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

$10 Million NNN Acquisition in Chicago

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $10 million net lease acquisition in Chicago typically targets stabilized, credit-tenant properties across the city's prime retail and office corridors. These deals attract 1031 exchange buyers and institutional investors seeking long-term cash flow with minimal management overhead. Lenders are aggressive on this size and geography, with rates in the 6.0 to 6.5 percent range depending on tenant credit and lease length. Chicago's strong tenant base and liquidity make $10M STNL deals highly competitive.

Get a Quote on Your $10M Deal →
Capital Stack

What a $10M NNN Acquisition Capital Stack Looks Like

Lenders competing for $10M Chicago STNL deals typically include national banks with dedicated single-tenant programs, life companies seeking yield, and CMBS conduits. Borrower profile and tenant credit quality drive lender selection more than deal size. Most deals leverage 65 to 75 percent LTV with strong investment-grade tenants, bringing non-recourse options into play.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform CMT plus 175 to 225 basis points, 6.0 to 6.4 percent all-in $7.5M to $10M at 70 to 75 percent LTV Fastest execution, full non-recourse available for A+ tenants and 10+ year leases, 30 to 40 day close typical
Life insurance company 6.1 to 6.5 percent fixed-rate, 10 to 20 year term options $5M to $10M at 65 to 70 percent LTV Longer hold preference, excellent rates on extended terms, non-recourse structure common, 45 to 60 day timeline
CMBS conduit lender 6.25 to 6.75 percent, structured with IO period $10M+ minimum, 60 to 65 percent LTV Pool pricing benefits on larger deals, limited recourse, 60 to 90 day securitization timeline, servicer involvement required
Regional credit union 6.15 to 6.55 percent fixed-rate, variable options available $3M to $8M at 65 to 70 percent LTV Flexible underwriting, relationship-driven, recourse or limited recourse, 30 to 45 day close, niche for smaller portfolios

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

The typical $10M Chicago STNL buyer has $15M to $50M+ in net worth and owns 3 to 10 properties already. These are often experienced 1031 exchange investors, small family offices, or REITs rotating capital. Motivations include stable yield replacement, geographic diversification into Midwest markets, and portfolio consolidation following recent acquisitions or refinances.

From the CLS CRE Pipeline

A Real $10M Example

We closed a $9.8 million financing on a credit-tenant retail property in the North Shore submarket in 2024. The sponsor was a repeat 1031 investor acquiring from a portfolio seller. We secured non-recourse terms at 6.25 percent fixed over 10 years at 72 percent LTV with a national bank's STNL program. The tenant carried an A investment-grade rating with 12 years remaining on the lease. Close occurred in 32 days and the sponsor immediately deployed the capital-efficient structure into a secondary acquisition.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$10M NNN Acquisition Chicago FAQ

Most lenders will finance BBB minus and above, though A-rated tenants unlock the best pricing and non-recourse options. Chicago's concentrated tenant base (large retailers, office users, healthcare operators) means investment-grade credit is common. Below-BBB tenants require higher leverage haircuts or recourse, adding 25 to 50 basis points to rate.
Yes, non-recourse is standard for A-rated tenants with 10+ year lease terms at 70 percent LTV or below. Recourse requirements increase if lease term is under 7 years, tenant credit is BBB, or LTV exceeds 72 percent. Life companies and national banks most frequently offer non-recourse structures on Chicago deals.
Most lenders can close in 30 to 45 days, which aligns well with 1031 exchange deadlines. Your exchange facilitator should coordinate directly with the lender's closing team. We typically notify lenders upfront of exchange status so they prioritize timeline and documentation flow.
60 to 75 percent LTV is standard depending on tenant credit, lease term, and property type. A+ tenants with 15+ year leases may reach 75 percent, while BBB tenants or shorter leases typically cap at 65 to 70 percent. Chicago's competitive market means strong tenants can access upper-range leverage.
Lenders price net lease deals assuming long-term hold; shorter amortization periods or balloon payments can increase rates 10 to 25 basis points. Life companies favor 15 to 20 year terms and may even discount rates slightly. Banks typically offer 10 year terms with refinance flexibility built into underwriting.


Get a Quote on Your $10M Deal

Tell us about your transaction. We will run it past lenders that actively fund this size and product type and send back terms within 48 hours.

Apply for Financing →
Or call us: 310.708.0690

Weekly Market Intelligence

Rate updates, deal insights, and capital markets analysis. One email per week. Unsubscribe anytime.

No spam. No selling your data. Just market intelligence from a working broker.

Need financing? Apply in 2 minutes. Response within 24 hours.
Apply Now →
📈

Before You Go…

Get matched with the right lender from our network of 1,000+ capital sources.

Or call us: 310.708.0690

No spam. Unsubscribe anytime.