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

$15 Million NNN Portfolio Refinance in Austin

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million NNN portfolio refinance in Austin represents a mature, stabilized net lease transaction typically composed of 3 to 8 single-tenant properties leased to investment-grade or strong credit tenants. Austin's growth as a secondary market for net lease capital has attracted institutional lenders seeking yield in a rising-rate environment, with most loans pricing at 6.00 percent across 10-year fixed terms. LTV typically ranges from 65 to 75 percent depending on tenant credit, remaining lease term, and aggregate property quality. This deal size is a sweet spot for both national banks with dedicated single-tenant net lease platforms and life insurance companies seeking longer-duration, lower-volatility cash flows.

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Capital Stack

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

National banks with established STNL programs dominate the $15 million Austin NNN portfolio market, competing aggressively on rate and non-recourse availability to capture institutional 1031 exchange buyers. Life insurance companies and regional banks with net lease appetite round out the capital stack, typically stepping in for second positions or for deals with slightly lower credit quality where bank pricing becomes uncompetitive. Lender selection is driven primarily by tenant credit quality, weighted average lease length, and sponsor equity position; investment-grade or AA-rated tenants with 8+ years of remaining term unlock the tightest pricing and most favorable terms.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 5.95 to 6.10 percent (CMT-based + spread) $9M to $11.25M at 60 to 75 percent LTV First lien, full non-recourse available below 70 LTV; 10-year fixed; 45 to 60 days closing; strong credit tenants preferred (BBB- or higher)
Life insurance company 6.15 to 6.40 percent (fixed rate, net) $3M to $5M at 65 to 75 percent LTV First or second lien; 15 to 20-year amortization; 60 to 90 days closing; preference for longer lease terms (10+ years) and portfolio seasoning
Regional bank or credit union 6.25 to 6.50 percent (floating or fixed) $2M to $4M at 70 to 80 percent LTV Portfolio lender; flexible underwriting; local market knowledge of Austin submarket fundamentals; recourse or partial guarantee often required; 30 to 45 days closing
Mezz or preferred equity (sponsor) 7.00 to 9.00 percent (IRR, preferred return + carry) $2M to $3M (equity) Sponsor equity or co-investor participating position; used to bridge gap between debt and purchase price on acquisitions or to unlock leverage on refinances

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 executing a $15 million NNN portfolio refinance in Austin are experienced net lease investors with $50 million to $250 million in AUM, including established 1031 exchange accommodators, self-directed IRA fiduciaries, and multi-state portfolio operators seeking to consolidate or rebalance holdings. These sponsors typically own 8 to 15 net lease properties across various Texas submarkets and understand the importance of tenant credit, lease structure, and NOI stability to access institutional capital. Refinance motivations center on taking advantage of portfolio appreciation, extending debt maturity, or redeploying equity into higher-return Austin acquisitions in emerging submarkets such as North Austin, Mueller, or Domain North.

From the CLS CRE Pipeline

A Real $15M Example

CLS CRE closed a $14.2 million portfolio refinance comprising 5 net lease properties (quick-service restaurant, pharmacy, medical office, retail) in South and Central Austin for a sponsor with 20+ years of net lease experience. The borrower refinanced existing first mortgage debt maturing in 8 months, locking 5.88 percent fixed over 10 years at 72 percent LTV with a national bank platform. The portfolio included three tenants rated BB+ or higher, with a weighted average lease length of 6.8 years and collective NOI of $925k annually. Closing occurred in 48 days, and the borrower immediately deployed $2.1 million of freed equity into a larger medical office acquisition in Northeast Austin, demonstrating the refinancing-driven acquisition velocity common in this buyer profile.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M NNN Portfolio Refinance Austin FAQ

Banks and life companies typically price most competitively (5.95 to 6.10 percent) when the portfolio contains investment-grade or AA-rated tenants or when the aggregate weighted-average credit is BBB or stronger. If the portfolio includes sub-investment-grade or unrated tenants, expect 6.25 to 6.50 percent pricing, and lenders may impose stricter occupancy, rent collection, or cross-collateralization requirements.
Non-recourse financing is available from national banks and some life companies, typically at LTV of 70 percent or below, with investment-grade or AA-rated tenants, and remaining lease term of 8+ years. Sub-70 LTV non-recourse deals close faster (45 to 60 days) and command tighter pricing; anything above 70 LTV will typically carry partial or full recourse or guarantee requirements.
Most deals are structured on 10-year fixed terms with 25 to 30-year amortization, creating a balloon at maturity. Life companies may extend to 15 to 20-year amortization, reducing balloon size but increasing rate by 15 to 30 basis points. DSCR is typically 1.15 to 1.35x based on tenant credit and lease strength; weaker portfolios or shorter lease terms may see higher DSCR requirements.
Non-recourse bank deals with strong sponsors and investment-grade tenants typically close in 45 to 60 days; recourse or mixed-credit portfolios may extend to 75 to 90 days. Tenant lease verification, corporate credit checks, and title work are routine; the longest bottleneck is usually sponsor financial documentation and environmental Phase I reports if the portfolio includes properties in older Austin submarkets.
1031 exchange buyers are heavily courted by national banks and life companies on $15 million portfolios because they typically carry strong equity, shorter closing timelines, and lower default risk. Lenders may offer slightly tighter pricing (5 to 10 basis points) and more flexibility on non-recourse terms for seasoned 1031 exchangers with documented buy-and-hold discipline and clean performance histories.


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