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

$25 Million NNN Portfolio Acquisition in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $25 million NNN portfolio acquisition in Miami represents a core-plus to opportunistic entry point for experienced net lease investors seeking to build or diversify their Miami-Dade and Broward County footprint. These deals typically comprise 3 to 8 stabilized single-tenant properties across retail, office, or industrial submarkets, financed at 65 to 75 percent LTV depending on tenant credit tier and remaining lease term. Lenders in this space are highly competitive, with national banks, life insurance companies, and CMBS conduits all actively underwriting Miami portfolios at rates around 5.85 percent, reflective of current CMT-based pricing and a stabilized risk profile. Buyers are often 1031 exchange investors, DSTs, or institutional sponsors consolidating smaller assets into a larger platform.

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Capital Stack

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

Capital structure for a $25 million NNN portfolio in Miami typically pivots on lender appetite for tenant credit and lease length rather than property type or submarket diversity. National banks with dedicated single-tenant net lease programs dominate this loan size because they can move quickly, underwrite portfolios in bulk, and offer flexibility on recourse vs. non-recourse structures. Sponsor experience, tenant roster stability, and the presence of investment-grade or strong regional operators drive lender selection and rate granularity far more than geographic factors.

Capital Source Rate / Cost Size / LTV Notes
National bank STNL program 5.75 to 6.00 percent fixed, CMT-based $17.5M to $18.75M at 70 to 75 percent LTV Full recourse, 10-year amortization, 5/10 or 7/10 fixed rate term. Fastest execution. Prefers investment-grade or strong regional credit.
Life insurance company 5.85 to 6.15 percent fixed $15M to $18.75M at 60 to 75 percent LTV Non-recourse available at lower LTV (60 to 65 percent). Longer hold periods preferred. Rates improve with strong tenant credit and longer lease terms.
CMBS conduit lender 5.95 to 6.35 percent, floating SOFR + 225 to 275 bps $15M to $20M at 65 to 70 percent LTV Non-recourse standard. Stricter tenant credit and lease term underwriting. 5/10 or 7/10 rate lock period. Portfolio diversity and sponsor strength more scrutinized.
Regional or mid-market credit union 5.80 to 6.20 percent fixed $12.5M to $16.5M at 50 to 70 percent LTV Full recourse, relationship-driven pricing. Slower underwriting. Good fit for sponsors with prior member relationships or strong liquidity metrics.

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

Typical sponsors are established net lease operators or acquisition firms with $50 million to $500 million in AUM, 5 to 15 years of portfolio management experience, and a track record of 20+ closed transactions. They are often executing a 1031 exchange, rolling up smaller legacy assets into a consolidated platform, or deploying capital from a fund or syndication to expand their Miami-South Florida presence. Key decision drivers include tenant credit stability, lease duration (preference for 10+ years remaining), cap rate arbitrage vs. cost of capital, and the ability to demonstrate sponsor liquidity and operational competency to lenders.

From the CLS CRE Pipeline

A Real $25M Example

We closed a $23.2 million fixed-rate portfolio acquisition in greater Miami for an experienced net lease sponsor comprising four retail and two light industrial properties across Kendall, Doral, and Wynwood. The borrower locked in 5.87 percent fixed over a 10-year amortization with a 7/10 rate term, funded through a national bank STNL program at 72 percent LTV. Tenants included two investment-grade operators and four investment-grade or solid regional credits, with a weighted average lease duration of 9.2 years remaining. The deal closed in 47 days, full recourse, and the sponsor immediately refined their property management platform to position for future acquisitions in South Florida.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$25M NNN Portfolio Acquisition Miami FAQ

National banks prefer at least 50 to 60 percent of the portfolio to be investment-grade or strong regional operators (BBB- equivalent or better). The remaining 40 to 50 percent can be mid-market credits or stable local operators with 3 to 5 years of operating history, provided each property has solid historical rent payment and the sponsor can demonstrate active management. Below-market or marginal credits reduce LTV and may require recourse.
Yes, but typically only from life insurance companies or CMBS conduits, and at reduced LTV (60 to 65 percent instead of 70 to 75 percent). Non-recourse pricing is usually 15 to 35 basis points higher than recourse. Lenders require strong tenant credit, longer lease terms (10+ years), and sponsor liquidity to offset the recourse release.
National banks typically underwrite and fund in 40 to 60 days with a preliminary CTC and clean financials. Life companies move slower, usually 60 to 90 days. CMBS conduits can take 75 to 120 days due to third-party reviews and securitization compliance. Portfolio structure (number of properties, geographic diversity) and sponsor credit presentation significantly impact timeline.
Not materially, provided tenant credit and lease duration are equivalent. Miami benefits from strong South Florida demand fundamentals and lower default-risk history for net lease assets. Rates are driven primarily by CMT index, tenant credit tier, lease length, and borrower strength rather than submarket geography. A strong operator in Miami pays the same all-in cost as the same operator in Dallas or Charlotte.
Most net lease portfolios are held to maturity, but lenders typically allow sale or refinance of individual assets without prepayment penalty if the borrower maintains the same overall LTV on remaining collateral. Some lenders charge a yield maintenance or 1 percent prepayment penalty. Discuss disposition flexibility upfront during term sheet negotiation, especially if you anticipate tenant transitions or value-add repositioning within the hold period.


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