syndicated deals - who secures the loan?

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Let's say one syndicates a deal to purchase a $30m apartment building with 25% down;

Who is going to secure the loan? Obviously, the sponsor isn't going to carry a $30m debt himself and be the only guarantor 

Theorically the deal should be structured as a GP or a LP, the property transfered into the LLC, thus the loan should be underwritten under the company's name and therefore all partners should be tied to the loan.

Can anyone explain how the financing should be structured?