What kind of cash-on-cash returns are you finding in syndication?

[Travis Watts]

Just curious, I am investing in a few multifamily syndication deals that pay 12% annually. Is anyone finding better results? 

[David Thompson]

Hi Travis,

Are these projected numbers? Ranges are typically 8% preferred up to 10%. Most experienced sponsors want to under promise and over deliver. If these are tracking numbers in year 1 and 2 then that is pretty solid. Keep in mind if you are in value add plays, CoC and IRR can go up as a result of refinancing at the end of the renovation period or if a supplemental loan is applied as well. I'm leary of deals forecasting that right out of the gate as that to me indicates they are not as experienced.