CVS NNN Loansfrom 6.35 percent, file specific Non-Recourse 10-Year Fixed CMBS
CVS Health is BBB from S&P as of May 2026, outlook stable. Moody's is Baa3, outlook positive, as of 7 August 2026. It is not A minus. Boulder Group Q2 2026 asking cap was 6.85 percent. PeerSense sources capital through a curated network of commercial lenders and capital sources.
15 yr / 20 yr base leases · corporate guarantee · BBB parent as of May 2026 · 13,000 to 14,000 SF prototype · 1031 exchange ready · nationwide.
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical CVS NNN financing rates?
There is no single CVS NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking cap for CVS was 6.85 percent. CVS Health is BBB from S&P as of May 2026. It is not A minus. PeerSense sources capital through a curated network of commercial lenders and capital sources.
As of 26 August 2026. A rating needs an as of date. Next check 24 November 2026. PeerSense sources capital through a curated network of commercial lenders and capital sources.
CVS, Credit Profile & NNN Investment Characteristics
CVS Health (NYSE: CVS) is the largest U.S. pharmacy retailer with approximately 9,000 stores, plus the Aetna insurance division acquired in 2018. The integrated healthcare company reports revenue north of $370B. CVS Health is BBB from S&P as of May 2026, outlook stable. Moody's is Baa3, outlook positive, as of 7 August 2026. It is not A minus. Walgreens has been unrated since 28 August 2025.
CVS's standard NNN lease structure is 15 to 20 year base term with 4 to 6 five year renewal options. Corporate guarantee is provided by CVS Health Corporation (parent) with lease executed by CVS Pharmacy Inc. (retail subsidiary). Lease terms include fixed rent base payments with periodic bumps, full NNN operating expense pass through, and landlord favorable quiet enjoyment protections.
For NNN financing, CVS remains one of the most widely financed credit tenants in U.S. commercial real estate. The 2022 to 2024 HealthHUB pivot did close about 900 underperforming stores, but the remaining footprint is the file that lenders underwrite. Key 2026 questions: (1) is the specific property on a historical closure list, (2) remaining lease term, (3) store level sales and rent to sales ratio, (4) is the lease with CVS Pharmacy Inc. (correct) or a Caremark subsidiary (flag during LOI). PeerSense sources capital through a curated network of commercial lenders and capital sources.
CVS NNN vs. Peer Credit Tenants, How CVS Prices
Every NNN lender underwrites the tenant first, the real estate second. Here is how CVS compares to peer credit tenants as of 26 August 2026. Coupon and leverage are lender underwriting.
CVS Health BBB (S&P) | Walgreens Unrated | Chase / JPMorgan A parent / AA minus bank | Target A (S&P) | Dollar General BBB (S&P) | |
|---|---|---|---|---|---|
| Credit as of 26 August 2026 | BBB S&P / Baa3 Moody's | Unrated since 28 August 2025 | A parent / AA minus bank | A / A2 | BBB / Baa3 |
| Max LTV | Lender underwriting | 55% to 65% | Lender underwriting | Lender underwriting | Lender underwriting |
| Min DSCR | 1.25x | 1.25x | 1.20x | 1.25x | 1.35x |
| Asking cap / closed (where sourced) | 6.85% ask Q2 2026 | 8.10% ask. Closed about 7.50% to 9.50% | File specific | File specific | File specific |
| Remaining Lease Preferred | 10+ years | 10+ years | 10+ years | 10+ years | 10+ years (15 yr base) |
| Guarantor Structure | Corporate parent (CVS Health) | Corporate parent (Walgreens Boots Alliance) | Corporate parent (JPMorgan Chase) | Corporate parent (Target Corp) | Corporate parent (Dollar General) |
| Primary Capital Source | CMBS conduit · life co. | CMBS conduit · bank · specialty | CMBS conduit · life co. | CMBS conduit · life co. | CMBS · credit tenant lease specialist |
| 1031 Exchange Suitability | Common 1031 target | Financing is tighter because unrated | Excellent (if available) | Excellent | Common small deal 1031 |
