Hernandez Development & Construction and PTM Partners Close $17.3 Million Construction Loan with Pinnacle Financial Partners for Palm Beach Commerce Center

Financing supports a 93,556-square-foot Class A industrial building in Palm Beach County

FORT LAUDERDALE, FL, November 5, 2026 – Hernandez Development & Construction and PTM Partners, Florida-based real estate investment and development firms, have closed a $17,325,000 construction loan with Pinnacle Financial Partners, which recently merged with Synovus Bank, for Palm Beach Commerce Center, a 93,556-square-foot Class A industrial building at 8530 Belvedere Road in unincorporated Palm Beach County. The loan closed on October 26, 2026.

The 8.13-acre site sits at the southeast corner of Belvedere Road and Sansbury's Way, within a designated Opportunity Zone. The dock-high, tilt-up building will include 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; Hernandez Construction is the general contractor, and CBRE is the leasing broker. PTM Partners and Hernandez Development & Construction acquired the site together in April 2026. The building is expected to be delivered in the third quarter of 2027.

“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.

“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.

About Hernandez Development & Construction

Hernandez Development & Construction is a vertically integrated real estate developer and general contractor headquartered in Fort Lauderdale, Florida. Since 2002, the company has delivered more than 17 million square feet of Class A industrial, commercial and self-storage properties in supply-constrained, high-barrier-to-entry markets. It manages every phase of the development lifecycle under one roof, from land acquisition and capital structuring to preconstruction and general contracting. Its development arm, Hernandez Development Services (HDS), provides entitlement and development management, from site evaluation and permitting through infrastructure planning, budgeting and delivery. This gives partners and capital providers one accountable team from site selection to completion, with an emphasis on speed, transparency and execution certainty.

About PTM Partners

PTM Partners (PTM) is a real estate investment and development firm that seeks community-oriented development opportunities that create substantial value for its residents, partners, and investors. Focused on designing and developing housing that improves the way its residents live, work and interact, PTM has become one of the premier real estate development firms in Florida, as well as one of the largest Opportunity Zone fund managers in the country.

Led by Nicholas Pantuliano and Michael Tillman, both former senior executives of the Lefrak Organization, PTM prioritizes making investment decisions that balance reputation and long-term profitability over short-term revenue maximization. This has led to the successful delivery of large-scale residential and mixed-use projects, such as the Edge Collective in St. Petersburg, Florida, Arte Grande Central and 2000 Biscayne in Miami, Viridium in Northern Virginia, among many others.

Focused on sustainable development for the masses that is not only financially profitable but improves the livelihood of its residents and the communities within which they reside, PTM has raised and invested more than $400 million in Qualified Opportunity Zone equity for investment in accessible multifamily and mixed-use developments with over $3.0 billion in active developments and investments and has also rolled out a vertically integrated workforce housing platform to meet its economic and social mandate. The PTM team has collectively invested, developed, constructed, and managed more than $20 billion in real estate covering a broad range of mixed-use development projects in Florida, New York, New Jersey, and Washington, D.C.

Media Contact

Nicholas Worden, Assistant Manager, Business Operations, Hernandez Development & Construction
nicholas.worden@hernandez-group.com | 954-712-1011