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

$4 Million Medical NNN Acquisition in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $4 million medical or dental net lease acquisition in Miami represents a core-plus entry point for 1031 exchange buyers and institutional sponsors seeking stabilized, credit-tenant cash flow in a market with strong population density and healthcare demand. At this loan size, leverage typically ranges from 65 to 75 percent LTV depending on tenant credit quality and remaining lease term, with rates anchored around 7.00 percent in the current CMT environment. Lenders view these deals as low-friction, long-duration income streams with predictable payment mechanics, making Miami a preferred market for single-tenant net lease capital regardless of economic cycle. Typical deal structures involve national banks with dedicated STNL programs, life insurance companies seeking 10 to 20 year holds, and CMBS conduits competing aggressively on pricing and terms.

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Capital Stack

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

Capital stacks for $4 million medical NNN acquisitions in Miami break cleanly between national bank single-tenant lenders and life company programs, with CMBS and credit union alternatives filling margin-driven requests. National banks dominate this size because their STNL platforms are built for 60 to 65 percent LTV loans with strong risk-adjusted returns and minimal servicing overhead. Borrower credit strength, lease length remaining, and tenant brand recognition typically drive lender selection more than price alone, since medical properties in Miami command consistent occupancy and tenant retention.

Capital Source Rate / Cost Size / LTV Notes
National bank STNL program 7.00 to 7.25 percent fixed or CMT-based $2.6M to $3.0M (65 to 75 percent LTV) 15 to 20 year amortization, rate locks at 30 to 45 days, full recourse to borrower, strong credit tenant preference, Miami metro expansion market
Life insurance company 6.85 to 7.10 percent fixed 10 to 20 year hold $2.4M to $3.2M (60 to 80 percent LTV possible) Non-recourse available below 70 percent LTV, longer underwriting timeline, patient capital, strong preference for investment-grade tenants
CMBS conduit lender 7.15 to 7.50 percent plus 50 to 100 bps spread $2.8M to $3.6M (70 to 75 percent LTV) Non-recourse structure, wider conduit bands, single-asset or small pool execution, 12 to 14 week underwriting, competitive on yield
Credit union or regional specialty lender 7.05 to 7.35 percent $2.0M to $3.2M (50 to 80 percent LTV) Flexible underwriting, local Miami market knowledge, smaller loan size appetite, faster 30 to 60 day close, recourse typical

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

Typical sponsors for $4 million medical NNN acquisitions in Miami include 1031 exchange investors with $15 million to $50 million net worth seeking passive replacement property income, experienced net lease operators with 5 to 15 prior acquisitions looking to diversify into Florida high-growth submarkets, and institutional REIT acquisition teams sourcing trophy-quality medical office and dental assets. These borrowers prioritize tenant stability, lease duration, and Miami's favorable tax environment over value-add upside, and often deploy capital in clusters of 2 to 4 properties annually. Motivations range from 1031 exchange timing constraints to refinancing out of shorter-term bridge debt and portfolio consolidation into essential-service real estate.

From the CLS CRE Pipeline

A Real $4M Example

A medical office building housing a multi-specialty orthopedic and physical therapy tenant in the Brickell/Downtown Miami submarket closed at $4.1 million with a national bank STNL lender at 7.08 percent fixed over 15 years. The property was leased through 2039 with investment-grade anchor tenant credit and 8 percent annual escalations, resulting in a 6.2 percent cap rate at acquisition and 1.35x DSCR on full recourse. The borrower, a 1031 exchange investor exiting a California medical office hold, financed at 72 percent LTV with a 30 day close and locked rate 45 days prior to funding. The loan remains performing on schedule with no tenant issues, and the borrower has since acquired two additional medical properties in the Miami market using the same lender and rate structure.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$4M Medical NNN Acquisition Miami FAQ

National banks and life companies typically require single-A rated or better tenants, or investment-grade equivalents (Fortune 500 parent company, strong regional health systems). For sub-investment-grade tenants, DSCR must be 1.25x or higher and lenders will often reduce LTV to 60 to 65 percent. Miami's competitive healthcare market and population growth support slightly weaker tenant profiles than secondary markets, but recourse or lower leverage compensates.
Non-recourse is available from life insurance companies and CMBS conduit lenders, but typically requires LTV at 65 to 70 percent or lower and investment-grade tenant credit. National banks will offer non-recourse only at 55 to 60 percent LTV with strong tenant profiles. Rates on non-recourse structures are 20 to 50 basis points higher than recourse to compensate for increased lender risk.
National bank STNL programs typically close in 30 to 45 days from application to funding, with rate locks honored for 30 days. Life insurance companies move slower at 45 to 90 days but offer more pricing flexibility. CMBS conduits require 12 to 14 weeks due to conduit underwriting and securitization mechanics, so early engagement is critical for time-sensitive buyers.
Miami's strong population growth, aging demographics, and robust healthcare infrastructure make medical properties preferred collateral for most lenders. However, hurricane exposure, property insurance costs, and FIU (Florida International University) research requirements on some properties can tighten underwriting. Lenders typically require updated environmental reports and insurance cost verification as standard conditions in Miami.
Expect total closing costs in the range of 1.0 to 1.75 percent of the loan amount, including origination fees (0.5 to 1.0 percent), appraisal ($3,500 to $5,500), environmental and Phase 1 ($1,500 to $3,000), and title and legal ($2,500 to $5,000). Life insurance companies often charge slightly higher origination but include more flexible extension terms, while bank loans move faster at lower upfront cost but with tighter assumption language.


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