Todd Stender: Inside 10–12% Returns in Triple Net Development Lending

What does it take to generate consistent 10–12% returns in today’s commercial real estate market? In this episode, Todd Stender shares how private credit and triple net development lending are creating unique opportunities for investors right now.

Todd Stender brings a powerful mix of Wall Street experience and real-world investing insight. From his early career in sales at ADP and Coca-Cola to earning his MBA from Pepperdine, Todd built a foundation that led him into equity research and ultimately to Wells Fargo Securities, where he specialized in REITs. After years of analyzing deals, he made the leap into investing himself—starting with a single triple net property and growing into institutional lending.

In this conversation, Todd explains how his current role at L&L Capital focuses on lending to developers building single-tenant retail properties like Starbucks, Chick-fil-A, and other essential businesses. These projects are backed by long-term leases and strong tenants, creating a lower-risk lending environment with attractive returns.

Bruce and Todd also explore the rise of private credit following the global financial crisis, and how today’s market—especially with billions in loans maturing—has opened the door for new lending opportunities. Todd shares why requiring signed leases before construction begins is key to minimizing risk, and how short-term loans (typically 12–15 months) allow for faster capital turnover.

The conversation also touches on broader market trends, including reshoring of manufacturing, the strength of industrial real estate, and the ongoing demand for “Amazon-proof” retail assets. Todd highlights how investor demand—from institutions to international capital—continues to flow into U.S. real estate for its stability and predictability.

If you’re interested in private credit, triple net investing, or where commercial real estate is headed over the next few years, this episode offers valuable insights from someone operating at the front lines.

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