Syndication vs traditional financing - dumb question

[Travis White]

Dumb question incoming - 

Why would a lead/sponsor investor opt for syndicating a deal vs accessing traditional lending? It seems like I'm hearing syndication deals offering passive investors a return of 10-20% and traditional financing for an apartment complex can be had for 8-14%, so why not go with the cheaper money?  Clearly, I'm not wrapping my head around this in the right....educate me, please!