$4M Medical NNN Acquisition Atlanta | Commercial Lending Solutions 
Loan Size Example

$4 Million Medical NNN Acquisition in Atlanta

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $4 million medical net lease acquisition in Atlanta represents a solid mid-market entry point for experienced CRE investors seeking stable, long-term cash flow from creditworthy healthcare operators. At this loan size, borrowers typically access national bank STNL programs and regional credit unions that compete aggressively on rate and structure. Atlanta's strong healthcare footprint and growing suburban markets support consistent tenant demand, with lenders pricing around 7.00 percent for investment-grade medical tenants on 10 to 15 year lease terms. The capital stack is straightforward: most loans close with 65 to 75 percent LTV depending on tenant rating, lease length, and lease commencement status.

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Capital Stack

What a $4M Medical NNN Acquisition Capital Stack Looks Like

A national bank with a dedicated single-tenant net lease program typically leads the $4 million Atlanta medical acquisition. These lenders dominate the space because they have streamlined underwriting, CMT-indexed pricing, and the appetite to hold or sell into CMBS conduits. Life insurance companies and regional credit unions emerge as secondary sources when lease terms extend beyond 12 years or when borrowers seek non-recourse structures below 60 percent LTV.

Capital Source Rate / Cost Size / LTV Notes
National bank (STNL program) 6.85 to 7.15 percent, CMT-plus 225 to 275 basis points $2.6M to $3M (65 to 75 percent LTV) Full recourse to borrower, 30 to 40 year amortization, 10 year fixed term typical. Fastest execution, lowest cost of capital. Most common first call for investment-grade tenants.
Regional credit union 6.95 to 7.25 percent, fixed rate $1.8M to $2.4M (45 to 60 percent LTV) Recourse or limited recourse available. Stronger on relationship deals and existing borrower portfolios. 25 to 30 year amortization common. Slightly longer closing timeline than banks.
Life insurance company 7.10 to 7.40 percent, fixed rate $2M to $3M (50 to 75 percent LTV) Non-recourse available at lower LTV (55 to 60 percent range). Longer lease terms (12 to 20 years) preferred. 30 to 40 year amortization. Patient capital, willing to hold loans to maturity.
CMBS conduit lender (balance) 7.05 to 7.35 percent $2M to $3.5M (50 to 70 percent LTV) Non-recourse structure. Full lease and financials review required. Slower closing (90 to 120 days typical). Works well for 1031 exchange buyers seeking transaction certainty.

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 $4M Medical NNN Acquisition Deal

The typical $4 million Atlanta medical NNN buyer is a seasoned net lease investor with $10 million to $50 million in liquid net worth and a portfolio of 5 to 15 existing single-tenant properties. Many are 1031 exchange buyers rolling proceeds from recent dispositions; others are accredited operators expanding their healthcare real estate holdings. These sponsors understand tenant credit analysis, lease structure, and long-term cash flow; they are not seeking value-add or repositioning but rather predictable, triple-net income streams with minimal active management.

From the CLS CRE Pipeline

A Real $4M Example

We closed a $3.8 million loan in late 2024 on a four-year-old dental practice facility in a northern Atlanta submarket. The tenant was a regional DSO (dental services organization) with strong credit metrics and 14 years remaining on the lease. We structured a non-recourse loan at 62 percent LTV with a life insurance company at 7.08 percent fixed, 30 year amortization, and 10 year term. The borrower was a 1031 exchange buyer moving capital from a single-user office sale in North Carolina. The lender closed in 58 days, and the borrower locked in a 4.2 percent debt service coverage ratio with minimal ongoing management burden.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$4M Medical NNN Acquisition Atlanta FAQ

National banks and credit unions generally require investment-grade tenants (typically BBB- equivalent or better for large DSOs, or strong local practices with 10 plus year operating history). For sole-practitioner dentists or smaller independent medical practices, lenders typically want 3 to 5 years of clean tax returns, established patient base, and strong personal guarantees. Life companies and conduit lenders lean toward the higher end of credit quality but will consider regional health systems and established practices with solid lease terms.
Most close with full recourse to the borrower, especially through national banks and credit unions in the 65 to 75 percent LTV range. Non-recourse structures are available through life companies and CMBS conduits but typically require lower LTV (55 to 62 percent) and slightly higher rates. 1031 exchange buyers often target non-recourse structures for liability protection, so they accept lower leverage in exchange for full non-recourse status.
10 to 15 year net leases are most common and receive the tightest pricing from national banks. Anything below 10 years becomes harder to finance and may require higher rates or lower LTV. Longer leases (15 to 20 years) actually perform well with life companies and are priced favorably because they extend the amortization window and reduce refinance risk. Atlanta's growing medical real estate market supports both initial leases and renewal terms.
National bank programs typically close in 30 to 45 days from full application to funding, assuming clean tenant credit and existing lease documentation. Life companies usually require 45 to 60 days for underwriting and approval. CMBS conduits are the slowest at 90 to 120 days because they require extensive lease review, appraisal, and insurance verification. Having tax returns, property appraisals, and a clean lease in hand upfront accelerates all timelines significantly.
Lenders typically underwrite to minimum 1.25x DSCR, though strong tenants and longer leases often show 1.40 to 1.75x coverage in practice. Cap rates in Atlanta for investment-grade medical tenants range from 4.5 to 5.75 percent depending on submarket, lease term, and tenant type, with suburban medical offices trading in the 5.00 to 5.50 percent range. These cap rates drive the loan-to-value decision: higher cap rate properties support higher LTV because the NOI cushion is larger relative to debt service.


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