$15 Million NNN Portfolio Refinance in Denver
By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $15 million NNN portfolio refinance in Denver represents a mid-market opportunity that attracts both national bank STNL specialists and life insurance companies seeking stable, long-duration cash flows. Denver's strong logistics and retail corridors support portfolios of investment-grade tenants with lease terms of 10 to 20 years, making these deals attractive to lenders willing to commit capital at competitive rates. At current market conditions, borrowers can expect all-in pricing in the 5.85 to 6.15 percent range for strong credit portfolios with lease-weighted average terms above 10 years. Most deals in this range operate at 65 to 72 percent LTV, depending on tenant credit and geographic diversification across the metro.
Get a Quote on Your $15M Deal →What a $15M NNN Portfolio Refinance Capital Stack Looks Like
The $15 million NNN portfolio in Denver typically features a single-source capital structure, where a national bank STNL lender or a life insurance company funds the entire balance on a non-recourse or light-recourse basis. Lender selection hinges on tenant credit, lease term, property location, and whether the borrower seeks interest-only options or amortization flexibility. Portfolio quality and borrower experience drive pricing more than loan size at this level, so positioning matters significantly.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Who Closes a $15M NNN Portfolio Refinance Deal
The typical sponsor refinancing a $15 million NNN portfolio in Denver is an experienced net lease investor with $50 million to $250 million in total assets under management, often with a track record of 5 to 15 completed transactions and a focus on investment-grade single-tenant properties. Common motivations include rate-and-term refinancing to reduce debt service costs, recycling equity for new acquisitions, or extending maturity dates as existing loans approach balloon events. Many are 1031 exchange buyers who accumulated portfolios over the past 5 to 8 years and now seek to optimize their capital structure in a higher-rate environment.
A Real $15M Example
CLS CRE closed a $14.8 million NNN portfolio refinance in suburban Denver comprising eight investment-grade retail and industrial properties leased to national operators with an average lease term of 11.5 years. The borrower, a established net lease operator, had owned the portfolio for four years and sought to extend the maturity and reduce monthly debt service ahead of a planned 1031 acquisition. A national bank STNL lender provided the entire balance at 5.98 percent fixed, 10-year amortization, non-recourse structure, and 67 percent LTV within 42 days of application. The deal closed in strong condition, and the borrower was able to fund new acquisitions within 90 days using the freed-up cash flow.
Anonymized. All deal references protect borrower and lender identity.
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