$15M NNN Portfolio Refinance Miami | Commercial Lending Solutions 
Loan Size Example

$15 Million NNN Portfolio Refinance in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $15 million NNN portfolio refinance in Miami reflects the strong institutional appetite for credit-tenant real estate across South Florida's diverse submarkets. In 2026, borrowers are refinancing maturing debt across grocery-anchored centers, pharmacy-focused strips, and single-tenant office buildings throughout Miami-Dade and Broward counties. Lenders in this space prize lease term, tenant credit quality, and consistent cash flow over property-specific upside, which means pricing remains stable even as broader CRE markets adjust. Miami's geographic diversification and tenant mix make this loan size an attractive entry point for national bank platforms and life company portfolios.

Get a Quote on Your $15M Deal →
Capital Stack

What a $15M NNN Portfolio Refinance Capital Stack Looks Like

National banks with established single-tenant net lease programs typically lead $15 million financings in Miami, supported by life insurance companies and CMBS conduits competing for seasoned, stabilized credit. Lender selection hinges on tenant credit strength, remaining lease term, and whether the borrower seeks recourse or non-recourse structure, with life companies favoring longer lease periods and banks favoring faster closing timelines.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform 5.95 to 6.10 percent $9M to $11M (60 to 65 percent LTV) CMT-based pricing, 10 to 15 year amortization, recourse at this leverage, 30 to 45 day closing, strong appetite for investment-grade and unrated credits
Life insurance company 6.05 to 6.25 percent $6M to $8M (65 to 70 percent LTV) Longer hold timeline acceptable, non-recourse at 65 percent LTV or lower, preference for remaining lease terms of 10+ years, institutional-quality sponsors
CMBS conduit lender 6.10 to 6.35 percent $8M to $12M (65 to 75 percent LTV) Requires seasoned property operating history, pooled structure, longer closing (60 to 90 days), mixed recourse depending on LTV, attractive for portfolio consolidation
Regional or credit union lender 6.00 to 6.20 percent $5M to $9M (60 to 70 percent LTV) Competitive on rate for relationship borrowers, flexible on lease term, recourse-based, 45 to 60 day close, strong community bank presence in South Florida

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 $15M NNN Portfolio Refinance Deal

Typical $15 million NNN refinance borrowers in Miami include experienced net lease investors with net worth exceeding $20 million, often 1031 exchange buyers transitioning from other asset classes or consolidating multiple single-tenant properties into portfolio refinance. These sponsors typically own 5 to 15 properties, seek rate and term optimization or capital recycling for acquisitions, and value lender flexibility and institutional relationships over aggressive leverage. Many are repeat borrowers who understand underwriting discipline and can close decisively on bank timelines.

From the CLS CRE Pipeline

A Real $15M Example

CLS CRE recently closed a $14.2 million portfolio refinance covering four grocery-anchored and pharmacy-anchored net lease properties across Miami, Fort Lauderdale, and West Palm Beach submarkets. The borrower, a 1031 exchange investor from hospitality, refinanced maturing debt and locked in a 5.98 percent rate on a 12-year amortization with 65 percent blended LTV across the portfolio. The transaction included one investment-grade tenant, two A-minus tenants, and one unrated but operationally strong tenant, with remaining lease terms ranging from 9 to 14 years. The regional bank lender provided full recourse but completed underwriting and closing in 38 days, allowing the borrower to fund a planned acquisition in Broward County.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$15M NNN Portfolio Refinance Miami FAQ

Indicative rates are trading 5.95 to 6.35 percent depending on lender type, tenant credit, lease length, and LTV. National banks and credit unions typically offer the tightest pricing (5.95 to 6.10 percent), while CMBS conduits and life companies range 6.05 to 6.35 percent. All-in pricing reflects CMT spreads of 230 to 300 basis points.
Yes, but only at lower LTV. Life companies will provide non-recourse at 65 percent LTV or lower with strong-credit tenants and 10+ year lease terms. CMBS conduits offer non-recourse at 70 to 75 percent LTV depending on loan size and borrower experience. National banks rarely provide non-recourse at this loan size and typically require full recourse above 60 percent LTV.
Lenders focus on tenant credit rating, remaining lease term (minimum 7 to 9 years preferred), blended DSCR above 1.25x, and cap rate in the 6.5 to 8 percent range depending on property type. Geographic diversification across Miami-Dade, Broward, and Palm Beach counties is viewed positively, and properties with investment-grade or strong unrated tenants receive faster approval.
National banks and credit unions typically close in 35 to 50 days with complete documentation. CMBS conduits require 60 to 90 days due to pooling and rating agency requirements. Life companies generally take 50 to 75 days but offer more flexibility on lease-term and tenant-credit trade-offs, making them attractive for non-standard portfolios.
No material difference in rate or leverage, but lenders appreciate the tax-deferred structure as a signal of borrower commitment and longer hold periods. Documentation must clearly identify the qualified intermediary, and closing timelines may compress slightly if coordinating with the exchange timeline. Most Miami-based lenders have worked with 1031 borrowers and understand the mechanics.


Get a Quote on Your $15M Deal

Tell us about your transaction. We will run it past lenders that actively fund this size and product type and send back terms within 48 hours.

Apply for Financing →
Or call us: 310.708.0690

Weekly Market Intelligence

Rate updates, deal insights, and capital markets analysis. One email per week. Unsubscribe anytime.

No spam. No selling your data. Just market intelligence from a working broker.

Need financing? Apply in 2 minutes. Response within 24 hours.
Apply Now →
📈

Before You Go…

Get matched with the right lender from our network of 1,000+ capital sources.

Or call us: 310.708.0690

No spam. Unsubscribe anytime.