Hernandez Development & Construction and PTM Partners have secured a $17.325 million construction loan from Pinnacle Financial Partners for Palm Beach Commerce Center, a 93,556-square-foot Class A industrial development at 8530 Belvedere Road in unincorporated Palm Beach County. The financing closed on October 26, 2026, as site work gets underway on the project.
The development is planned for an 8.13-acre site at the southeast corner of Belvedere Road and Sansbury’s Way within a designated Opportunity Zone. The dock-high, tilt-up structure will contain 84,200 square feet of warehouse space and 9,356 square feet of office space, with 32-foot clear heights and 54-foot column spacing.
Site work began in October 2026. Hernandez Development Services is managing development, while Hernandez Construction is serving as general contractor and CBRE is handling leasing. PTM Partners and Hernandez Development & Construction jointly acquired the property in April 2026.
“We are glad to close this financing with Pinnacle Financial Partners for Palm Beach Commerce Center. It lets us move forward on a Class A building in a market with limited new industrial supply, and our team is already on site. We look forward to more opportunities together,” said Alex Hernandez, Chief Executive Officer of Hernandez Development & Construction.
“This is our first industrial development, and we did it in a familiar market with a partner we trust. Palm Beach industrial vacancy is among the lowest in South Florida, and there’s almost no new Class A supply. Hernandez Development & Construction has a long track record of building product tenants want to be in, and Pinnacle understood the story quickly. We’re glad to have them and to get construction underway,” said Michael Tillman, CEO and Co-Founder of PTM Partners.
The loan was provided by Pinnacle Financial Partners, which completed its combination with Synovus earlier this year.
“Palm Beach Commerce Center is a great example of the type of project we’re excited to support in South Florida. We value the opportunity to work alongside experienced teams like Hernandez Development & Construction and PTM Partners to build quality projects that contribute to the continued growth in the region,” said Will Ruiz, Senior Vice President and Financial Advisor of Pinnacle Financial Partners.
Palm Beach Commerce Center is expected to be delivered in the third quarter of 2027.
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