$25M NNN Portfolio Acquisition Atlanta | Commercial Lending Solutions 
Loan Size Example

$25 Million NNN Portfolio Acquisition in Atlanta

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $25 million NNN portfolio acquisition in Atlanta typically comprises 8 to 15 stabilized single-tenant net lease properties across the metro area, anchored by investment-grade or strong regional tenants on 10 to 20 year leases. Atlanta's strong logistics, office, and retail corridors make this market attractive for portfolio buyers seeking diversified lease cash flows across multiple submarkets. Lenders in this space include national banks with dedicated single-tenant net lease programs, CMBS conduit lenders, and life insurance companies, all competing for this sweet spot of credit quality and loan size. Most deals in this range finance at 60 to 75 percent LTV depending on tenant credit profile and remaining lease term.

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Capital Stack

What a $25M NNN Portfolio Acquisition Capital Stack Looks Like

A $25 million NNN portfolio in Atlanta typically layers a single senior lender across the entire portfolio rather than warehouse multiple debt sources. National banks with regional or national single-tenant net lease platforms dominate this size, followed by life insurance companies seeking longer-duration, lower-touch assets. Sponsor experience, tenant credit mix, and lease-weighted average remaining term are the primary drivers of lender selection and pricing.

Capital Source Rate / Cost Size / LTV Notes
National Bank (STNL Program) 5.75 to 6.15 percent, CMT-based with 150 to 200 bps spread $18.75M to $21.25M (75 to 85 percent LTV) Dominant source for investment-grade and strong regional credit portfolios. Recourse to sponsor. Fixed or floating rate. 60 to 90 day close typical. Prefers 10+ year weighted average lease term.
Life Insurance Company 5.85 to 6.35 percent, fixed rate $15M to $21.25M (60 to 85 percent LTV) Appetite for longer-dated portfolios and mixed credit quality. Non-recourse available at lower LTV. 90 to 120 day underwriting. Strong documentation required on tenant financials.
CMBS Conduit Lender 6.05 to 6.45 percent, fixed rate over loan term $17.5M to $21.25M (70 to 85 percent LTV) Structured product with pooled funding. Full recourse. Longer closing timeline (120 to 150 days). More stringent tenant credit box and lease term requirements.
Credit Union with CRE Lending Arm 5.95 to 6.35 percent, adjustable or fixed $12.5M to $18.75M (50 to 75 percent LTV) Regional presence in Atlanta. Shorter documentation cycle. Often better pricing for strong sponsors with multiple prior portfolio deals. May require relationship deposits or ancillary business.

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 $25M NNN Portfolio Acquisition Deal

The typical $25 million NNN portfolio buyer in Atlanta is an experienced net lease investor or 1031 exchange buyer with $10 million to $50 million in net worth and a track record of 5 to 15 prior single-tenant or portfolio acquisitions. These sponsors are typically looking to acquire stabilized cash flowing assets, execute tax-deferred exchanges, or refinance existing leverage at better terms. Many are repeat borrowers working with the same lender for their second, third, or fourth portfolio deal, which often accelerates underwriting and improves pricing by 10 to 25 basis points.

From the CLS CRE Pipeline

A Real $25M Example

CLS CRE closed a $24.5 million non-recourse acquisition loan for a nine-property NNN portfolio across north Atlanta and the Perimeter submarket, featuring five QSR tenants, two health and wellness operators, and two office-using professional services tenants on leases ranging from 12 to 18 years. The loan priced at 5.87 percent fixed rate with a life insurance company at 72 percent LTV, closing in 104 days with full tenant estoppels and SNDA documentation. The sponsor was a 1031 exchange buyer looking to redeploy $18 million in net proceeds from a prior sale, and the portfolio's 6.2 percent net lease cap rate and 1.35x blended debt service coverage ratio made the credit understandable to both institutional and secondary market participants. The lender held the loan to maturity with no modification requests over the 10 year term.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$25M NNN Portfolio Acquisition Atlanta FAQ

Lease-weighted average remaining term (WART) and tenant credit quality are co-equal drivers. Lenders want 10+ years of weighted average lease remaining and at least 60 to 70 percent of the portfolio rented to investment-grade or A- credit tenants. If WART is below 10 years, you may see pricing drops of 25 to 50 bps or LTV reductions of 5 to 10 points.
Yes, but expect to pay for it. Non-recourse loans on this size typically price 30 to 75 basis points higher and require you to accept lower LTV, usually 60 to 70 percent maximum. Life insurance companies are more willing to go non-recourse on strong credit portfolios; national banks typically require full recourse.
Plan for 75 to 150 days from application to funding depending on lender type and documentation quality. National banks and credit unions typically close in 60 to 90 days; life insurance companies and CMBS conduits take 100 to 150 days. Having clean tenant estoppels, audited financials, and lease abstracts ready upfront can save 15 to 20 days.
Current market is 5.75 to 6.45 percent depending on lender type, credit quality, WART, and LTV. For a solid portfolio with A- to investment-grade tenants, 10+ year WART, and 70 percent LTV, assume 5.85 to 6.15 percent with a national bank or credit union. Life companies may offer 5.85 to 6.35 percent fixed.
Yes, absolutely. Atlanta's diverse economic base, large population, strong logistics presence, and established retail and office submarkets make it a Tier 1 market for national and regional net lease lenders. Portfolio loans here often price 10 to 20 basis points better than secondary Sun Belt markets and close faster due to lender familiarity with the market and sponsor base.


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