ASB invests as either (1) a limited partner in a partnership with the developer as general partner, (2) as a non-managing member of a limited liability company with the developer as the managing member, or (3) as a mezzanine debt lender.

The developer typically invests fee equity plus cash or land equity in the venture. The level of developer equity depends in part on the level of project risk. Cash distributions include a first preference to the investors on their invested equity and thereafter, a split of net cash flows that includes a promoted interest to the developer.