What exactly is real estate syndication?

[Nick LaRocca]

Ever since I got into real estate I've had a few questions raddling around in my head about syndication that I can't seem to get straight:

1. Are developers syndicators or do they use syndicators to finance the equity portion so they don't have to raise it them selves (essentially acting as an equity broker)? Also, not talking about affordable housing where developers sell tax credits to a syndicator specializing in that but on a normal ground-up commercial property.

2. Are syndicators often the operating partner on deals or again do they just find operators looking for capital and connect them?

3. Do syndicators ever raise money and act as the operating partner themselves and received carried interest? If so, what makes a syndicator different form a REPE firm? Is it that one raises a fund that investors in many properties and one raises money for individual projects and properties?