Walgreens NNN Loansfrom 6.35 percent, file specific Non-Recourse 10-Year Fixed CMBS
Walgreens has been unrated since August 2025, when its public ratings were withdrawn after the company became private. The lender pool is narrower, leverage is lower, and lease term matters more.
Remaining lease term · Closure list status · Store level sales · Rent against market rent
Last updated: ·By Ed Freeman, Capital Advisor. PeerSense
What are typical Walgreens NNN financing rates?
There is no single Walgreens NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking cap was 8.10 percent for Walgreens, 6.85 percent for CVS, and 7.85 percent for the drug store set. Closed Walgreens trades run about 7.50 to 9.50 percent. Leverage on these files is 55 to 65. 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.
Walgreens, Credit Profile & NNN Investment Characteristics
Walgreens is a private company owned by Sycamore Partners and is unrated. It had about 7,980 US stores as of August 2026, down from about 8,500 at the August 2025 take private. A closure program announced in October 2024 targeted about 1,200 stores. The pace slowed under Sycamore. Fewer than 100 closures are expected in 2026, and some new stores have been approved.
For Walgreens NNN properties, lease term drives everything. Lenders examine remaining lease term, whether the store appears on a closure list, store level sales, and rent against market rent. Under 10 years remaining materially narrows the lender pool. The analysis now centers on the specific lease and property rather than the corporate name.
For NNN financing purposes, Walgreens remains one of the most widely-financed credit tenants in U.S. commercial real estate, CMBS conduits, institutional portfolio lenders, and specialty NNN lenders all actively lend on Walgreens-anchored properties. The key underwriting questions in 2026: (1) is the specific property on Walgreens' closure list, (2) remaining lease term and any recent extensions, (3) store-level sales and rent-to-sales ratio, and (4) the sponsor's 1031 exchange timeline if applicable.
Walgreens NNN vs. Peer Credit Tenants, How Walgreens Prices
Every NNN lender underwrites the tenant first, the real estate second. Here is how Walgreens compares to peer credit tenants as of 26 August 2026. Coupon and leverage are lender underwriting.
Walgreens Unrated | CVS Health BBB (S&P) | 7-Eleven A minus (S&P) | Dollar General BBB (S&P) | Rite Aid (post-BK) Unrated | |
|---|---|---|---|---|---|
| Credit as of 26 August 2026 | Unrated since 28 August 2025 | BBB S&P / Baa3 Moody's | A minus / Baa2 | BBB S&P / Baa3 | Unrated |
| Max LTV | 55 to 65 | Lender underwriting | Lender underwriting | Lender underwriting | Lender underwriting |
| Min DSCR | 1.25x | 1.25x | 1.30x | 1.35x | 1.45x |
| Asking cap / closed (where sourced) | 8.10% ask. Closed about 7.50% to 9.50% | 6.85% ask Q2 2026 | File specific | File specific | File specific |
| Remaining Lease Preferred | 10+ years | 10+ years | 10+ years | 10+ years (15-yr base) | 5+ years post-bankruptcy reaffirmation |
| Guarantor Structure | Corporate parent (Walgreens Boots Alliance) | Corporate parent (CVS Health) | Corporate parent | Corporate parent (Dollar General) | Individual / operating co., no parent guarantee |
| Primary Capital Source | CMBS conduit · life co. | CMBS conduit · life co. | CMBS conduit · life co. | CMBS · credit tenant lease specialist | Bank · specialty credit · private |
| 1031 Exchange Suitability | Excellent (most popular 1031 target) | Excellent | Excellent | Good (verify tax jurisdiction) | Fair (not preferred) |
| Typical Loan Size | $2M – $15M | $2M – $15M | $1.5M – $8M | $800K – $5M | $500K – $4M |
