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

$6 Million Fitness Center NNN Acquisition in Tampa

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

A $6 million fitness center net lease acquisition in Tampa represents a core-plus opportunity for institutional and private investors seeking stable, long-term cashflow in a growing Southeast market. These transactions typically involve a single-tenant, triple-net lease with a strong-credit operator, attractive cap rates in the 5.5 to 6.5 percent range, and 10 to 15-year remaining lease terms. Lenders compete aggressively on this deal size, with national banks, life insurance companies, and CMBS conduits all active in the Tampa market. Leverage generally ranges from 65 to 75 percent LTV for investment-grade tenants, making $4 to $4.5 million in senior debt typical for this acquisition profile.

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Capital Stack

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

A $6 million fitness NNN acquisition in Tampa is usually financed with a single senior loan from either a national bank with active single-tenant net lease programs or a regional life insurance company. Sponsor equity and debt structure depend heavily on tenant credit rating, lease length remaining, and whether the buyer is a 1031 exchange reinvestor seeking speed-to-close or a strategic operator with longer hold intentions.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 6.50 to 7.00 percent fixed, CMT-based option available $3.9 to $4.5 million at 65 to 75 percent LTV 12 to 20-year amortization, full recourse standard, 45 to 60-day close, strong for investment-grade tenant with 10+ years remaining
Regional life insurance company 6.75 to 7.25 percent fixed $3.9 to $4.5 million at 65 to 72 percent LTV Non-recourse available at 65 percent LTV or lower, 25-year amortization preferred, 60 to 90-day underwriting, portfolio lender with tenant flexibility
CMBS conduit lender 6.50 to 6.75 percent all-in spread $4.0 to $4.2 million at 60 to 70 percent LTV Execution for 1031 exchange buyers, strict tenant and lease underwriting, 30 to 45-day close, higher due diligence burden, fixed-rate term structure
Credit union or regional community bank 6.75 to 7.50 percent, negotiable $2.5 to $3.5 million at 50 to 65 percent LTV Relationship-based, smaller check sizes, direct borrower relationship preferred, 8 to 12-week timeline, may accept lower DSCRs for qualified sponsors

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

The typical $6 million fitness center buyer in Tampa is a 1031 exchange reinvestor or institutional real estate fund with $2 to $8 million in net worth and prior net lease or income-producing property experience. These sponsors value predictable income, long lease terms, and investment-grade tenant stability over value-add upside, with deal cadence ranging from one to three acquisitions annually. Motivation is most often portfolio diversification, tax-deferred reinvestment, or core cashflow generation in a resilient market.

From the CLS CRE Pipeline

A Real $6M Example

A CLS CRE client acquired a 35,000-square-foot fitness center in the Central Tampa submarket for $5.8 million in 2024, securing $4.1 million in financing from a regional life insurance company at 6.85 percent fixed with 25-year amortization and non-recourse structure at 70.7 percent LTV. The sponsoring 1031 exchange fund benefited from a 12-year remaining lease term with an investment-grade operator, a 5.2 percent in-place cap rate, and 1.45x DSCR on Day One. Closing occurred in 68 days; the investor locked in sub-7 percent financing in a rising rate environment and deployed capital with minimal operational risk.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$6M Fitness NNN Acquisition Tampa FAQ

This deal size sits at the sweet spot for national bank STNL programs and life company portfolios: large enough for efficient underwriting and pricing, but small enough to avoid CMBS conduit complexity and pricing opacity. Lenders in Tampa actively compete on fitness tenant credits, making execution predictable and rate-driven. The market supports strong sponsor profiles without requiring institutional scale.
Yes, non-recourse is available from life insurance companies and select CMBS lenders at 65 percent LTV or lower, typically requiring an investment-grade tenant with 10+ years remaining. At 70 to 75 percent LTV, expect full recourse or a carve-out structure. Non-recourse pricing runs 25 to 50 basis points higher than recourse, and underwriting timelines extend by 2 to 3 weeks due to heightened due diligence.
National banks close in 45 to 60 days; life companies require 60 to 90 days. CMBS conduits target 30 to 45 days for 1031 exchange situations. Rate is primarily driven by tenure remaining on the lease, tenant investment-grade status, and sponsor recourse strength. In today's environment, expect 6.50 to 7.25 percent all-in depending on structure and lender type.
Tenant credit rating, lease-remaining term, DSCR, and cap rate are critical. Lenders want a minimum 1.25x DSCR, 10+ years remaining on the lease, and investment-grade tenant credit (or strong investment-grade sub-credit). Cap rates in the 5.25 to 6.50 percent range support easy lender approval. Sponsor liquidity and prior real estate experience also influence pricing and approval speed.
1031 exchange buyers benefit from faster CMBS closing timelines and clarity on execution, making it a tax-efficient path to deploy capital quickly into a stabilized, income-producing asset. If you have a shorter timeline (60 to 90 days), a CMBS lender is your best path. For longer timelines or negotiation flexibility, a national bank or life company STNL program offers better rate and term optionality.


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