NNN Lease Debt Assumption - Here's the details and questions

[William M.]

Property Details:

Purchase Price: $9,500,000

Annual Rent: $498,804

Cap Rate: 5.25%

Lease Expiration: 2/28/2038

Lease Type: NNN

Year Built: 2013

Options: 10, 5-year

Gross Leasable Area: 14,534 SF

Building Class: B

Lot Size: 3.20 AC

Tenancy: Single

No. Stories: 1

Assumable debt:

Wells Fargo Loan Balance: $4,728,897

Interest Rate: 4.5%

Amortization: 30 years

Annual Payment: $304,011

Cash-on-Cash Return: 4.01%

Lease abstract:

Tenant: Walgreens

Guarantor: Walgreens Boots Alliance, Inc. (NYSE: WBA, S&P: BBB+)

Lease Structure: Absolute triple-net

Lease term remaining: 21+ years

Lease expiration: 2/28/2038

Options to extend: 10, 5-year options to extend

Landlord responsibilities: None. The tenant is responsible for all repair and maintenance of the property, including the roof and structure.

Site demographics:

Average Daily Traffic Count (ADT): 23,000

1-mile Average Annual Household Income (AHHI): $99,969

POPULATION:

1-mile radius: 6,095

3-mile radius: 42,886

5-mile radius: 124,077

Questions(using the information provided above):

1. How does assuming the debt of commercial properties work in general, and specifically for NNN properties?

2. What requirements may need to be met by the lender and can bringing on an equity/funding/credit partner help close such a deal?

3. Is there usually a down payment required? How much should I expect?

4. Am I simply assuming the balance on the loan or paying the listed price?

5. Is it possible to do a seller carry back for the down payment?

6. Is it possible to positively leverage(100% financing scenario) such a deal using creative financing(private lender(s), hard money loan, etc.?

I'd like to request for a referral for a private money lender that directly lends there own funds who may be interested in doing a JV on the property. Please let me know if you need any additional details.