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

$15 Million NNN Portfolio Refinance in Nashville

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15M NNN portfolio refinance in Nashville represents a mid-market execution that appeals to both institutional and independent net lease investors looking to recycle capital or lock in favorable financing ahead of potential rate volatility. Nashville's strong fundamentals, anchored by healthcare, logistics, and financial services tenants, support solid underwriting across most property types and geographies within the market. Lenders at this size balance loan quality against execution speed, with national banks and life insurance companies competing aggressively for investment-grade tenant rosters backed by 5+ year remaining lease terms. Rates in the 5.95 to 6.10 percent range are achievable for borrowers with investment-grade credit and leverage in the 60 to 70 percent LTV window.

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Capital Stack

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

National banks with dedicated STNL programs and life insurance companies dominate the capital stack at this size, each bringing different speed, flexibility, and term expectations. Borrower profile, tenant credit quality, and lease length typically drive lender selection; banks favor faster execution and moderate leverage, while life companies accept longer terms and can stretch to 72 to 75 percent LTV if lease maturity and DSCR support the advance.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform CMT + 180 to 220 basis points; 5.90 to 6.15 percent all-in $9M to $12M at 65 to 70 percent LTV Standard recourse, 3 to 5 year fixed, 30 year amortization; fastest closing (45 to 60 days); prefers investment-grade tenants and 7+ year lease terms
Life insurance company CMT + 225 to 275 basis points; 6.05 to 6.35 percent all-in $12M to $15M at 70 to 75 percent LTV Full recourse, 10+ year fixed rate standard, 30 year amortization; longer underwriting (60 to 90 days); accepts good credit and 5 to 7 year lease terms; can layer with bank for portfolio balance
CMBS conduit platform SOFR + 240 to 300 basis points; 6.20 to 6.60 percent all-in $8M to $15M (often part of larger securitization) Non-recourse or partial recourse to borrower; 5 to 7 year fixed; longer timeline (90 to 120 days); appetite for diversified tenant mix and solid NOI coverage; pricing rewards larger loan size
Regional credit union network CMT + 200 to 250 basis points; 5.95 to 6.30 percent all-in $3M to $8M (used for co-lending or secondary position) Recourse or partial recourse; niche funding source often matched with national bank as co-lender; competitive on smaller portfolios or residual tranches; quick decisioning on credit-worthy sponsors

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 at this size include experienced net lease investors with $50M to $250M in portfolio AUM, 1031 exchange buyers seeking multi-property consolidation, and regional or national operators managing 15 to 50 single-tenant assets. These are often repeat borrowers with prior financing relationships, clean payment histories, and investment-grade or near-investment-grade tenant bases. Primary motivations include rate-and-term refinance to reduce debt service, consolidation of multiple legacy mortgages into a single facility, or acquisition financing for an add-on portfolio sale.

From the CLS CRE Pipeline

A Real $15M Example

CLS CRE closed a $14.8M refinance on a six-property retail and industrial portfolio in the Nashville metro area for a 20-year-old net lease operator. The portfolio consisted of two dollar-store anchors, two quick-service restaurant properties, and two industrial flex units, with an average lease term of 6.2 years remaining and weighted average tenant credit score in the A-/BBB+ range. The borrower locked a 5-year fixed rate of 6.02 percent through a national bank at 68 percent LTV, with 30 year amortization and standard recourse, closing in 52 days. The client used proceeds to retire three separate mezzanine loans held by a debt fund, achieving net monthly savings of approximately $18,000 and simplifying covenant reporting.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M NNN Portfolio Refinance Nashville FAQ

Expect 65 to 75 percent LTV depending on tenant credit and lease length. Investment-grade tenants with 7+ year remaining lease terms support the high end; BBB tenants or shorter lease maturities (3 to 5 years) typically cap at 65 to 70 percent. Life insurance companies occasionally stretch to 75 percent on well-structured deals with strong DSCR (1.25x or better).
National banks typically close in 45 to 60 days; life insurance companies take 60 to 90 days; CMBS conduits typically require 90 to 120 days because of securitization timelines and third-party reviews. Regional credit unions can move faster (30 to 45 days) but usually only for smaller tranches or co-lend positions.
Non-recourse is most readily available through CMBS platforms, typically at slightly higher rates (6.20 to 6.60 percent) and lower LTV (60 to 70 percent). National banks and life companies usually require full recourse on $15M portfolios unless the tenant roster is investment-grade and lease terms extend well past 10 years.
The current market range is 5.90 to 6.35 percent depending on lender type, tenant credit, lease length, and LTV. National banks are pricing around 5.90 to 6.15 percent; life companies at 6.05 to 6.35 percent; CMBS at 6.20 to 6.60 percent. Shopping across all three lender types typically reveals 25 to 50 basis points of pricing variation.
Nashville fundamentals are strong, which supports competitive pricing; lenders view the market as stable for essential-use tenants like healthcare and grocers. However, lender risk appetite toward retail or restaurant properties may be tighter than industrial or medical office, potentially adding 15 to 40 basis points depending on use type and tenant quality.


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