joint venture whose members are a syndicate and a private equity fund: As you can see, there are at least 5 limited liability companies involved in this structure. The SPV is a single purpose venture/single member limited liability company that holds title to the property and becomes the borrower on the bank loan. The asset manager will be a separate limited liability company; possibly a joint venture between the asset manager of a syndicate or fund and the private equity fund manager. The syndicate will have its own Class A and Class B members and an asset management entity, as described above for a specified offering. The private equity fund will have 167'