Loan Size Example

$7.5 Million NNN Acquisition in Dallas

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $7.5 million NNN acquisition in Dallas represents a core-plus opportunity for experienced net lease investors seeking stabilized income with minimal ongoing asset management. At this size, borrowers typically target investment-grade or strong-credit tenants on leases of 10 to 20 years, positioning the deal for institutional capital sources comfortable with longer-term lease risk. Pricing in 2026 hovers near 6.60 percent for A-credit tenants, reflecting competitive tension between national bank STNL programs and life company balance sheets. Dallas submarket liquidity and tenant density make the city a preferred market for this loan size.

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Capital Stack

What a $7.5M NNN Acquisition Capital Stack Looks Like

Capital stack decisions at $7.5 million are driven by tenant credit quality, lease length, and the borrower's equity strength. National banks dominate this tier with dedicated STNL programs, typically offering CMT-plus pricing and non-recourse structures below 65 percent LTV. Life insurance companies and CMBS conduit lenders compete aggressively on rate and terms for A to BBB credit tenants, while credit unions occasionally participate in consortium deals with strong existing relationships.

Capital Source	Rate / Cost	Size / LTV	Notes
National bank with STNL program	6.50 to 6.75 percent	$5.25M to $5.625M (70% LTV on A-credit)	CMT-based, non-recourse below 65% LTV, 25 to 30 year amortization, 10 year term with extension options
Life insurance company	6.35 to 6.60 percent	$4.5M to $5.625M (60% to 75% LTV)	Longer hold preference, 15 to 20 year lease requirement, full recourse common at higher LTV, appetite for BBB credit
CMBS conduit lender	6.75 to 7.10 percent	$3.75M to $5.625M (50% to 75% LTV)	Structural recourse on all deals, 10 year term preferred, rapid execution, competitive on rate for investment-grade tenants
Credit union consortium	6.25 to 6.65 percent	$2.25M to $4.5M (30% to 60% LTV as part of group)	Member-based lender, requires relationship or broker introduction, longer approval timeline, occasional non-recourse at lower LTV

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 $7.5M NNN Acquisition Deal

Typical sponsors closing $7.5 million NNN acquisitions in Dallas are experienced net lease investors with $25 to $100 million in AUM or net worth, often managing 5 to 25 net lease properties across multiple markets. Many are 1031 exchange buyers recycling proceeds from prior sales and seeking Dallas' strong submarket fundamentals for new deployments. Others are institutional real estate operators making portfolio acquisitions to improve yield and reduce active management burden in their existing holdings.

From the CLS CRE Pipeline

A Real $7.5M Example

CLS CRE arranged a $7.4 million first mortgage on a 24,000 SF retail-anchored property in the Dallas-Fort Worth corridor, leased to an investment-grade quick-service restaurant operator on a 15 year lease with 2 percent annual bumps. The borrower, a 1031 exchange investor with prior NNN experience, sought non-recourse debt to minimize balance sheet impact. A regional bank with a dedicated STNL team closed the loan at 6.58 percent fixed, 70 percent LTV, 25 year amortization, and full non-recourse below the 60 percent threshold; the transaction closed in 47 days with minimal tenant consent requirements due to triple net structure.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$7.5M NNN Acquisition Dallas FAQ

Most national banks require a minimum 10 year remaining lease term to approach 70 percent LTV; leases of 15 to 20 years unlock the best pricing and non-recourse availability. Shorter remaining terms (5 to 10 years) typically cap you at 55 to 60 percent LTV and may require personal recourse or guarantees regardless of tenant credit.

Yes, non-recourse is standard for A-credit tenants at 60 to 65 percent LTV with national banks and life companies. You can occasionally push to 70 percent non-recourse, but only with strong tenant credit (investment-grade rated), lease length above 15 years, and a borrower with clean financial statements and prior net lease experience.

1031 exchanges typically add 30 to 45 days to your approval timeline because lenders require identification documentation, proof of prior sale proceeds, and exchange intermediary authorization. Plan your loan application 60 to 90 days before your 45 day identification deadline; national banks with STNL programs are most familiar with exchange mechanics and offer the fastest turnaround.

Investment-grade or S&P BBB rated tenants command non-recourse options and pricing near 6.50 to 6.60 percent. BBB- and unrated tenants (but with strong financials and history) typically require full recourse, trigger 25 to 50 bps higher pricing, and cap LTV at 60 percent. Below BBB-, most institutional lenders step back unless the lease covers at least 1.5x occupancy-adjusted operating expense.

Dallas benefits from strong demographic growth, diversified tenant base, and light-industrial to retail conversion activity, making it a preferred market for all lender types. You typically receive 10 to 25 bps better pricing and higher LTV (70 to 75 percent) in Dallas compared to secondary markets, but rates remain competitive due to high supply of net lease investment capital chasing core assets in strong metros.

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$7.5 Million NNN Acquisition in Dallas

What a $7.5M NNN Acquisition Capital Stack Looks Like

Who Closes a $7.5M NNN Acquisition Deal

A Real $7.5M Example

$7.5M NNN Acquisition Dallas FAQ

Get a Quote on Your $7.5M Deal

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