$5M Acquisition Loan on a Delray Beach Medical Office Building

Most county record closings surface with no story attached; this one arrived fully documented. Trade press reported the sale: the Delray Beach Medical Pavilion at 14000 South Military Trail traded for 6.9 million in a sale reported April 30, 2026, with the building described as 63.4 percent leased at closing and the buyer named as Benlee Asset Management. County records line up: a $6,900,000 sale recorded April 28, and a $5,000,000 Wells Fargo mortgage executed April 27 and recorded May 8 to owner of record 14000 S Military LLC, an active Florida entity in the state's 2026 filing series.

The property is a two story medical office building of 34,595 square feet per the county parcel record, on 1.96 acres platted as the Pylon Professional Center, built in 1987 and renovated in 2021 per its leasing materials. The tenant roster is healthcare through and through: Elite DNA Behavioral Health, Genesis Foot and Ankle Institute, Mar and Sea Pediatric, and Rocklay Behavioral Health, with the separate Delray Medical Center hospital campus nearby.

The debt history reads like a well maintained small balance office asset. Bank Leumi USA recorded a $2,000,000 twenty year mortgage in 2009 and modified it in 2009 and 2014; United Community Bank recorded $4,612,500 in 2021 and $2,000,000 more in 2024; earlier entries run through Amerant Bank, Independence Community Bank, and Regent Bank back to 1990. The new $5,000,000 Wells Fargo mortgage is the largest single instrument recorded on the property.

Wells Fargo brings a national platform to a local deal: its commercial real estate arm spans balance sheet lending, CMBS, agency, and syndications, and it has seven closings tracked on LoanList across four asset types. This is its first tracked closing in the Palm Beach market. The loan ranks 11th of 26 tracked Palm Beach closings, inside a busy office band: $6,700,000 from Metropolitan Commercial Bank and $6,000,000 from PNC Bank in West Palm Beach, $6,107,000 from Ocean Bank in Greenacres, and $5,682,385 from SouthState Bank, also in West Palm Beach.

The instructive detail for buyers is the leasing math. A medical office building reported at 63.4 percent leased still drew a national bank acquisition loan within days of closing. In this corridor, medical office with lease up ahead of it is being underwritten as opportunity rather than risk, and the tracked Palm Beach record shows a deep bench of banks active in exactly this size range.