Single-tenant NNN retail properties at 60% LTV with investment-grade tenants qualify for CMBS non-recourse financing typically priced 6.75%–9% for stabilized assets, with the strongest sponsors at 60% LTV reaching 6.25% fixed for 10-year terms. The credit tenant's lease is the primary collateral driver, with rent escalations, corporate guarantees, and long remaining terms producing the tightest retail CMBS spreads available.
Written by Ed Freeman, Capital Advisory — PeerSense
Single-tenant NNN retail at 60% LTV qualifies for CMBS non-recourse financing from approximately 6.25% on the strongest stabilized deals (typical 6.75%–9%). Credit tenants with long lease terms drive the tightest conduit spreads in the retail sector.
Minimum 30-35% equity required. NNN retail property owners with investment-grade or near-investment-grade tenants on long-term leases (7+ years remaining).
LTV Target
60%
Est. Rate Range
6.25% – 11%+ (typical 6.75% – 9%)
Term
5-10 years fixed
Recourse
Non-recourse
DSCR
1.30x minimum
Closing Speed
30-45 days
Min Loan Size
$2M
Loan Products
CMBS
This financing is optimal when you own a single-tenant NNN property leased to an investment-grade tenant (Walgreens, Dollar General, Starbucks, O'Reilly Auto) with 7+ years remaining on a corporate-guaranteed lease with annual rent escalations. The NNN structure combined with credit tenancy produces near-bond-like cash flows that CMBS conduits price at the tightest retail spreads. At 60% LTV, pricing is typically 25-50 bps inside standard retail CMBS. If the tenant is sub-investment-grade or the remaining lease term is under 5 years, pricing widens significantly and you may be better served by a bank loan.
If your property is multi-tenant with a grocery anchor rather than single-tenant NNN
Learn moreIf your existing CMBS loan on a NNN property is maturing
Learn moreIf your retail property includes non-retail components
Learn morePeerSense pre-underwrites every deal before presenting it to our institutional capital sources. With 500+ lender relationships and live market rate intelligence, we match your retail (nnn) deal with the right capital source — right now.
No upfront retainer · Fee at closing only · Complimentary initial consultation
Written by Ed Freeman, Capital Advisory — PeerSense. Updated March 2026.
Disclaimer: The information on this page is provided for educational purposes only and does not constitute financial, legal, or investment advice. Rates, terms, and availability are subject to change based on market conditions, property characteristics, and borrower qualifications. The rate ranges cited reflect approximate market pricing as of March 2026 and may not reflect current conditions at the time of reading. PeerSense is a capital advisory firm, not a lender. We do not originate, fund, or service loans. All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. Borrowers should consult with qualified financial and legal professionals before making any financing decisions.