$50M NNN Portfolio Dallas | Commercial Lending Solutions 
Loan Size Example

$50 Million NNN Portfolio Financing in Dallas

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $50 million NNN portfolio in Dallas represents a mid-market institutional acquisition or refinance of 8 to 15 stabilized single-tenant net lease properties, typically anchored by investment-grade or strong credit tenants across retail, office, or industrial sectors. Dallas's logistics-driven economy and stable suburban growth corridors make these portfolios attractive to both traditional bank lenders and life insurance companies seeking steady cash flow with minimal property management risk. At this size, financing locks in leverage between 60 to 70 percent LTV, with rates hovering around 5.70 percent depending on lease duration, tenant credit, and market conditions. Lenders scrutinize portfolio concentration, weighted-average lease term, and tenant diversification to structure non-recourse or limited-recourse facilities.

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Capital Stack

What a $50M NNN Portfolio Capital Stack Looks Like

The capital stack for a $50 million NNN portfolio in Dallas typically layers one primary institutional lender with deep STNL expertise, supported by secondary financing or retained equity depending on sponsor scale and refinance versus acquisition context. National banks with established net lease programs dominate this tier because they offer fixed-rate or CMT-based floating products with 10 to 20 year amortization and strong certainty of close; life insurance companies and credit unions round out the competition for portfolio deals where loan quality and tenant credit elevate the risk-adjusted return.

Capital Source Rate / Cost Size / LTV Notes
National bank with single-tenant net lease platform 5.65 to 5.85 percent fixed or CMT plus 150 to 175 basis points floating $35 to $40 million (65 to 75 percent LTV on strong credit portfolios) Senior tranche, fixed-rate preferred for sponsor certainty, 10 to 15 year term locks, non-recourse available below 65 percent LTV with investment-grade tenant mix
Regional or boutique credit union 5.75 to 6.00 percent fixed $10 to $15 million (20 to 30 percent junior position or co-lend) Flexible structure, underwriting speed advantage, works well in portfolio deals with mixed credit where bank limits cap exposure; appetite for speculative-grade tenants on subordinate pieces
Life insurance company portfolio lending division 5.55 to 5.80 percent fixed, longer term assumption $30 to $45 million (60 to 70 percent LTV, full portfolio hold) Best for AAA or A-credit portfolios with 8 plus year weighted-average lease term; non-recourse standard, 20 to 25 year amortization, slower approval process but lowest rate and best terms
Debt fund or alternative lender 6.50 to 8.00 percent plus 1 to 2 percent origination fee $5 to $15 million (secondary or mezzanine position, full leverage stack) Fills gaps when primary lender caps at 65 percent LTV; used for refinance cash-out, acquisition equity gap, or when portfolio credit profile limits bank/life company sizing

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 $50M NNN Portfolio Deal

Sponsors closing $50 million NNN portfolios in Dallas typically carry $250 million to $1 billion-plus in total CRE net worth, with 10 to 25 years of net lease acquisition and portfolio assembly experience. These are often seasoned 1031 exchange investors, REITs, or established CRE platforms rotating or consolidating single-tenant holdings across multiple markets; many refinance maturing debt or acquire portfolios from retiring owners or corporate dispositions. Institutional-quality sponsors prioritize credit strength, lease duration, and geographic/tenant diversification to achieve competitive leverage and sub-6 percent rate execution.

From the CLS CRE Pipeline

A Real $50M Example

In 2024, CLS CRE structured a $48 million fixed-rate facility for a sponsor acquiring a 12-property portfolio across Dallas-Fort Worth suburban markets, comprising drugstore, restaurant, and light industrial net lease assets with an average tenant credit rating of A-minus. The portfolio weighted-average lease term was 8.2 years; we sourced term with a regional bank offering 5.68 percent fixed over 12 years, 68 percent LTV, full non-recourse structure tied to a 1.25x DSCR covenant. The sponsor was a 1031 exchange buyer exiting a California office hold, and the Dallas focus reflected logistics tailwinds and sub-6 percent rate timing. Close occurred in 45 days with no contingencies.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$50M NNN Portfolio Dallas FAQ

Investment-grade anchor tenants (BBB minus or better) paired with 8 to 12 year weighted-average remaining lease term unlock sub-5.70 percent fixed pricing from life insurance companies and top-tier banks. Portfolios with 6 to 8 year lease term or mixed A/BBB credit still access 5.65 to 5.85 percent; anything below 5 years or with speculative-grade credits (B or lower) typically requires mezzanine capital or higher rates from alternative lenders.
Yes, non-recourse is standard from national banks and life companies at 60 to 65 percent LTV with investment-grade tenants and 7 to 10 year-plus lease terms. Above 65 percent LTV, recourse or a carve-out to cash flow and reserves usually applies; sponsors seeking full leverage often layer mezzanine debt or retain 15 to 20 percent equity to push senior to non-recourse at lower LTV threshold.
Dallas benefits from strong logistics fundamentals, lower inflation than Houston, and sponsor familiarity with DFW suburbs; lenders grade Dallas portfolios slightly better on rent growth assumptions and tenant retention. However, markets like San Antonio or Austin sometimes compress spreads if portfolio holds local concentration risk, whereas diversified multi-market portfolios (Dallas, Houston, Austin) command tighter leverage and better rates.
National bank programs close in 30 to 50 days with clean credit and complete rent rolls; life insurance companies run 45 to 75 days due to additional portfolio modeling and longer decision cycles. Credit unions can move in 25 to 40 days if the portfolio passes initial screening; adding secondary debt or lower-quality tenant credit extends underwriting by 15 to 30 days.
Fixed-rate (5.65 to 5.85 percent) is overwhelmingly preferred at this size because it matches the long-term nature of NNN cash flows and shields sponsors from rate risk over 10 to 20 year holds. Floating-rate CMT programs only make sense if the sponsor plans a 5 year exit or expects significant rate cuts; floating typically starts 50 to 75 basis points lower but resets quarterly or semi-annually, creating balance-sheet volatility.


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