By Joshua Burd
Valley Bank has closed two loans totaling $21 million to the owner of retail properties in Florida’s sixth-largest city, the Morristown-based lender announced.
According to the firm, the transactions include $8.5 million in financing to support infrastructure and site work across three big‑box development parcels totaling some 20 acres in Port St. Lucie. The second deal consists of a $12.5 million construction and permanent loan to fund the development of a 106,370-square-foot wholesale club on a roughly 11‑acre site.
“Together, these financings will drive meaningful economic growth in the market, generating both construction‑phase employment and long‑term permanent jobs as the retail developments come online,” Chris Coiley, first senior vice president with Valley and commercial real estate regional market president, wrote in a recent LinkedIn post.
Coiley credited the bank’s Alfred Sorrentino on the successful closings while praising Wesley Palmer Jr., Robert D’Alessio and Yvonne Tuitt “for their collaboration and strong execution in bringing these transactions to close.”