Credit as of 26 August 2026Walgreens: Unrated since 28 August 2025
- WalgreensUnrated
- Unrated since 28 August 2025
- CVS HealthBBB (S&P)
- BBB S&P / Baa3 Moody's
- 7-ElevenA minus (S&P)
- A minus / Baa2
- Dollar GeneralBBB (S&P)
- BBB S&P / Baa3
- Rite Aid (post-BK)Unrated
- Unrated
Max LTVWalgreens: 55 to 65
- WalgreensUnrated
- 55 to 65
- CVS HealthBBB (S&P)
- Lender underwriting
- 7-ElevenA minus (S&P)
- Lender underwriting
- Dollar GeneralBBB (S&P)
- Lender underwriting
- Rite Aid (post-BK)Unrated
- Lender underwriting
Min DSCRWalgreens: 1.25x
- WalgreensUnrated
- 1.25x
- CVS HealthBBB (S&P)
- 1.25x
- 7-ElevenA minus (S&P)
- 1.30x
- Dollar GeneralBBB (S&P)
- 1.35x
- Rite Aid (post-BK)Unrated
- 1.45x
Asking cap / closed (where sourced)Walgreens: 8.10% ask. Closed about 7.50% to 9.50%
- WalgreensUnrated
- 8.10% ask. Closed about 7.50% to 9.50%
- CVS HealthBBB (S&P)
- 6.85% ask Q2 2026
- 7-ElevenA minus (S&P)
- File specific
- Dollar GeneralBBB (S&P)
- File specific
- Rite Aid (post-BK)Unrated
- File specific
Remaining Lease PreferredWalgreens: 10+ years
- WalgreensUnrated
- 10+ years
- CVS HealthBBB (S&P)
- 10+ years
- 7-ElevenA minus (S&P)
- 10+ years
- Dollar GeneralBBB (S&P)
- 10+ years (15-yr base)
- Rite Aid (post-BK)Unrated
- 5+ years post-bankruptcy reaffirmation
Guarantor StructureWalgreens: Corporate parent (Walgreens Boots Alliance)
- WalgreensUnrated
- Corporate parent (Walgreens Boots Alliance)
- CVS HealthBBB (S&P)
- Corporate parent (CVS Health)
- 7-ElevenA minus (S&P)
- Corporate parent
- Dollar GeneralBBB (S&P)
- Corporate parent (Dollar General)
- Rite Aid (post-BK)Unrated
- Individual / operating co., no parent guarantee
Primary Capital SourceWalgreens: CMBS conduit · life co.
- WalgreensUnrated
- CMBS conduit · life co.
- CVS HealthBBB (S&P)
- CMBS conduit · life co.
- 7-ElevenA minus (S&P)
- CMBS conduit · life co.
- Dollar GeneralBBB (S&P)
- CMBS · credit tenant lease specialist
- Rite Aid (post-BK)Unrated
- Bank · specialty credit · private
1031 Exchange SuitabilityWalgreens: Excellent (most popular 1031 target)
- WalgreensUnrated
- Excellent (most popular 1031 target)
- CVS HealthBBB (S&P)
- Excellent
- 7-ElevenA minus (S&P)
- Excellent
- Dollar GeneralBBB (S&P)
- Good (verify tax jurisdiction)
- Rite Aid (post-BK)Unrated
- Fair (not preferred)
Typical Loan SizeWalgreens: $2M – $15M
- WalgreensUnrated
- $2M – $15M
- CVS HealthBBB (S&P)
- $2M – $15M
- 7-ElevenA minus (S&P)
- $1.5M – $8M
- Dollar GeneralBBB (S&P)
- $800K – $5M
- Rite Aid (post-BK)Unrated
- $500K – $4M
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.
Walgreens NNN Deal Patterns We Place
1031 Exchange Walgreens Acquisition
You've identified a corporate-guarantee Walgreens with 10+ year remaining lease term inside a 1031 exchange. We close within the 180-day window, coordinate rate lock with your qualified intermediary, and pre-screen for closure-list risk. Typical purchase price $3M to $8M. Leverage on these files is 55 to 65.
Walgreens CMBS Maturity Refinance
Your original Walgreens NNN CMBS is maturing. We check: corporate-guarantee still in place, closure-list clearance, remaining lease term adequate for new 10-year CMBS, and trailing NOI supports 1.25x+ DSCR. New CMBS likely prices 75–150 bps wider than your original vintage due to rating drift.
Walgreens Portfolio (3–10 Properties)
You own or are acquiring a 3–10 property Walgreens portfolio. Portfolio CMBS structures reduce concentration risk haircuts and improve execution economics vs. individual-property financing. Typical blended CMBS rate 25–50 bps inside single-property pricing at comparable LTV.
