A Southeast-based development firm sought to refinance a newly delivered, drive-thru Starbucks secured by a new 10-year absolute NNN corporate lease, the kind of single-tenant, credit-backed retail asset that typically draws a wide field of lender interest. The property carried a stabilized value of roughly $3.8 million against a final loan of $2.45 million.
Single-tenant net lease retail is one of the more competitive property types on Gumption's platform. Gumption's Q2 2026 CRE Lending Report shows retail and industrial attract the highest number of competing term sheets per deal of any property type, and this refinance was a direct example: more than a dozen lenders were engaged, and five submitted formal terms.
Deal snapshot
| Metric | Terms |
|---|---|
| Property type | NNN retail, single-tenant (Starbucks, drive-thru) |
| Deal type | Refinance |
| Market | Alabama |
| Loan amount | $2.45M |
| Stabilized value | ~$3.8M |
| Rate | 6.23% |
| Term | 5 years |
| Amortization | 30 years |
| LTV | 75% |
| Min DSCR | 1.10x |
| Recourse | Limited |
| Lenders engaged / term sheets | 12+ engaged, 5 formal offers |
How Gumption secured the best terms
The lease structure did the underwriting work: a new, 10-year, absolute NNN corporate lease behind a national credit tenant gives lenders a long, largely bondable income stream with minimal landlord responsibility. But the outcome here was not simply a function of the lease. Running the project to Gumption's network of lenders resulted in options with low rates, options with higher proceeds, and a winning offer combining an aggressive rate, a lengthy amortization schedule, and healthy proceeds. A single-lender approach on this same asset would very plausibly have closed at a materially lower loan amount.
Refinancing a net-lease asset? Get competing term sheets from Gumption's lender network before you accept the first offer you receive.