Commercial Billboard Deal

[Justin Vermuth]

I have an opportunity to purchase a portfolio of 13 billboard faces and need help structuring the deal.  The billboard companies actually own the billboards and what I am purchasing is easements under the billboard.  For the right to have their billboards on my easements they pay currently $150k per year.  The deal is $1.2MM.  I would like to take on equity partners for $400k and finance the rest.  I am thinking of paying a 8% pref and and an additional return at the time of equity investors exiting the deal.  For example if they wanted out after 5 yrs they would get their original investment + a certain percent, if its 10 yrs then some additional %.  Does anyone have any experience structuring a deal like that or have a model they could share?