This co-investment is with a third party fund that provides equity to select developers in the cell tower space.  We have a great deal of experience with the fund sponsor.  Approved carrier leases are required prior to each tower being developed.  

We have committed $5 Million to this fund that has traditional investor terms, waterfall, etc.  If co-investments total another $10 Million, investors receive the standard terms plus an interest in the profit participation of the general partnership (GP), which would be shared pro rata with those that elect to participate.  Everyone in the co-investment has the same economics.

Additional information and collateral is available for qualified parties interested in evaluating this opportunity.