Hernandez Development and PTM Partners Secure $17.3M Loan for West Palm Beach Industrial Project

Hernandez Development & Construction and PTM Partners have closed a $17.3 million construction loan for Palm Beach Commerce Center, a planned industrial building in West Palm Beach totaling 93,556 square feet. Pinnacle Financial Partners provided the financing on behalf of the borrowers.

The joint venture acquired the 8.1-acre site for $11.5 million in April 2026, and site work started in October. The project is expected to be finished in the third quarter of 2027.

The dock-high, tilt-up building will include 84,200 square feet of warehouse space and 9,356 square feet of office space. Designed with 32-foot clear heights and 54-foot column spacing, the facility suits distribution and light industrial users seeking modern bay configurations.

Hernandez Construction is serving as general contractor, Hernandez Development Services as developer, and CBRE is handling leasing for the property.

For developers and lenders, the deal shows continued capital availability for small-bay industrial product in South Florida, with a near-term delivery timeline that will matter to tenants planning 2027 occupancy.