$15M NNN Portfolio Refinance Atlanta | Commercial Lending Solutions 
Loan Size Example

$15 Million NNN Portfolio Refinance in Atlanta

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million NNN portfolio refinance in Atlanta represents a core-plus debt play targeting stabilized net lease assets across the greater metro. Atlanta's dense suburban corridor and strong tenant roster (retail, office, industrial) make multi-property portfolios attractive to debt providers seeking seasoned cash flow. At this capital level, borrowers typically refinance existing STNL debt maturing within 12 to 18 months, or consolidate multiple smaller facilities into a single facility for operational ease. Lenders focus on aggregate lease term, tenant credit quality, and portfolio-level DSCR to set pricing and structure.

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Capital Stack

What a $15M NNN Portfolio Refinance Capital Stack Looks Like

A $15 million NNN portfolio refinance in Atlanta is dominated by national banks with established STNL lending divisions and regional credit unions with deep CRE portfolios. Lender selection hinges on lease term remaining, aggregate tenant credit profile, and whether the borrower seeks recourse or non-recourse leverage. Most deals in this range land with a single lender rather than syndicated conduit, allowing faster execution and covenant flexibility.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform 5.95 to 6.15 percent, CMT-based pricing plus 175 to 225 basis points $10.5M to $12M (70 to 80 percent LTV on blended collateral) Typical loan size and structure; recourse available; 10-year term with 30-year amortization; fast close (30 to 45 days) on investment-grade tenants
Regional bank STNL lender 6.10 to 6.35 percent, portfolio-based pricing with lease-length adjustments $8M to $10M (60 to 70 percent LTV; non-recourse available at lower LTV) Competes on relationship pricing and flexibility; prefers 10-plus year remaining lease term; 45 to 60-day close timeline
Life insurance company (debt fund affiliate) 6.00 to 6.25 percent, longer-term fixed-rate product $12M to $14M (65 to 75 percent LTV with strong credit tenants) Non-recourse structure standard; 15-year amortization available; extended pre-funding and underwriting period (60 to 90 days); strong for portfolios with A/B tenant credit
Credit union with CRE focus 6.05 to 6.30 percent, member-friendly pricing for sponsors with multiple relationships $7M to $9M (60 to 65 percent LTV) Best for local/regional sponsors; shorter call periods and covenant-lite alternatives available; relationship-driven underwriting

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 $15M NNN Portfolio Refinance Deal

Typical sponsors closing $15 million NNN portfolio refinances in Atlanta are mid-market operators or family offices with $50 million to $150 million in assets under management and 15 to 20-plus closed NNN transactions. These borrowers usually hold three to eight stabilized net lease properties across Georgia and neighboring states, often acquired over 5 to 10 years through 1031 exchanges or opportunistic single-asset purchases. Primary motivation is either debt maturity (existing balloon due within 18 months), portfolio consolidation (multiple smaller loans into one facility), or opportunistic refinance to pull equity for new acquisitions or capital return.

From the CLS CRE Pipeline

A Real $15M Example

CLS CRE closed a $14.2 million NNN portfolio refinance for a multi-tenant retail and restaurant portfolio across the Atlanta metro in early 2024. The portfolio consisted of four net lease assets with investment-grade and upper-mid-market tenants, blended remaining lease term of 12.5 years, and portfolio-level NOI of $942,000 (DSCR 1.48x). We placed the loan with a regional bank at 6.08 percent, fixed 10-year term with 30-year amortization, and 72 percent LTV. The borrower was a 1031 exchange buyer looking to consolidate two separate STNL mortgages into a single facility; our structuring of the portfolio as a single collateral pool (rather than individual SNDA segregation) was key to achieving the lower pricing and faster underwriting close (35 days).

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M NNN Portfolio Refinance Atlanta FAQ

Standard LTV on NNN portfolios runs 60 to 75 percent depending on lease length and tenant credit. A-rated tenants (Walmart, Walgreens, McDonald's corporate) typically qualify for 70 to 75 percent, while B/B+ tenants (regional or emerging chains) cap out at 60 to 68 percent LTV. Remaining lease term and portfolio-level DSCR also move the needle; shorter leases (under 8 years remaining) may compress LTV by 3 to 5 percentage points.
Most lenders on $15 million portfolios require individual property appraisals (one per asset) to establish collateral value and cap rate. The portfolio is then underwritten on blended cap rate and aggregate NOI. Portfolio-level appraisals (treating the portfolio as a single investment) are rare and typically reserved for very large ($50M+) or consolidated single-entity portfolios.
Non-recourse pricing typically adds 25 to 50 basis points to the all-in rate and is available at lower LTV (60 to 65 percent for mid-tier tenant credit). Life insurance companies and larger credit unions are the primary non-recourse lenders. Recourse loans at 70 to 75 percent LTV are more common and offer better economics for sponsors willing to sign a recourse note.
Bank lenders average 30 to 45 days from application to clear-to-close for investment-grade portfolios with clean lease abstracts and financials. Regional/mid-market lenders run 45 to 60 days. Life insurance companies and debt funds require 60 to 90 days due to their underwriting depth and committee review process. Property condition assessments and environmental reports are standard and add 2 to 3 weeks.
Yes, 1031 exchange buyers represent 40 to 50 percent of NNN refinance activity in Atlanta. These sponsors are rolling proceeds from prior sales into stabilized net lease portfolios and often need to close quickly (within 45-day identification period). Lenders familiar with 1031 timelines offer faster underwriting and qualified intermediary coordination, which is a significant competitive advantage in this market.


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