$8M Pharmacy NNN Acquisition Dallas | Commercial Lending Solutions 
Loan Size Example

$8 Million Pharmacy NNN Acquisition in Dallas

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

An $8 million pharmacy NNN acquisition in Dallas represents a core-plus play for experienced single-tenant net lease investors seeking stable, long-term cash flow in a major metropolitan market. These deals typically finance at 60 to 75 percent LTV depending on tenant credit quality and remaining lease term, with rates in the 6.0 to 6.5 percent range reflecting current market conditions. Dallas's robust population growth and strong pharmacy fundamentals make these assets attractive to both 1031 exchange buyers and institutional debt funds seeking yield with minimal tenant turnover risk. Lenders prioritize investment-grade or high-credit-quality national pharmacy operators with proven lease enforcement and renewal track records.

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Capital Stack

What a $8M Pharmacy NNN Acquisition Capital Stack Looks Like

At this loan size, national banks with established single-tenant net lease programs and regional life insurance companies dominate the capital stack in Dallas. Lender selection typically hinges on lease term remaining, tenant credit rating, occupancy history, and sponsor experience; longer leases and investment-grade tenants attract the most aggressive pricing and non-recourse structures.

Capital Source Rate / Cost Size / LTV Notes
National bank (STNL program) 6.0 to 6.5 percent, CMT-based $6.0 to $6.4 million (75 to 80 percent LTV) Primary lender for investment-grade tenants; typically fixed-rate, 10 to 20 year amortization, full recourse or carveout recourse; 30 to 45 day close
Regional life insurance company 6.25 to 6.75 percent $4.8 to $6.0 million (60 to 75 percent LTV) Attractive for longer lease terms (10+ years remaining); non-recourse available at 70 percent LTV or lower; 45 to 60 day close; lower IO period common
CMBS conduit lender 6.5 to 7.0 percent, spread over index $4.8 to $6.4 million (60 to 80 percent LTV) Competitive for seasoned tenants and strong lease covenants; non-recourse available; 60 to 90 day close; pools multiple single-tenant assets
Credit union (STNL portfolio) 6.0 to 6.4 percent $4.0 to $5.6 million (50 to 70 percent LTV) Regional programs; shorter lease terms acceptable; recourse or limited carveout; faster underwriting for local borrowers; 25 to 40 day close

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 $8M Pharmacy NNN Acquisition Deal

A typical sponsor for an $8 million pharmacy acquisition in Dallas is an experienced net lease investor or 1031 exchange buyer with a net worth of $3 to $10 million and a track record of five to twenty single-tenant acquisitions. Motivations range from portfolio diversification and stable cap rate harvesting (typically 5.0 to 6.0 percent) to tax-deferred reinvestment of proceeds from prior sales. These sponsors understand tenant credit fundamentals, lease structure nuances, and long-term lease renewal mechanics, and many are actively managing a portfolio of pharmacy and other essential-use retail properties.

From the CLS CRE Pipeline

A Real $8M Example

We financed an $8.2 million pharmacy NNN acquisition in the Plano submarket for a 1031 exchange buyer with significant prior net lease experience. The national pharmacy tenant maintained an investment-grade credit rating and the lease carried 14 years of remaining term with 5 percent annual rent escalations. A regional life insurance company closed the loan at 6.28 percent fixed, 25 year amortization, at 74 percent LTV with a non-recourse structure and a 15 year initial interest-only buydown. The transaction closed in 52 days and delivered the buyer a blended cap rate of 5.4 percent with downside protection from strong tenant covenant and lease length.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$8M Pharmacy NNN Acquisition Dallas FAQ

Lenders strongly favor investment-grade national or regional chains rated BBB- or better by major rating agencies, or unrated tenants with demonstrable EBITDA, cash flow, and rent coverage metrics comparable to investment-grade operators. Independent or smaller regional pharmacies typically require 70 to 75 percent LTV or lower and will face higher rates or recourse. The tenant's lease payment track record and corporate guarantees matter as much as ratings.
Yes, non-recourse financing is broadly available from life insurance companies and CMBS conduits at 65 to 75 percent LTV for investment-grade tenants with 10 plus years of lease term remaining. National banks typically offer carveout recourse (environmental, lease defaults, due diligence breach) rather than full non-recourse, and will underwrite non-recourse only at 60 to 70 percent LTV. Recourse or carveout structures may trade 10 to 25 basis points in rate concession.
Lenders price most aggressively for leases with 10 to 20 years remaining, with 6.0 to 6.3 percent rates widely available. Leases with 7 to 10 years remaining typically yield 6.25 to 6.6 percent rates and may face tighter LTV (60 to 70 percent). Leases under 5 years are difficult to finance at this size without significant equity contribution or higher leverage risk.
Most loans amortize over 20 to 25 years with 10 year fixed-rate terms or match-term structures aligned with lease expiration. Interest-only periods are less common but available for institutional sponsors or when renewals are imminent. Balloon payments at maturity are standard, and prepayment penalties typically decline over 5 to 10 years (1 percent to 0 percent step-down).
1031 buyers typically require 45 day closes to comply with identification deadlines, which national banks and credit unions can accommodate routinely. Life insurance companies and CMBS programs may need 60 to 90 days, so communication with your exchange intermediary and lender early is critical. Lock-in rate terms quickly once identified; many lenders hold rate locks for only 30 to 45 days on STNL acquisitions.


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