b'The SPV will acquire the land, obtain the entitlements, and qualify for the construction loan, and it will contract with builders and other contractors for SPV for a development project. When the developer is ready to raise funds from investors, the developer will form a syndicate (Investor LLC), and then sell its interests in the SPV to the syndicate. The development company will typically manage the syndicate.A typical development project organization chart is provided below:Residential Assisted Living Project Severalofourclientsacquireordevelopresidentialassistedliving facilities.This syndication structure (Investor and Manager LLC) is the same as for a specified offering. The title holding entity (Land LLC) acquires the land,obtainsloansforacquisitionandconstruction,andcontractswith 173'