$50M NNN Portfolio Miami | Commercial Lending Solutions 
Loan Size Example

$50 Million NNN Portfolio Financing in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $50 million NNN portfolio financing in Miami represents a mid-market institutional play, typically anchored by 8 to 15 stabilized single-tenant net lease properties across the South Florida market. These deals attract national banks with dedicated STNL programs, life insurance companies seeking long-duration cash flows, and regional credit unions looking to deploy capital into investment-grade tenant credits. Leverage ranges from 60 to 70 percent LTV depending on tenant quality and remaining lease term, with rates currently benchmarked at 5.70 percent fixed or CMT-based floating structures. Miami's diverse tenant base ranging from QSR and convenience retail to medical offices and automotive offers portfolio builders meaningful diversification within a single regional deployment.

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Capital Stack

What a $50M NNN Portfolio Capital Stack Looks Like

National banks with established single-tenant net lease programs dominate this loan size, as their STNL risk appetite and liquidity align well with Miami's investment-grade tenant concentration. Lender selection hinges on tenant credit mix, weighted average lease term, NOI consistency, and whether the borrower requires non-recourse underwriting or can accept limited recourse terms at tighter pricing.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL platform 5.70 to 6.10 percent fixed, CMT-based floating at CMT+200 to CMT+250 basis points $30M to $40M (60 to 65 percent LTV typical) Anchors the deal; prefers investment-grade tenants and lease terms of 8 to 12 years remaining; 10 to 12 week close timeline; may offer non-recourse at 60 percent LTV or below
Life insurance company debt fund 5.85 to 6.35 percent fixed, willing to take longer duration $15M to $25M (secondary tranche or full takeout at lower leverage) Strong on older portfolio vintages with long-dated leases; minimal recourse; slower underwriting (14 to 16 weeks); favors 10+ year remaining terms and AAA to A- tenant credits
Regional credit union with CRE mandate 5.65 to 6.15 percent fixed, relationship pricing available $10M to $20M (portfolio co-lender or secondary piece) Fills gap financing or joins first lender; prefers local borrower relationships; competitive on pricing for strong sponsor credit; 8 to 10 week close
CMBS conduit (rated securitization) 5.80 to 6.40 percent fixed depending on tranche rating $25M to $50M (can take full deal or senior B piece) Appetite for diverse tenant pools and sub-investment-grade credits; requires 2.0x+ DSCR; 16 to 20 week close; interest-only periods available; recourse typically limited to carve-outs

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 $50M NNN Portfolio Deal

Typical sponsors for $50 million Miami NNN portfolios are experienced net lease operators or 1031 exchange buyers with $100 million+ in net worth and a track record of assembling or managing 5 to 20 property portfolios. These borrowers often refinance existing holdings to pull equity or acquire platforms from retiring operators, seeking long-term hold strategies and stable cash flow rather than value-add repositioning. Many are DST participants or opportunity-zone focused entities looking to deploy capital into yield-producing, low-management-intensive assets across South Florida's established retail and service corridors.

From the CLS CRE Pipeline

A Real $50M Example

We closed a $48 million NNN portfolio financing across nine single-tenant properties in the Miami-Dade and Broward submarkets for a repeat institutional borrower. The portfolio featured a mix of pharmacy, QSR, and medical office tenants with weighted average lease term of 8.2 years and blended tenant credit of A- to BBB+. A national bank provided $32 million at 5.72 percent fixed 10-year amortizing, with a life company co-lender providing $16 million at 5.88 percent on a 30-year amortization, creating a blended rate near 5.76 percent at 66.7 percent LTV. The deal closed non-recourse to the borrower with standard carve-outs, and the borrower maintained optionality to cross-collateralize with future acquisitions.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$50M NNN Portfolio Miami FAQ

Most lenders target weighted average tenant credit of A- to BBB+, with no single tenant below BBB-. A national bank may accept up to 15 to 20 percent of NOI from sub-investment-grade operators if the portfolio is otherwise strong. Life insurance companies are stricter, typically wanting 80 percent or more of NOI from A-rated or better credits.
Yes, non-recourse is achievable at 60 percent LTV or below with strong tenant credits and weighted average lease terms above 8 years. National banks and life companies will both offer non-recourse structures, though rates may be 25 to 50 basis points higher than limited recourse terms. CMBS conduits default to non-recourse with carve-outs.
Weighted average remaining lease term is a primary pricing lever. Portfolios with 10+ years remaining typically get 5 to 15 basis points better pricing and 5 to 10 percent higher LTV ceilings. Deals with 6 to 8 year average terms trade off either rate or leverage; anything below 6 years becomes difficult to finance beyond 55 to 60 percent LTV.
National banks with proven STNL platforms close in 10 to 14 weeks from complete application. Life insurance companies and securitization conduits take 16 to 20 weeks due to diligence depth and rating-agency involvement. Credit unions may close in 8 to 10 weeks if the borrower has an existing relationship.
Not materially. DST investors and 1031 exchange buyers receive the same underwriting and pricing as hold-for-yield sponsors, though lenders appreciate the certainty of long-term ownership. Some life insurance companies offer slight pricing advantages to 1031 buyers due to lower refinance risk and extended holding periods.


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