When is land loan retired in a development project?

[Travis H.]

Let's assume I'm doing a ground up development project and I have a loan for land I'm developing. Assume the exit strategy and end goal is develop the land, build a multi unit apartment complex,  lease up, and sell it for a profit. 

Is the land loan retired by the construction loan? Or does the permanent financing essentially pay off both land and construction loan balance? Or do you carry that land loan until you sell the property and pay off all debt with proceeds of the sale?

Trying to wrap my head around the real estate finance cycle. I'm reading some college textbooks, but sometimes they don't address the finer points.

Thanks for any input you can provide.

Travis