$4 Million Medical NNN Acquisition in Tampa
By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions
A $4 million medical net lease acquisition in Tampa represents a core institutional play for 1031 exchange investors and owner-operators seeking stable, long-term healthcare real estate. These deals typically feature investment-grade or credit-tenant medical and dental practitioners with lease terms of 10 to 20 years, offering predictable triple-net cash flows in a growing Florida market. Lenders in this space range from national STNL banks to life insurance companies and credit unions, each competing aggressively for seasoned tenants and strong geographic diversification. Leverage runs 60 to 75 percent LTV depending on tenant credit profile and remaining lease term, with rates holding steady around 7.00 percent in the current rate environment.
Get a Quote on Your $4M Deal →What a $4M Medical NNN Acquisition Capital Stack Looks Like
A $4 million Tampa medical NNN deal typically stacks with one primary lender, though sophisticated 1031 buyers sometimes layer in a mezz component or cross-collateralize to lower basis. National banks with dedicated STNL platforms dominate this loan size because they can execute quickly, accept lower DSCRs (often 1.20x to 1.35x), and offer non-recourse terms at 60 to 65 percent LTV. Life companies and credit unions remain competitive alternatives, particularly if the borrower values longer amortization or flexibility on tenant substitution language.
Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.
Who Closes a $4M Medical NNN Acquisition Deal
The typical sponsor acquiring a $4 million medical NNN in Tampa is an experienced 1031 exchange investor or small to mid-market operator with $10 million to $50 million in real estate holdings and a track record of 5 to 15 completed NNN transactions. These buyers are often refinancing out of a maturing triple-net position or opportunistically acquiring a high-credit medical tenant with a long remaining lease term to lock in stable cash flow. Debt tolerance is moderate, and DSCR comfort is 1.25x to 1.40x, reflecting the institutional nature of their tenants and the low-volatility profile they seek.
A Real $4M Example
We recently closed a $3.8 million financing for an investment-grade dental practice acquisition in the South Tampa submarket, where a seasoned 1031 buyer was rolling forward equity from a prior sale. The property was a newly constructed 12,000 square-foot medical office with a single dental tenant carrying an A- credit rating and an 18-year remaining lease term. We placed the loan with a national STNL bank at 6.95 percent, 70 percent LTV, and 1.30x DSCR, with full non-recourse structure below 65 percent and a 60-day close. The sponsor used the flexibility of the non-recourse feature to layer a small preferred equity component, achieving a blended cost of capital of 7.40 percent while maintaining significant leverage for other 1031 simultaneous exchanges.
Anonymized. All deal references protect borrower and lender identity.
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