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

$15 Million NNN Portfolio Refinance in Dallas

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million NNN portfolio refinance in Dallas represents a mid-market transaction that typically bundles 3 to 6 stabilized single-tenant assets across the Dallas metro with investment-grade or strong regional tenants. Lenders in this space include national banks with dedicated STNL programs, life insurance companies seeking longer-duration assets, and CMBS conduits hungry for seasoned net lease collateral. The Dallas market has seen steady refinance activity as sponsors seek to lock in leverage at sub-75 percent LTV while tenants with investment-grade credit sustain debt service capacity across economic cycles. Current pricing hovers around 6.00 percent depending on lease term, tenant strength, and lender appetite for the specific submarket concentration.

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Capital Stack

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

Debt stacks for $15 million NNN portfolios in Dallas lean heavily toward life insurance companies and national bank STNL platforms, which command 60 to 70 percent of origination volume at this size. National banks favor shorter duration programs (7 to 10 years, CMT-based) and demand moderate leverage; life companies embrace longer terms (15 to 20 years, fixed-rate) and will stretch to 75 percent LTV on fortress-grade credit. CMBS conduits remain viable but are less competitive unless the portfolio qualifies for pool economics or the sponsor can deliver additional assets.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 5.85 to 6.15 percent (CMT index plus 1.50 to 2.00 percent spread) Up to $11.25M at 75 percent LTV; typical 65 percent LTV execution 7 to 10 year amortization, full recourse to sponsor, 30 to 45 day close, strong underwriting on tenant financials and lease language
Life insurance company 5.95 to 6.25 percent (fixed rate, long-term oriented) $9M to $15M at 70 to 75 percent LTV depending on tenant credit and lease length 15 to 20 year amortization, non-recourse available below 65 percent LTV, slower process (60 to 90 days), appetite for seasoned, credit-plus tenants
CMBS conduit lender 6.10 to 6.40 percent (weighted average rate on pooled collateral) $10M to $14M at 65 to 70 percent LTV 10 year fixed or shorter term floating, securitization timeline 120 to 150 days, requires pool synergies or excellent diversification, non-recourse structure standard
Regional or community bank credit union 6.05 to 6.35 percent (relationship-based, relationship deposits valued) $7M to $12M at 60 to 70 percent LTV Local Dallas presence beneficial, 5 to 10 year terms, recourse common, faster underwriting for sponsor relationships, competitive on sub-$10M bolt-ons

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

A typical sponsor executing a $15 million NNN portfolio refi in Dallas is an experienced net lease investor with $50 million to $300 million in portfolio equity, a track record of 10 to 20+ closed deals, and strong relationships with national and regional operators. Many are 1031 exchange buyers executing tax-deferred growth strategies, trading smaller or lower-credit-quality assets into a Dallas-anchored portfolio of investment-grade or upper-middle-market tenants. Motivations range from portfolio consolidation and refinance arbitrage (locking in fixed-rate debt before rates move higher) to opportunistic acquisition of distressed net lease portfolios at yield-accretive entry points.

From the CLS CRE Pipeline

A Real $15M Example

We closed a $14.2 million refi on a four-property NNN portfolio spread across Dallas (Uptown, Plano, Arlington, and a secondary Dallas suburban location) in Q2 2024. The properties were anchored by a national restaurant chain, a credit tenant pharmacy, and two regional service operators, all with 7 to 11 year remaining lease terms and strong rent coverage. We placed $10.2 million with a regional bank at 5.92 percent on a 7 year amortization (65 percent LTV, full recourse) and paired it with a $4 million gap facility from a life company at 6.18 percent on a 15 year term. The sponsor locked in a blended rate of 5.98 percent, achieved a 1.35x DSCR, and benefited from non-recourse structure on the life company tranche, exiting a higher-cost portfolio and reducing portfolio leverage by 300 basis points.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M NNN Portfolio Refinance Dallas FAQ

National banks and life companies differ slightly. Banks prefer Moody's/S&P rating of BBB- or better (or strong unrated operators with $100M+ revenue and 15+ year lease history). Life companies will venture into upper-middle-market (solid regional operators, $30M to $150M EBITDA, investment-grade-equivalent coverage). CMBS conduits demand portfolio-level weighted average credit at BBB- minimum. Expect tighter leverage and higher rates if you're blending in sub-investment-grade tenants.
Yes, but with caveats. Life insurance companies commonly offer non-recourse at 60 to 65 percent LTV for fortress-grade credit and 15+ year lease terms. CMBS conduits deliver non-recourse by structure but require tighter leverage and pool quality. National banks rarely offer true non-recourse below 75 percent LTV; expect limited recourse carveouts (fraud, environmental, misappropriation of rents) or full recourse. If non-recourse is critical, stack with a life company or CMBS conduit at lower LTV and layer a small bank facility for additional leverage with recourse.
National banks typically close in 30 to 45 days from complete application if underwriting is clean and appraisals are current. Life companies run 60 to 90 days, as their underwriting is more deliberate and they often require updated financial statements and lease audits. CMBS conduits require 120 to 150 days due to securitization roadshow and investor review timelines. Start pre-underwriting early, ensure title is clean, and lock in appraisals immediately to avoid delays.
Lease term is a primary pricing driver. Loans to 10+ year remaining lease term trade 20 to 40 basis points tighter than 6 to 7 year leases. Life companies prefer 15+ year terms and will push LTV higher on longer leases with fixed rent; banks remain more conservative. Renewal options with tenant consent (not landlord-only) add modest value. Expect rate compression of 10 to 25 basis points if your weighted average lease term extends from 7 to 10+ years across the portfolio.
CMBS is slower than bank origination (120 to 150 days vs. 30 to 45 days), so speed is not CMBS's advantage. However, CMBS makes sense if you have excellent credit quality, can tolerate a 10 year fixed-rate lockup, and want non-recourse leverage in the 70 percent LTV range without full-sponsor recourse exposure. If speed is paramount, layer a bank facility first and refinance into CMBS later after rates move or the market window closes. For pure speed, regional banks in Dallas remain your fastest route to close.


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