$5M NNN Acquisition Tampa | Commercial Lending Solutions 
Loan Size Example

$5 Million NNN Acquisition in Tampa

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $5 million NNN acquisition in Tampa represents a core-plus entry point for experienced net lease investors, typically capturing stabilized single-tenant properties with investment-grade or strong regional tenants. At this ticket size, borrowers access a deep pool of national bank STNL programs, regional credit unions, and life company specialists who compete aggressively on rate and structure. Loan-to-value ratios typically range from 65 to 75 percent depending on tenant credit quality, remaining lease term, and property location within the Tampa metro area. Current market rates for this profile sit around 6.75 percent, reflecting CMT-based pricing, modest credit spreads, and the stability that comes with tenanted, operational properties.

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Capital Stack

What a $5M NNN Acquisition Capital Stack Looks Like

Capital stack decisions at the $5M level in Tampa hinge primarily on tenant credit and lease longevity rather than lender type scarcity. A national bank with an active STNL program usually leads pricing and execution, though life insurance companies and CMBS conduit lenders remain competitive alternatives when borrowers seek longer amortization or non-recourse structure.

Capital Source Rate / Cost Size / LTV Notes
National bank STNL program 6.50 to 6.85 percent, CMT-based $3.25M to $3.75M (65 to 75 percent LTV) Primary market for credit-tenant properties; 20 to 25 year amortization typical; recourse to borrower; 30 to 45 day closing
Regional bank or credit union 6.75 to 7.25 percent, fixed or CMT-based $3M to $3.75M (60 to 75 percent LTV) Stronger underwriting of local Tampa submarket properties; shorter amortization or 5 to 7 year fixed rate common; local decision-making advantage
Life insurance company 6.25 to 6.75 percent, fixed rate $3.5M to $4M (70 to 80 percent LTV) 30 year amortization; interest in long lease terms (10+ years remaining); non-recourse available at lower LTV; 60 to 90 day underwriting
CMBS conduit lender 6.85 to 7.35 percent, fixed rate $3.75M to $4.25M (75 to 85 percent LTV) Non-recourse standard; requires investment-grade tenant or strong regional credit; longer execution timeline; commercial operator sponsorship preferred

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 $5M NNN Acquisition Deal

Typical borrowers at this size are established 1031 exchange investors or small portfolios with $10 million to $50 million in net worth, often seeking stabilized yield in the 4.5 to 5.5 percent cap rate range across Tampa. Many have prior acquisition experience and seek to leverage portfolio growth through repeated NNN purchases; repeat borrowers with prior bank relationships close faster. Motivations split evenly between portfolio acquisitions and 1031 reinvestment following core property sales elsewhere.

From the CLS CRE Pipeline

A Real $5M Example

A regional bank financed a $5.2 million acquisition of a quick-service restaurant property in the North Tampa submarket, with a 12-year lease to a national operator at 4.75 percent cap rate. The sponsor, a 1031 exchange buyer with prior net lease experience, secured financing at 6.75 percent fixed over 25 years, resulting in 73 percent LTV and 1.35x DSCR. The lender valued the tenant's investment-grade credit quality and long lease runway, closing in 38 days with full recourse and a standard three-year pre-payment lockout. The borrower subsequently added two additional NNN properties over 18 months, building a portfolio of $14 million in financed assets.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$5M NNN Acquisition Tampa FAQ

National banks and life companies prefer investment-grade tenants or strong regional credits with minimum 10 year lease terms remaining and annual revenue in excess of $5 million. CMBS conduits demand similar credit strength but will consider franchisees of established national brands. Credit union lenders often show flexibility for well-established local or regional operators with proven Tampa market presence.
Yes, but typically only through life insurance companies or CMBS conduits, and usually at LTV below 70 percent or with additional collateral from a guarantor. Non-recourse pricing typically runs 25 to 50 basis points lower than recourse given the reduced lender risk mitigation. Bank programs generally require full recourse at this ticket size.
National banks and regional lenders close in 30 to 50 days from complete application; life insurance companies and CMBS conduits require 60 to 90 days due to additional credit analysis and legal review. Prior relationships and pre-qualification significantly accelerate timelines, particularly for repeat borrowers.
Standard LTV ranges from 65 to 75 percent on investment-grade tenant properties with long lease terms; CMBS lenders will stretch to 80 to 85 percent on strongest credits. LTV ultimately depends on remaining lease term, tenant trailing twelve-month revenue, and property cash flow relative to debt service requirements.
Pricing is equivalent across all buyer types; however, 1031 exchange buyers with documented exchange timelines often receive expedited processing and relationship discounts from lenders who recognize repeat business potential. Some lenders offer relationship pricing after the first or second transaction with the same sponsor.


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