$10M NNN Acquisition Charlotte | Commercial Lending Solutions 
Loan Size Example

$10 Million NNN Acquisition in Charlotte

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $10 million single-tenant net lease acquisition in Charlotte reflects the steady institutional appetite for credit-quality tenants in the Carolinas market. At this loan size, borrowers typically target stabilized assets with investment-grade or strong middle-market operators, leveraging 60 to 75 percent loan-to-value depending on lease structure and tenant durability. Charlotte's competitive market and favorable economic fundamentals attract both national bank STNL programs and life insurance capital, with rates running 6.25 percent and higher depending on tenant rating, lease length, and debt service coverage. Most deals close in 45 to 60 days with non-recourse structures available at lower leverage.

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Capital Stack

What a $10M NNN Acquisition Capital Stack Looks Like

Capital stack decisions at the $10 million level are driven primarily by tenant credit quality and remaining lease term. National banks with dedicated single-tenant net lease platforms dominate this size, competing aggressively on pricing and execution. Life insurance companies and CMBS conduit lenders enter when lease terms extend beyond 15 years or when borrowers seek longer amortization; regional banks and credit unions fill secondary roles for sponsors with strong balance sheets or portfolio relationships.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 6.25 to 6.75 percent, CMT-based pricing $6 million to $10 million at 70 to 75 percent LTV Fastest execution, competitive rates on A- and BBB tenants, non-recourse available at 65 percent LTV or lower, 25 to 30 year amortization standard
Life insurance company 6.00 to 6.50 percent, fixed or CMT-indexed $7 million to $10 million at 70 to 75 percent LTV Longer hold appetite, favors investment-grade tenants and 20+ year lease terms, recourse reduced at lower leverage, 30 to 35 year amortization available
CMBS conduit lender 6.50 to 7.00 percent, Treasury-based plus spread $8 million to $10 million at 60 to 70 percent LTV Structured for multi-property or larger portfolio plays, longer underwriting timeline (75 to 90 days), full recourse typical, less common for single-asset $10M deals
Regional bank or credit union 6.00 to 6.50 percent, relationship-driven $5 million to $8 million at 60 to 70 percent LTV Requires strong sponsor balance sheet or prior relationship, faster decision for known borrowers, portfolio hold structure, recourse standard

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $10M NNN Acquisition Deal

Typical sponsors at this level include established 1031 exchange buyers with $20 million to $100 million+ net worth, experienced operators consolidating regional portfolios, or institutional buyers managing cap rate-sensitive acquisitions. Many are repeat borrowers executing their third to eighth STNL transaction, motivated by near-term tax-deferred exchanges, portfolio rebalancing, or yield enhancement in their mid-to-back-office operations. Debt service coverage ratios typically exceed 1.25x, and sponsors favor longer lease terms (10+ years remaining) and investment-grade or credit-quality middle-market tenants.

From the CLS CRE Pipeline

A Real $10M Example

CLS CRE closed a $9.8 million acquisition loan for a single-tenant retail property in a Charlotte submarket occupied by a national quick-service restaurant operator with strong credit metrics. The borrower, a 1031 exchange buyer from a prior sale, secured financing at 6.35 percent fixed through a national bank STNL program at 72 percent LTV with a 28 year amortization and full non-recourse at 65 percent. The lease carried 14 years remaining with annual rent escalations, producing a debt service coverage ratio of 1.42x. Closing occurred in 52 days, and the borrower successfully deployed capital into the replacement property while deferring tax liability.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$10M NNN Acquisition Charlotte FAQ

Most lenders offer 70 to 75 percent LTV for investment-grade or strong middle-market tenants with 10+ years of lease term remaining. Non-recourse structures typically drop to 65 percent LTV or lower. Weak or sub-investment-grade tenants may see 60 to 65 percent LTV maximum. Your exact LTV depends on tenant rating, lease length, and DSCR.
Bank STNL programs close in 45 to 60 days from formal application. Life insurance companies typically require 60 to 75 days due to longer underwriting and credit review. CMBS conduits run 75 to 90 days. Fast-track closings are possible with well-documented tenants, existing appraisals, and clear title.
Yes, non-recourse is available at most lenders at LTV of 65 percent or lower. Some national banks and life companies offer full non-recourse at 70 percent LTV if tenant credit is strong and lease term exceeds 12 years. Full recourse is standard for leverage above 70 percent LTV.
Sub-investment-grade or middle-market tenants are financed regularly in Charlotte, but expect LTV reductions to 60 to 65 percent, rate premiums of 75 to 150 basis points, and potentially full recourse at most lenders. Some life companies and specialty debt funds remain active in this segment if lease term and DSCR are strong.
Absolutely. 1031 exchange buyers represent a significant portion of borrowers at this loan size, and most national banks and life companies have streamlined programs for qualified exchange timelines (45 day identification, 180 day close). Work closely with your loan officer and 1031 intermediary to coordinate documentation and closing deadlines.


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