Anyone else lose your investment in Morgan's Landing Syndication in LaPorte , TX??

When I first started looking into syndications like 15-20 years ago, I think it was an entirely different game than it is now. All of the good ones were only open to accredited investors and the minimum buy-in was usually $250k+ while the minimum project was $10M+ (on the very low end). The really good stuff was basically invite-only, you had to know somebody and it seemed like there was a small group of well-established and well-funded players operating in the space. The advice that I got from trusted "insiders" was to stay away unless I had an "in" with someone. Sponsors would only include investors who could show that they would not have any liquidity needs, indefinitely and would be easy to work with (could understand the financial reporting/ understood the space). The majority of sponsors back then had 30+ years experience, with 15+ successful exits providing consistent returns to investors, all in the same market not scattered all around in different markets where they wouldn't have the same connections and expertise. They didn't need to advertise to new investors at all. Any projected returns above 20% were considered a red flag and most investors were looking for a safe 12-15% low-risk IRR because everything was conservative, assets very well managed, structured for tax benefits, good locations only, every risk controlled to such a level that the syndicator could command high fees with no questions asked because of their track record and professionalism.

My point is that a lot of syndications have been going bust lately and everyone seems to be blaming floating debt combined with the "unexpected" rise in interest rates, but equal blame belongs to the shift towards less-experienced operators with flashy websites who are really just fly-by-night salespeople more focused on raising capital from anyone who can fog a glass rather than dealing with the boring day to day of managing assets, and also the uptick in inexperienced and under-capitalized investors entering the space when they probably shouldn't be.

Not speaking specifically to this sponsor or the OP investor who I know nothing about other than what is written in this thread, just generally speaking.