| Typical Loan Size | $2M to $15M | $2M to $15M | $3M to $25M | $5M to $30M | $800K to $5M |
Credit as of 26 August 2026CVS Health: BBB S&P / Baa3 Moody's
- CVS HealthBBB (S&P)
- BBB S&P / Baa3 Moody's
- WalgreensUnrated
- Unrated since 28 August 2025
- Chase / JPMorganA parent / AA minus bank
- A parent / AA minus bank
- TargetA (S&P)
- A / A2
- Dollar GeneralBBB (S&P)
- BBB / Baa3
Max LTVCVS Health: Lender underwriting
- CVS HealthBBB (S&P)
- Lender underwriting
- WalgreensUnrated
- 55% to 65%
- Chase / JPMorganA parent / AA minus bank
- Lender underwriting
- TargetA (S&P)
- Lender underwriting
- Dollar GeneralBBB (S&P)
- Lender underwriting
Min DSCRCVS Health: 1.25x
- CVS HealthBBB (S&P)
- 1.25x
- WalgreensUnrated
- 1.25x
- Chase / JPMorganA parent / AA minus bank
- 1.20x
- TargetA (S&P)
- 1.25x
- Dollar GeneralBBB (S&P)
- 1.35x
Asking cap / closed (where sourced)CVS Health: 6.85% ask Q2 2026
- CVS HealthBBB (S&P)
- 6.85% ask Q2 2026
- WalgreensUnrated
- 8.10% ask. Closed about 7.50% to 9.50%
- Chase / JPMorganA parent / AA minus bank
- File specific
- TargetA (S&P)
- File specific
- Dollar GeneralBBB (S&P)
- File specific
Remaining Lease PreferredCVS Health: 10+ years
- CVS HealthBBB (S&P)
- 10+ years
- WalgreensUnrated
- 10+ years
- Chase / JPMorganA parent / AA minus bank
- 10+ years
- TargetA (S&P)
- 10+ years
- Dollar GeneralBBB (S&P)
- 10+ years (15 yr base)
Guarantor StructureCVS Health: Corporate parent (CVS Health)
- CVS HealthBBB (S&P)
- Corporate parent (CVS Health)
- WalgreensUnrated
- Corporate parent (Walgreens Boots Alliance)
- Chase / JPMorganA parent / AA minus bank
- Corporate parent (JPMorgan Chase)
- TargetA (S&P)
- Corporate parent (Target Corp)
- Dollar GeneralBBB (S&P)
- Corporate parent (Dollar General)
Primary Capital SourceCVS Health: CMBS conduit · life co.
- CVS HealthBBB (S&P)
- CMBS conduit · life co.
- WalgreensUnrated
- CMBS conduit · bank · specialty
- Chase / JPMorganA parent / AA minus bank
- CMBS conduit · life co.
- TargetA (S&P)
- CMBS conduit · life co.
- Dollar GeneralBBB (S&P)
- CMBS · credit tenant lease specialist
1031 Exchange SuitabilityCVS Health: Common 1031 target
- CVS HealthBBB (S&P)
- Common 1031 target
- WalgreensUnrated
- Financing is tighter because unrated
- Chase / JPMorganA parent / AA minus bank
- Excellent (if available)
- TargetA (S&P)
- Excellent
- Dollar GeneralBBB (S&P)
- Common small deal 1031
Typical Loan SizeCVS Health: $2M to $15M
- CVS HealthBBB (S&P)
- $2M to $15M
- WalgreensUnrated
- $2M to $15M
- Chase / JPMorganA parent / AA minus bank
- $3M to $25M
- TargetA (S&P)
- $5M to $30M
- Dollar GeneralBBB (S&P)
- $800K to $5M
Indicative only, as of 26 August 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Program criteria current as of 26 August 2026.
Tenant credit as of 26 August 2026. Next check 24 November 2026. A rating needs an as of date. Do not cite a rating that does not exist. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking caps only where we have them. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
CVS NNN Deal Patterns We Place
1031 Exchange CVS Acquisition
Corporate guarantee CVS with 10+ year remaining lease inside a 180 day 1031 window. Close with rate lock coordinated to your QI timeline. $3M to $8M typical purchase price. Coupon and leverage are lender underwriting.
CVS CMBS Maturity Refinance
Original CVS NNN CMBS is maturing. Refinance into new CMBS if (a) guarantee intact, (b) not on closure list, (c) remaining WALT supports a new 10 year loan, (d) NOI supports the DSCR the desk requires.
CVS Portfolio (3 to 10 Properties)
Multi property CVS portfolio structured as single pool CMBS with improved economics versus individual property financing at comparable leverage.
Recently Extended CVS Refinance
Tenant just extended for 5 to 10 years. Refinance into new CMBS. Extended WALT is what unlocks the file, not a published coupon.
