b'Title-Holding LLCsFor Development Projects or Multi-Property Offerings Title-holdingentitiesfordevelopmentprojectsandmulti-property syndicates or funds will generally be formed in the state where the property is located (assuming the loan balance is less than $10M). If the loan balance is $10M, they should be formed in Delaware and registered as a foreign entity in the state where the property is located. 230'