Loan Size Example

$10 Million NNN Acquisition in Tampa

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $10 million single-tenant net lease acquisition in Tampa represents a core-plus entry point for experienced CRE investors seeking stable, long-term cashflow in Florida's growing market. At this loan size, borrowers typically secure financing from national banks with dedicated STNL programs, regional life companies, or CMBS conduits, with leverage ranging from 60 to 75 percent LTV depending on tenant credit and remaining lease term. Rates for investment-grade tenants hover around 6.25 percent, indexed to CMT-based pricing plus a 150 to 225 basis point spread. Tampa's tenant diversity across financial services, healthcare, and consumer goods makes it an attractive submarket for institutional and 1031 exchange buyers alike.

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Capital Stack

What a $10M NNN Acquisition Capital Stack Looks Like

Capital stacks at the $10 million STNL level in Tampa are straightforward: a single senior lender provides 60 to 75 percent LTV financing, with the sponsor contributing equity for the remainder. National banks dominate this segment because of their appetite for investment-grade tenants and their tolerance for longer amortization periods (25 to 30 years), while CMBS conduits and life insurance companies compete aggressively on rate and structure when loan quality is strong.

Capital Source	Rate / Cost	Size / LTV	Notes
National bank with STNL program	6.25 to 6.50 percent, CMT-based	$6.0 to $7.5 million at 60 to 75 percent LTV	Dominant source for investment-grade tenants; 25 to 30 year amortization; full recourse unless sponsor strength permits non-recourse carveout; 45 to 60 day close
CMBS conduit lender	6.10 to 6.40 percent, fixed or swap-adjusted	$6.5 to $7.5 million at 65 to 70 percent LTV	Competitive on rate for AAA or BBB+ tenants; 10 year fixed term typical; non-recourse structure possible; longer underwriting window (60 to 90 days)
Life insurance company	6.30 to 6.65 percent, fixed or floating	$5.0 to $7.0 million at 50 to 70 percent LTV	Patient capital, flexible on lease length and tenant grade; 20 to 30 year amortization; full documentation; relationship-based pricing
Credit union with CRE lending program	6.35 to 6.75 percent, prime-based	$3.0 to $5.0 million (co-lender role typically)

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 sponsors closing $10 million STNL acquisitions in Tampa are seasoned net lease investors with $50 million to $250 million in total portfolio NOI, often managing 20 to 50 single-tenant properties across multiple states. Many are 1031 exchange buyers executing quick closings after a like-kind sale, or institutional equity players seeking 5 to 7 percent unlevered returns on investment-grade assets. These sponsors prioritize lease term, tenant financial stability, and geographic diversification over value-add components.

From the CLS CRE Pipeline

A Real $10M Example

A regional operator acquired a 12,000 square foot, triple-net-leased office building in the South Tampa submarket, home to a financial services tenant with 8.5 years remaining on its lease and investment-grade credit. The $10.2 million all-in acquisition price yielded a 6.15 percent cap rate; a national bank provided $7.1 million at 6.28 percent fixed, 70 percent LTV, 25 year amortization with full recourse, closing in 52 days. The sponsor contributed $3.1 million equity and structured the deal as part of a larger 1031 exchange, ultimately achieving a 7.8 percent levered IRR and immediate positive carry from lease commencement.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$10M NNN Acquisition Tampa FAQ

National banks and CMBS conduits prefer investment-grade tenants (S&P BB+ or higher) or creditworthy regional operators with strong financials. Life companies and credit unions show flexibility on lower-grade tenants if lease economics and sponsor strength compensate. Single-tenant Tampa deals with BBB- or unrated operators typically see rate premiums of 50 to 100 basis points.

Non-recourse is available at lower LTV (55 to 65 percent) through CMBS conduits and some life companies, though it commands a 25 to 50 basis point premium. Most national banks require full or partial recourse on single-tenant loans under $15 million; recourse carveouts for enviromental or lease default are common.

Lenders prefer 7 to 10 years remaining on the initial lease term for best rates. Deals with 5 to 7 years see modest pricing pressure (10 to 15 bps higher), while leases below 5 years typically require sponsor equity reinvestment or extension guarantees to move forward.

National banks typically close in 45 to 60 days; CMBS conduits and life companies run 60 to 90 days due to additional documentation and insurance company underwriting. 1031 exchange buyers should expect a 35 to 45 day timeline with a pre-approved lender and clear loan request.

Investment-grade single-tenant properties in Tampa trade in the 5.75 to 6.75 percent cap rate range depending on lease length, tenant quality, and location. South Tampa and the central business district command tighter caps (5.75 to 6.25 percent); suburban and secondary locations trade wider (6.25 to 6.75 percent).

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$10 Million NNN Acquisition in Tampa

What a $10M NNN Acquisition Capital Stack Looks Like

Who Closes a $10M NNN Acquisition Deal

A Real $10M Example

$10M NNN Acquisition Tampa FAQ

Get a Quote on Your $10M Deal

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