$10M NNN Acquisition Miami | Commercial Lending Solutions 
Loan Size Example

$10 Million NNN Acquisition in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $10 million NNN acquisition in Miami represents a core-plus to core investment that typically targets well-capitalized tenants with investment-grade or near-investment-grade credit in high-barrier-to-entry retail, office, or industrial submarkets across Miami-Dade and Broward counties. Leverage on these deals ranges from 60 to 75 percent LTV depending on tenant quality, lease term remaining, and property location within the Miami metro. Lenders for this size and product are predominantly national banks with established single-tenant net lease programs, life insurance companies, and CMBS conduit shops, all competing aggressively for Miami NNN flow given the region's demographic tailwinds and institutional-grade tenant base. Pricing at 6.25 percent reflects a mid-cycle rate environment with modest credit spreads and reflects lenders' appetite for the Miami submarket.

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Capital Stack

What a $10M NNN Acquisition Capital Stack Looks Like

Capital stacks for $10 million Miami NNN deals are straightforward: most deals are financed with a single senior mortgage tranche from a national bank or life company, with equity from the sponsor making up the 25 to 40 percent cushion. The sponsor profile and lease structure typically dictate lender selection; a 1031 exchange buyer or family office with strong operating experience will access national bank programs at tighter rates, while a smaller operator or a deal with a sub-investment-grade tenant may require a life company or debt fund willing to accept slightly lower credit quality or shorter remaining lease term.

Capital Source Rate / Cost Size / LTV Notes
National bank with single-tenant net lease program 5.95 to 6.35 percent fixed, CMT-indexed for floating $6 million to $10 million (60 to 75 percent LTV) Full recourse standard; 10-year amortization common; non-recourse at lower LTV (55 to 60 percent) for investment-grade tenants with 7-plus year lease term remaining
Life insurance company 6.10 to 6.50 percent fixed; longer rate lock window $6 million to $9 million (60 to 70 percent LTV) Recourse or carve-out standard; slower closing timeline (60 to 90 days); strong preference for tertiary and secondary Miami neighborhoods with stable, credit-rated tenants
CMBS conduit lender 6.25 to 6.65 percent fixed; pooled with other STNL assets $7 million to $10 million (65 to 75 percent LTV) Non-recourse; requires minimum lease term of 5 to 7 years; securitization timeline adds 120 to 150 days; most efficient for investment-grade tenant, strong in-place NOI
Credit union (regional presence in South Florida) 6.15 to 6.45 percent fixed $4 million to $8 million (60 to 70 percent LTV) Recourse; faster underwriting (30 to 45 days); smaller ticket size; preference for local and regional tenants with 3-plus year Miami operating history

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $10M NNN Acquisition Deal

Typical $10 million NNN acquisition sponsors in Miami fall into two camps: established 1031 exchange buyers with $25 million to $100 million-plus net worth and a track record of 10-plus NNN acquisitions, seeking stable yield and tax deferral; and family offices or private investors with $15 million to $50 million liquidity looking to deploy capital in Miami's growth corridor for core-plus income. Both profiles prioritize lease quality, tenant credit stability, and remaining lease term over value-add upside; many have institutional real estate experience and strong banking relationships. Refinance activity is less common in this segment than acquisition-for-yield, reflecting the buy-and-hold nature of Miami's institutional NNN market.

From the CLS CRE Pipeline

A Real $10M Example

CLS closed a $9.8 million single-tenant net lease acquisition for a national pharmacy retailer in the Westchester neighborhood of Miami in 2024. The property carried a 6.28 percent rate on a 72 percent LTV structure from a regional bank with a CMT-indexed floating option; the sponsor was a 1031 exchange buyer from California with prior acquisitions throughout South Florida. The lease had 11 years remaining at contractual rent with annual escalations, and tenant credit was investment-grade. The sponsor closed in 42 days and immediately stabilized the asset at a 5.1 percent cash-on-cash yield, with no plans for operational change; the bank retained full recourse and a 25-year amortization schedule. The deal illustrates the Miami NNN buyer profile: out-of-state capital seeking stability, institutional-grade tenant credit, and transparent long-term lease cash flow.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$10M NNN Acquisition Miami FAQ

National banks and CMBS lenders typically require a minimum of 7 years remaining on the lease, with investment-grade tenant credit, to offer non-recourse or limited-recourse structures. Life companies and credit unions are more conservative, often requiring 8 to 10 years remaining and may still impose a personal guarantee or carve-out. Shorter lease terms push borrowers toward recourse structures or lower LTV (55 to 60 percent) even with strong tenant credit.
Investment-grade tenants (S&P or Moody's rated, or equivalent private credit metrics) unlock rates at the lower end of the 5.95 to 6.35 percent band and LTVs up to 75 percent. Near-investment-grade tenants (strong balance sheet, multi-unit operator, 20-plus year tenure) typically see 6.25 to 6.50 percent rates at 65 to 70 percent LTV. Sub-investment-grade tenants face 6.50 to 7.00 percent rates and 55 to 65 percent LTV; lenders may decline these deals entirely if leverage is requested above 60 percent.
National banks and credit unions typically close in 30 to 60 days with strong sponsor and tenant documentation. Life insurance companies average 60 to 90 days due to underwriting depth and committee review. CMBS conduit lenders require 120 to 150 days to underwrite, syndicate, and securitize the loan. Expedited closings (under 30 days) are rare and usually require a pre-approved sponsor and existing lender relationship.
Lenders focus on debt service coverage ratio (typically 1.20x to 1.30x minimum) rather than cap rate targets; a $10 million loan at 75 percent LTV on a $13.3 million purchase requires annual NOI of approximately $1.0 to $1.1 million depending on amortization. Cap rates on Miami NNN acquisitions typically range from 4.5 to 5.50 percent for investment-grade tenants in prime corridors; lenders do not impose explicit cap-rate floors but monitor pricing against market comparables to confirm appraisal support.
1031 exchange status does not impact underwriting criteria, rate, or LTV directly, but it signals to lenders that the buyer is experienced and motivated, often reducing closing friction. Exchange deadlines (45 days to identify, 180 days to close) may accelerate lender timelines if clearly communicated upfront. Some sponsors use exchange status to negotiate rate discounts, but market pricing and loan structure typically drive terms more than buyer profile.


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