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

$50 Million NNN Portfolio Financing in New York

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $50 million net lease portfolio in New York represents a significant aggregation of single-tenant assets typically spread across the five boroughs and immediate suburbs, often anchored by investment-grade or strong credit tenants on 10 to 20-year leases. At this size, lenders focus heavily on tenant credit quality, lease length, and portfolio diversification rather than property type alone. Leverage typically ranges from 60 to 75 percent LTV depending on tenant ratings and unexpired lease term, with rates currently hovering at 5.70 percent for well-structured deals. These portfolios appeal to 1031 exchange buyers, institutional holders, and refinancing sponsors looking to consolidate or rebalance their single-tenant exposure.

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Capital Stack

What a $50M NNN Portfolio Capital Stack Looks Like

Capital stacks for $50 million NNN portfolios in New York are almost always single-source, with one lender taking the full loan amount. National banks with established single-tenant net lease programs dominate this space because of their appetite for investment-grade credit and long-term lease stability. Life insurance companies and CMBS conduit lenders also compete aggressively for portfolio loans of this size, especially when tenants carry strong ratings and the average lease term exceeds 12 years.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 5.70 to 6.10 percent fixed, CMT-based floor $50M at 65 to 70 percent LTV Dominant player; prefers A/A- credit or better; 10-year fixed rate common; non-recourse available at 60 to 65 percent LTV; 45 to 60 day underwriting
Life insurance company 5.65 to 6.00 percent fixed $50M at 60 to 70 percent LTV Long-term hold appetite; strong on 15+ year leases; recourse limited to cash flow; 60 to 90 day underwriting; lower rates for A-rated tenants
CMBS conduit lender 5.85 to 6.25 percent all-in $50M at 65 to 75 percent LTV Competitive on leverage; agency tenant mix required; non-recourse; tight underwriting on lease expiry dates; 60 to 75 day closing timeline
Regional credit union with CRE expertise 5.75 to 6.20 percent $50M at 60 to 68 percent LTV (niche player) Secondary source; limited scale; partial recourse likely; strong local tenant knowledge; longer closing window; less common at this size

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

Typical sponsors for $50 million NNN portfolios in New York are established single-tenant operators with $100 million to $500 million in AUM, averaging 15 to 30 years of net lease experience and a track record of managing 50 to 150 individual leases across multiple platforms. They are frequently 1031 exchange buyers exiting a prior single-tenant or small multi-asset position, or existing portfolio holders refinancing below-market debt to reduce rates or extend maturity dates. Common motivations include consolidating fragmented holdings, accessing cheaper financing, or building scale ahead of a broader acquisition or disposition strategy.

From the CLS CRE Pipeline

A Real $50M Example

CLS CRE closed a $48.5 million financing for a 12-asset NNN portfolio comprised of retail and office tenants spread across Manhattan, Brooklyn, and Westchester County, with an average lease term of 14 years and weighted-average tenant credit of A-minus. The sponsor was a 1031 exchange buyer exiting a single large office lease in Midtown. We sourced a national bank offering a 10-year fixed rate of 5.68 percent at 68 percent LTV with a full non-recourse structure, conditional on lease roll-over language and annual environmental audits. The deal closed in 58 days with minimal contingencies, and the sponsor locked in a 4.2 percent DSCR, providing 15-year runway before first lease expiry.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$50M NNN Portfolio New York FAQ

Most lenders require a minimum 1.20 to 1.40 DSCR for single-tenant net lease portfolios, depending on tenant credit and lease length. Strong A-rated tenants with 15+ year terms often clear 1.30+ DSCR easily, while B+ credit and shorter lease tails may need 1.50 DSCR to compensate. Portfolio diversification and geographic spread across New York boroughs can improve lender appetite at slightly lower DSCR thresholds.
Yes, but typically only at 60 to 65 percent LTV with investment-grade tenant credit and lease terms exceeding 12 years. National banks and life companies are most flexible on non-recourse structures for portfolios. CMBS conduits also offer non-recourse but usually require tighter LTV and stronger lease metrics, which effectively pushes leverage down.
Plan for 45 to 90 days depending on lender type and document quality. National banks with dedicated STNL programs move fastest at 45 to 60 days; life insurance companies typically require 60 to 90 days due to rigorous lease abstraction and cash flow modeling. CMBS conduits fall in the 60 to 75 day range but have stricter audit and legal review processes.
A-minus or higher commands the lowest rates and highest leverage; we are currently seeing 5.65 to 5.75 percent for investment-grade portfolios with strong lease diversity. A-minus tenants can support 70 to 75 percent LTV with non-recourse options, while B+ to A tenants drop to 60 to 68 percent LTV and may face 25 to 50 basis points in rate penalty.
They are not preferred over other sponsors, but they represent a large share of the deal flow at this size and structure. Lenders view 1031 buyers neutrally, with underwriting focused entirely on the underlying portfolio metrics, not the reason for the purchase. Sponsors with existing net lease experience and a history of lease management across New York tend to see slightly faster underwriting and tighter rate offers.


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