Recently-Extended Walgreens Refinance
Your Walgreens tenant recently executed a 5–10 year lease extension (exercising options or negotiating new base term). Refinance into new CMBS at improved pricing, the extended WALT unlocks lower spreads and higher LTV availability. Ideal pattern for cash-out if the property has appreciated.
Walgreens with Closure-List Clearance
Pre-screening every Walgreens deal against the current 2024–2027 closure optimization list is mandatory. We verify directly with Walgreens' real estate team (or via closure-list data providers) that the specific property is not flagged. Flagged properties trigger bridge or private credit alternatives vs. CMBS.
Walgreens NNN Financing, Frequently Asked Questions
What are typical Walgreens NNN financing rates?+
There is no single Walgreens NNN coupon. Stabilized CRE CMBS starts from 6.35 percent as of 1 August 2026. Boulder Group Q2 2026 asking cap was 8.10 percent. Closed trades run about 7.50 to 9.50 percent. Leverage on these files is 55 to 65. PeerSense sources capital through a curated network of commercial lenders and capital sources.
What is Walgreens' credit rating in 2026?+
Walgreens is unrated in 2026. S&P, Moody's and Fitch withdrew their ratings after Sycamore Partners completed taking the company private on 28 August 2025. The withdrawal means those agencies no longer maintain a current public rating for Walgreens. Lenders now focus on remaining lease term, closure list status, store level sales, and rent against market rent.
Does Walgreens still sign new corporate-guaranteed NNN leases?+
Yes, but Walgreens is closing underperforming stores as part of its 2024–2027 strategic review. New corporate-guaranteed leases are typically 15–20 years with 4–6 five-year renewal options. For financing, prefer properties with recently extended leases (post-2023), no closure announcement, and strong store-level sales (ideally verified via rent-to-sales ratio 5% or lower).
What LTV can I get on a Walgreens NNN loan?+
Walgreens NNN leverage is 55 to 65. Remaining lease term drives the file. Under 10 years remaining materially narrows the lender pool. PeerSense introduces and places. Leverage is lender underwriting.
How do Walgreens closure announcements affect financing?+
Walgreens' 2024–2027 store closure program affects lender appetite. If the specific property is listed for closure or flagged in Walgreens' real estate optimization program, CMBS conduits may decline or require dark-value underwriting (the property's value if Walgreens vacates). Pre-screen each deal against the current closure list during LOI, a critical step we handle for every Walgreens NNN deal we structure.
Can I refinance my maturing Walgreens NNN CMBS loan?+
Yes, a maturing Walgreens NNN CMBS loan can be refinanced, but lender selection is more limited and leverage may be lower. In November 2025, Sycamore affiliates refinanced 207 Walgreens properties under one master lease with a 490 million dollar CMBS loan. The senior piece carried a 5.819% rate, interest only, with a 31.6% cut off loan to value and a November 2030 maturity. New lenders will focus on remaining lease term, closure list status, store level sales, and rent against market rent.
Is Walgreens NNN 1031 exchange friendly?+
A Walgreens NNN asset may be considered for a 1031 exchange, but financing remains a separate issue. Shorter term assets are harder to finance because under 10 years remaining materially narrows the lender pool. Lenders also review closure list status, store level sales, and rent against market rent.
What's the typical Walgreens NNN deal size?+
Typical Walgreens NNN property is $3M–$8M purchase price (13,500–14,500 SF building on 1.0–1.5 acre corner lot). Loan size is lender underwriting. Leverage on these files is 55 to 65. Larger urban infill or Chicago-area Walgreens (flagship locations) can reach $10M–$15M+ loan size. Portfolio deals (3–10 Walgreens properties) are structured as single-pool CMBS at improved economics.
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 Walgreens NNN Deal
Property address, purchase price or payoff, remaining lease term, and Walgreens lease specifics. We introduce and place. PeerSense sources capital through a curated network of commercial lenders and capital sources.
Walgreens NNN Loan: The desk will reach out. No obligation.
Ready to talk about your Walgreens 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: Walgreens 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. Walgreens 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 Walgreens or its parent corporation.