Looks like your are investing in residential real estate projects. I think I'd rather earn 4-4.50% for parking cash vs. taking on that type of risk for 8%.
I wouldnt touch any of these marketed deals, if the deals were that good, they would have institutional flows. So it is one of either the fees are high (institutional would push back) or the deal sucks and is risky
Many private credit funds still have double digit yields. Its a bit of the Wild West still, and the asset class is loosely defined, so your experience and returns may vary. Should also be noted that many private credit funds have high minimums.