Why aren't their more commercial syndicators?

[Yonah Weiss]

I was recently offered a deal investing in a syndication of a commercial office building. I immediately asked myself, why am I only seeing on BP discussions about MF syndications.

The outlook and returns seem to be very similar, and yet seemingly less risky. Obviously there are many factors that go into vetting the syndicator and/or the GP (that's not this discussion), but the deals are deals. 

Why do so many syndicators prefer MF versus commercial (retail, office, industrial)? Many times they're dealing with long term leases, some with corporate guarantees, that seems less risky than B or C class apartment building tennants.

Any thoughts, insights? @Brian Burke @Todd Dexheimer @Bruce Petersen @Jeff Greenberg @Joel Owens