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

$15 Million NNN Portfolio Refinance in Los Angeles

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million NNN portfolio refinance in Los Angeles represents a mid-market transaction typical of 1031 exchange buyers and established net lease investors looking to optimize capital structure on stabilized, triple-net properties. In 2026, rates for this deal size hover near 6.00 percent, with leverage ranging from 60 to 75 percent LTV depending on tenant credit quality and remaining lease term. Los Angeles offers robust competition among national banks, life companies, and credit union lenders, all eager to deploy capital into investment-grade and non-investment-grade tenant rosters in the region's prime retail and office corridors. Borrowers at this level typically refinance to pull equity, extend maturities, or consolidate legacy debt into a single facility.

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Capital Stack

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

National banks with established single-tenant net lease programs dominate the $15 million financing layer in Los Angeles, competing aggressively on rate and terms to win portfolio business. Life insurance companies and regional credit unions also actively pursue this segment, particularly when sponsor experience and tenant credit allow for non-recourse structures that appeal to retirement-plan investors and 1031 buyers.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform 5.95 to 6.15 percent, CMT-based with 200 to 275 basis points spread $10.5M to $12M at 70 to 75 percent LTV Primary execution source for most Los Angeles portfolios; full recourse or limited non-recourse available; 10-year term with 25 to 30-year amortization standard
Life insurance company 6.10 to 6.35 percent, fixed-rate preferred $5M to $7.5M at 60 to 70 percent LTV Strong appetite for long-term leases (10+ years remaining) and single-tenant or small-portfolio collateral; non-recourse available at lower LTV; slower timeline (60 to 90 days)
Regional credit union with net lease licensing 5.85 to 6.10 percent, adjustable or fixed options $3M to $5M at 65 to 70 percent LTV Community-focused lender often responsive on smaller tranches or sponsor relationships; full recourse typical; 7 to 10-year terms available
CMBS conduit (secondary market) 6.25 to 6.50 percent, pooled structure Entire $15M at 65 to 72 percent LTV for portfolio with strong DSCR and lease quality Option for portfolio refinance when single-lender structure unavailable; non-recourse on net basis; longer underwriting (75 to 120 days); sold to secondary market investors

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 for a $15 million NNN portfolio refinance in Los Angeles are established net lease investors with $50 million to $300 million in assets under management, often operating as a fund, REIT platform, or independent ownership group with 10 to 20-plus acquisitions completed. These borrowers typically pursue refinancing to deploy capital into acquisitions, return cash to limited partners, or consolidate multiple properties acquired over 3 to 7 years under a single, streamlined credit facility. Many are 1031 exchange buyers or institutional-grade sponsors with investment-grade and below-investment-grade tenant exposure across retail, office, and light industrial properties throughout Los Angeles County and surrounding markets.

From the CLS CRE Pipeline

A Real $15M Example

CLS CRE closed a $14.8 million refinance for a portfolio of 12 single-tenant retail properties located across Los Angeles County, anchored by national tenants in the QSR and apparel sectors with lease terms ranging from 5 to 11 years remaining. The borrower, a seasoned 1031 investor, sought to lock in fixed rates and extend maturity into year 15 to match upcoming tenant renewals and capital plan objectives. We placed the loan with a national bank at 6.02 percent fixed, 72 percent LTV, and full recourse on a 30-year amortization, closing in 68 days with minimal conditions. The borrower utilized proceeds to retire legacy floating-rate debt and fund a planned acquisition in Southern California.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M NNN Portfolio Refinance Los Angeles FAQ

Non-recourse structures are most readily available when the portfolio includes investment-grade tenants (S&P BBB- or higher) or strong regional/national credits with A or B ratings, and LTV remains at or below 65 to 70 percent. Life companies and some national banks will extend non-recourse even to non-investment-grade tenants if remaining lease term exceeds 8 to 10 years and DSCR runs above 1.25x. Lenders view tenant diversity and lease staggering as key mitigants, so a 12 to 20-property portfolio with no single tenant exceeding 15 to 20 percent of NNN rent strengthens the non-recourse case significantly.
Portfolios with 8 to 15 years of weighted-average remaining lease term (WART) typically receive optimal pricing and maximum LTV, as lender risk aligns with borrower horizon. Properties with less than 5 years remaining on renewal options may face 50 to 75 basis points of rate penalty and LTV haircut of 5 to 10 percent, unless the tenant is investment-grade and renewal is highly probable. WART above 15 years generally qualifies for the tightest spreads and highest leverage, especially if the portfolio includes 2 to 3 tenants with 20-plus year leases remaining.
National bank programs typically close in 50 to 75 days from application to funding, assuming clean borrower financials and standardized property underwriting. Life insurance companies generally require 60 to 90 days due to longer internal approval committees and more detailed actuarial review. CMBS conduits run 75 to 120 days because they require full loan-level securitization and investor due diligence, but may offer competitive rates and non-recourse benefits that justify the longer timeline.
Yes, refinancing an existing portfolio property is not itself a 1031 exchange and does not trigger identification or exchange timelines. However, if the borrower intends to use refinance proceeds to acquire a new property as a 1031 exchange, they must identify the replacement property within 45 days of closing the sale that triggers the exchange, separate from the refinance timeline. Lenders typically proceed with underwriting on the existing collateral independently of the borrower's exchange strategy, though accelerated closing (45 to 60 days) can be arranged if needed.
Most lenders require a minimum DSCR of 1.20x to 1.25x for 70 to 75 percent LTV on a net lease portfolio, calculated as annual NOI divided by total debt service (principal plus interest). If DSCR falls below 1.20x due to below-market rents or rising interest rates, lenders typically reduce LTV by 5 to 10 percent or require additional equity, or may suggest rate adjustment if fixed rates are available. Strong portfolios with DSCR above 1.40x often qualify for maximum LTV and best pricing, signaling low default risk to lender underwriting teams.


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