CVS with Closure List Clearance
Mandatory pre screen against historical CVS closure list before closing. Flagged properties go to bridge or private credit. Clean properties can go CMBS. PeerSense introduces and places.
CVS NNN Financing, Frequently Asked Questions
What are typical CVS NNN financing rates?+
There is no single CVS NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking cap for CVS was 6.85 percent. CVS Health is BBB from S&P as of May 2026. It is not A minus. PeerSense sources capital through a curated network of commercial lenders and capital sources.
What is CVS Health's credit rating?+
CVS Health is BBB from S&P as of May 2026, outlook stable. Moody's is Baa3, outlook positive, as of 7 August 2026. It is not A minus. Walgreens has been unrated since 28 August 2025 and is not a comparison for a current rating.
What LTV can I get on CVS NNN?+
Leverage is lender underwriting. Remaining lease term, store sales, and rent against market rent drive the file. PeerSense introduces and places. Leverage is lender underwriting.
Is CVS closing stores like Walgreens?+
CVS announced about 900 store closures across 2022 to 2024 as part of its HealthHUB pivot. Pre screening against the CVS closure list is required. Walgreens is a separate credit. Walgreens has been unrated since 28 August 2025.
What's typical CVS NNN property size and deal size?+
Typical CVS NNN is 13,000 to 14,000 SF on 1.5 to 2.0 acre corner sites. Purchase prices often run $3M to $8M. Flagship urban infill can run larger. Loan size is lender underwriting.
Is CVS NNN 1031 exchange friendly?+
CVS is among the common 1031 exchange replacement property types, alongside Dollar General. Walgreens may still be identified, but financing is a separate issue because Walgreens is unrated. PeerSense coordinates rate lock with your qualified intermediary. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Can CVS Caremark sign the lease instead of CVS Pharmacy?+
The lease should be with CVS Pharmacy (the retail subsidiary) with guaranty by CVS Health (the parent). Capital sources typically will not accept a standalone Caremark guarantee without parent level backing. If you see an unusual guarantor structure, flag it during LOI.
How long does CVS NNN financing take to close?+
Often 45 to 60 days from LOI to close on credit tenant CVS NNN. Prepared 1031 buyers can close in 30 to 45 days with rate lock upfront. Timing is file specific.
Deals We Structure
Representative profiles from the placement desk and from the forward flow network tape. Sizes and structures only. No counterparties named.
$10 million and up flagged hotel, CMBS refi
6.75% fixed | 65% LTV | CMBS takeout
$10 million and up value add multifamily bridge
SOFR +395 | 75% LTC | Named takeout
$10 million and up mixed use construction
80% LTC | Interest only | 18 mo term
SBA 7(a) QSR franchise acquisition
Prime +2.75% | 25 yr term. Equity injection is lender underwriting.
$20 million a month manufacturing AR
1.5% factor fee | 90% advance | B2B invoices
$10 million and up rental portfolio
7.25% | 75% LTV | No income docs | 1.25x DSCR
$350M to $1.5B committed purchase of future originations
True sale | Par or premium to UPB | Weekly or monthly settlement | Servicing usually retained
$100M to $500M revolving line against eligible receivables
80 to 95% advance | 2 to 3 year revolver | Often paired with a flow takeout
$200M seasoned pool sold in one trade
Priced off the tape | Off balance sheet at settle | Cash recycles into new production
Indicative only, as of September 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.
Tell Us About Your CVS NNN Deal
Property address, purchase price or payoff, remaining lease term, and CVS lease specifics. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
CVS NNN Loan: The desk will reach out. No obligation.
Ready to talk about your CVS NNN deal?
Send us the property address, purchase price or refinance balance, remaining lease term, and current rent. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Fee at closing only · Complimentary initial consultation
Published by PeerSense Capital Advisory · Written by Ed Freeman, Founder. As of 26 August 2026.
Disclaimer: CVS NNN financing rates, terms, and availability are subject to change based on tenant credit rating, remaining lease term, property condition, sponsor qualifications, and market conditions. Tenant credit ratings change. Figures in this guide are as of 26 August 2026. Next check 24 November 2026. Do not cite a rating that does not exist. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Coupon is file specific. CVS corporate and franchisee lease structures vary, pricing outcomes are tenant- and lease-specific. PeerSense is a capital advisory firm, All financing is provided by third-party lenders subject to their own underwriting criteria and approval processes. This page is not an endorsement or sponsorship of CVS or its parent corporation.