$6M Fitness NNN Acquisition Miami | Commercial Lending Solutions 
Loan Size Example

$6 Million Fitness Center NNN Acquisition in Miami

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $6 million fitness center acquisition on a triple-net lease in Miami represents a stable, institutional-grade investment for both owner-operators and 1031 exchange investors seeking steady cash flow in a resilient South Florida market. These deals typically feature investment-grade or strong sub-investment-grade tenants with 10 to 15 year lease terms, generating cap rates in the 5.5 to 6.5 percent range. Lenders in this space are primarily national banks with dedicated single-tenant net lease platforms, life insurance companies seeking long-duration assets, and CMBS conduits that value the credit quality and lease structure. Miami's fitness demographic, driven by affluent residents and tourism, continues to support occupancy and lease renewal rates that appeal to conservative debt providers.

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Capital Stack

What a $6M Fitness NNN Acquisition Capital Stack Looks Like

The $6 million fitness NNN deal in Miami typically attracts a mix of national bank lenders and life insurance companies, with national banks dominating the smaller end of this range due to their STNL programs and appetite for 65 to 75 percent LTV structures. Life insurance companies and regional banks enter the stack when borrowers seek lower cost of capital or non-recourse structures, which are common for 1031 exchange buyers who want balance-sheet insulation. Lender selection turns on tenant credit rating, remaining lease term, and whether the borrower requires recourse flexibility for portfolio management.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 6.75 to 7.25 percent $4.2M to $4.5M at 70 to 75 percent LTV CMT-based floating rate, 10 year amortization, full recourse, 25 to 30 day close timeline, standard STNL underwriting
Life insurance company 6.50 to 7.00 percent $3.6M to $4.2M at 60 to 70 percent LTV Fixed rate preferred, 25 to 30 year amortization, non-recourse available at lower LTV, longer close timeline (45 to 60 days), covenant-light structure
CMBS conduit lender 6.90 to 7.40 percent $4.5M to $5.4M at 72 to 75 percent LTV Float or fixed, 10 year amortization, full recourse, pooled underwriting, 60 to 90 day close, strong tenant credit required
Regional credit union or community bank 6.60 to 7.15 percent $3.0M to $4.2M at 50 to 70 percent LTV Flexible terms, faster close possible, may accept weaker tenant credit, recourse or limited recourse options available

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 $6M Fitness NNN Acquisition Deal

Typical borrowers in this segment are established net lease investors or private equity-backed operators with $50 million to $250 million in portfolio assets and a track record of 5 to 20 closed acquisitions over the past three to five years. Many are 1031 exchange buyers who require a quick close and institutional-grade asset stability over value-add upside, and they prioritize non-recourse or limited-recourse structures to protect corporate guarantees. A smaller subset are fitness operators or health club franchisees consolidating regional properties and seeking refinance or acquisition capital to fund expansion in the Miami metro area.

From the CLS CRE Pipeline

A Real $6M Example

CLS CRE arranged debt for a $6.1 million fitness center triple-net acquisition in the Miami Beach submarket, originated by a national bank at 6.68 percent fixed for 10 years with 25 year amortization and a 71 percent LTV. The borrower was a West Coast 1031 exchange investor with a strong track record of STNL acquisitions; the fitness tenant was a regionally recognized operator with investment-grade tenant credit and a 12 year remaining lease term. The deal closed in 28 days with full non-recourse carve-outs limited to environmental and lease transfer issues, which aligned the borrower's portfolio consolidation timeline and reduced corporate guarantee exposure. The property has performed in line with pro forma and the borrower has since acquired two additional fitness centers in the Miami area using the same lender platform.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$6M Fitness NNN Acquisition Miami FAQ

Cap rates for investment-grade fitness NNN deals in Miami are trading in the 5.5 to 6.5 percent range, depending on tenant credit, lease length, and submarket location. South Florida demographics and tourism traffic support relatively low cap rates compared to secondary markets, but Miami beach and Coral Gables properties command lower yields due to rent growth and tenant stability. Life insurance companies and CMBS lenders are actively pricing these deals, which keeps rates competitive and LTVs accessible for sponsor-grade borrowers.
Yes, non-recourse is achievable if you accept a lower LTV (typically 60 to 65 percent) and work with a life insurance company or a specialized non-recourse STNL lender. National banks with STNL programs typically require full recourse or limited recourse on the corporate guarantee side, though some will carve out environmental and lease default exposure. The cost of non-recourse is usually 25 to 50 basis points higher than full recourse terms on otherwise identical credit profiles.
National banks with proven STNL programs typically close in 25 to 35 days, provided you submit a complete application and the tenant credit profile is clean. Life insurance companies move slower due to in-house underwriting and credit committee timelines, usually 45 to 60 days, but they offer rate incentives and longer amortization. CMBS conduits can take 60 to 90 days because deals are pooled and require rating agency interaction, but they are reliable for larger borrowers with strong track records.
Most national banks and CMBS lenders will underwrite at 70 to 75 percent LTV with a publicly traded or strong regional fitness tenant with investment-grade credit or equivalent operating metrics. If the tenant is smaller or sub-investment grade, expect lenders to push the LTV down to 60 to 65 percent, or require additional equity injection. Life insurance companies are slightly more flexible on credit tier if the lease term is long and the property market is strong, such as Miami or South Florida submarkets with stable demographics.
For fitness NNN deals with long lease terms (12 to 15 years), most borrowers lock in a fixed rate because the tenant bears operating expense risk and the cash flow is predictable. Life insurance companies favor fixed rates and will price them at a 10 to 20 basis point discount to float options. If you anticipate refinancing or selling within 3 to 5 years, floating rate (CMT-based) from a national bank can save 15 to 30 basis points, but you accept rate risk in a rising environment.


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