Well I don't know anything about this specific deal or this type of development, but in my business which was residential land development when I put together my cost estimate and P&L statements for whoever (lending institution) I was asking a loan for I would normally have to fork over 20% cash equity (sometimes in the millions) and of course the bank had a first deed of trust on anything I bought and they got their money first before I ever saw a dime of profit,..................... never lost one loan, I must have done something right, I got out at 50yo,............. maybe it's for the equity, crap I don't know.