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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	February 15, 2007
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  	NNN 2003 Value Fund, LLC
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-51295
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  	20-122092
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	1551 N. Tustin Avenue, Suite 200, Santa Ana, California
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  	92705
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	(877) 888-7348
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  The information reported in Item 2.03 of this Current Report on Form 8-K, is incorporated herein by reference. <br>
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  	Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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  On February 15, 2007, NNN VF Tiffany Square, LLC, our wholly owned subsidiary, entered into a secured loan with RAIT Partnership L.P., or Lender, evidenced by a promissory note, or the Promissory Note, in the principal amount of $13,725,000, or the Loan. The Promissory Note is secured by a Loan and Security Agreement and Deed of Trust on our Tiffany Square property located in Colorado Springs, Colorado.   The Loan matures on February 15, 2009, or the Maturity Date. In general, the Loan bears interest at a monthly adjustable rate equal to the greater of (i) 8.00%, and (ii) the rate based on the yield of the 30-day LIBOR plus 310 basis points, or the Interest Rate, and requires monthly interest only payments for the two-year term of the Loan. The Promissory Note provides for a default interest rate of 5.00% per annum higher than the Interest Rate and late charges, after a five day grace period, in an amount equal to the lesser of (i) 5.00% of the unpaid sum or (ii) the maximum amount permitted by applicable law to defray the expense incurred by Lender and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment.  The loan documents contain customary representations, warranties, covenants and indemnities as well as provisions for reserves and impounds.
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  	Item 9.01 Financial Statements and Exhibits.
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  (d) Exhibits. <br><br>     The exhibits filed in response to Item 601 of Regulation S-K will be filed subsequently.
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	NNN 2003 Value Fund, LLC
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  	&nbsp;&nbsp;
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  <I>
  	February 22, 2007
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  	By:
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  <I>
  	/s/ Richard T. Hutton, Jr.
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  <I>
  	Name: Richard T. Hutton, Jr.
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  	Title: Chief Executive Officer
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_18391.htm", "description": "LIVE FILING", "secsgml_size_bytes": 10295}]
metadata_filer: {"company-data": {"conformed-name": "NNN 2003 VALUE FUND LLC", "cik": "0001260429", "assigned-sic": "6512", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51295", "film-number": "07643254"}, "business-address": {"street1": "1551 N TUSTIN AVE", "street2": "SUITE 650", "city": "SANTA ANA", "state": "CA", "zip": "92705", "phone": "877-888-7348"}}
text: NNN 2003 Value Fund, LLC (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  February 15, 2007
  NNN 2003 Value Fund, LLC
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-51295
  20-122092
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  1551 N. Tustin Avenue, Suite 200, Santa Ana, California
  92705
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (877) 888-7348
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  The information reported in Item 2.03 of this Current Report on Form 8-K, is incorporated herein by reference.
  Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
  On February 15, 2007, NNN VF Tiffany Square, LLC, our wholly owned subsidiary, entered into a secured loan with RAIT Partnership L.P., or Lender, evidenced by a promissory note, or the Promissory Note, in the principal amount of $13,725,000, or the Loan. The Promissory Note is secured by a Loan and Security Agreement and Deed of Trust on our Tiffany Square property located in Colorado Springs, Colorado.   The Loan matures on February 15, 2009, or the Maturity Date. In general, the Loan bears interest at a monthly adjustable rate equal to the greater of (i) 8.00%, and (ii) the rate based on the yield of the 30-day LIBOR plus 310 basis points, or the Interest Rate, and requires monthly interest only payments for the two-year term of the Loan. The Promissory Note provides for a default interest rate of 5.00% per annum higher than the Interest Rate and late charges, after a five day grace period, in an amount equal to the lesser of (i) 5.00% of the unpaid sum or (ii) the maximum amount permitted by applicable law to defray the expense incurred by Lender and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment.  The loan documents contain customary representations, warranties, covenants and indemnities as well as provisions for reserves and impounds.
  Item 9.01 Financial Statements and Exhibits.
  (d) Exhibits.
  The exhibits filed in response to Item 601 of Regulation S-K will be filed subsequently.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  NNN 2003 Value Fund, LLC
  February 22, 2007
  By:
  /s/ Richard T. Hutton, Jr.
  Name: Richard T. Hutton, Jr.
  Title: Chief Executive Officer