A joint venture of Adam America Real Estate and JW Capital Management has secured a $180 million refinancing for Terrazul, a 1,201-bed student housing community near Florida International University in Sweetwater, Florida. Corebridge Institutional Investment originated the loan, which will repay existing property debt and provide cash-out proceeds to the partnership.
Key takeaways
- The $180 million loan refinances Terrazul’s existing debt and returns cash to its owners.
- The 22-story community opened in 2024 and was 98% occupied when the deal closed.
- Walker & Dunlop arranged the financing for the Adam America–JW Capital joint venture.
Refinancing details
Corebridge Institutional Investment originated the new loan, while Walker & Dunlop arranged it. The joint venture plans to use the proceeds to pay off the property’s prior financing and take cash out. Walker & Dunlop’s team was led by Senior Managing Directors Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Reimer, along with Senior Director Michael Ianno.
The refinancing replaces a $147 million loan originated in January 2022 by DFO Management, according to Yardi Matrix information cited in the deal report.
A large community serving FIU
Terrazul is a 22-story, 932-unit property at 700 SW 107th Ave., adjacent to FIU’s main campus. The university enrolls about 60,000 students. Terrazul topped out in 2023 and began operating in 2024. At the time of the refinancing, it was 98% occupied.
The community offers studio, one-, two- and four-bedroom layouts ranging from 299 to 1,524 square feet. It also includes more than 15,400 square feet of retail space.
Amenities and neighborhood access
Resident amenities include a fitness center with a cardio room, a clubhouse, business center, study areas and a sky lounge. Outdoor features include a swimming pool, cabanas, sun decks, grills and a fitness area; the property also has lounges and a gaming area.
The site is close to retail and dining options, including Laguna Plaza. Downtown Miami is about 14 miles away, and the University of Miami is within seven miles.
Partnership activity
Adam America and JW Capital have also partnered on 9 Hundred, a planned 30-story student housing development serving the University of Texas in Austin. The project is scheduled to open in 2029, extending the partners’ activity in university-oriented housing markets.