Bad/Failed Syndication deals?????

[Keong Kam]

Has anyone experienced losses or failures (i.e. significantly less than expected return) through participating (GP or LP) in professional MF syndications? If so, can you share? What went wrong? And what was the outcome? 

I strongly believe that carefully vetted commercial MF syndication is a good investment vehicle due to many many reasons (professionally managed, more passive, economy of scale due to large units, spread of risk due to multiple partners, and all the goods of Commercial MF like forced appreciation through value add, not only to mention all the tax benefits)... But I wonder if anyone has been in 'bad' syndication deals before.