Pinnacle Lends $17.3M for Palm Beach Commerce Center
Pinnacle closed a $17.325M construction loan for PTM Partners and Hernandez's 93,556 sf industrial building on Belvedere Road, due Q3 2027.
Illustration- Source Briefing
- Data feed
- Also reported by Florida YIMBY
Pinnacle Financial Partners closed a $17.325 million construction loan on October 26 for Palm Beach Commerce Center, the industrial building PTM Partners and Hernandez Development & Construction are developing at 8530 Belvedere Road in unincorporated Palm Beach County, Florida YIMBY reported on November 6. Site work began in October and delivery is targeted for the third quarter of 2027, according to Florida YIMBY and REBusiness Online.
Why it matters
This is the financing step on a deal we covered at acquisition. In August we reported that the partners paid $11.5 million for the three-parcel, 8.1-acre site, a former retail, gas station and daycare approval being repositioned for industrial use. A closed construction loan and active site work move it from land play to a project with a date. Florida YIMBY also describes the site as sitting in a designated Opportunity Zone, a detail REBusiness Online does not mention.
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For developers tracking South Florida industrial, a regional bank lender funding a spec-style building from a first-time industrial sponsor is a useful read on credit appetite for small-bay product. PTM’s chief executive told Florida YIMBY this is the firm’s first industrial development and that Palm Beach vacancy is among the lowest in South Florida.
The numbers
The loan is $17.325 million against a planned 93,556 square feet, about $185 per square foot of building. The program is 84,200 square feet of warehouse and 9,356 square feet of office on 8.13 acres. Florida YIMBY describes a dock-high tilt-up structure with 32-foot clear heights and 54-foot column spacing. Land cost was $11.5 million in April 2026, so land and loan together are roughly $28.8 million before any equity beyond the land purchase, which neither outlet discloses.
Hernandez Development Services is managing development and Hernandez Construction is general contractor, while CBRE is handling leasing.
What’s next
Watch for the first lease announcements from CBRE ahead of the Q3 2027 delivery, and whether the building trades or recapitalizes once stabilized. Neither outlet discloses the loan term, rate or equity split, so the real cost of capital remains unknown until a recorded mortgage appears in Palm Beach County official records.
Quick answers
- What is the latest on Palm Beach Commerce Center?
- Pinnacle closed a $17.325M construction loan for PTM Partners and Hernandez's 93,556 sf industrial building on Belvedere Road, due Q3 2027.
- Who is developing Palm Beach Commerce Center?
- PTM Partners, Hernandez Development & Construction and Pinnacle Financial Partners, according to Florida YIMBY.
- What are the key numbers for Palm Beach Commerce Center?
- Construction loan: $17.3M; Planned building: 93,556 SF; Acres: 8.13; Delivery: Q3 2027.
On the record
Our August 24 acquisition story recorded the $11.5M land purchase through a Palm Beach County Property Appraiser deed (April 27, 2026, book 36494, page 1318) covering three assembled parcels totaling 8.1132 acres; this loan is the financing step on that same site.
Our coverage · Read our earlier story
Primary record
- Our dataThe $17.325M loan works out to about $185 per square foot of the planned 93,556 sf building, a figure neither outlet states.