A joint venture led by Adam America Real Estate and JW Capital Management has secured a $180 million refinancing for Terrazul, a recently completed student housing property beside Florida International University in Sweetwater, Florida. The loan will repay the development’s construction financing and provide cash-out proceeds to the investors. Terrazul is currently 98% occupied.
Key takeaways
The refinancing marks a major financing milestone for the 22-story property, which opened in 2024 and serves FIU’s large student population. Corebridge Institutional Investment provided the loan, with Walker & Dunlop arranging the transaction for the joint venture.
- Terrazul has 932 units and 1,201 beds, along with 647 parking spaces.
- The property includes 15,442 square feet of ground-floor retail.
- Its location is directly across from FIU’s east entrance.
- Loan proceeds will pay off the existing construction loan and deliver cash-out proceeds to the joint venture.
Financing and ownership
Adam America Real Estate and JW Capital Management announced the refinancing. Corebridge Institutional Investment (U.S.) LLC supplied the financing, while Walker & Dunlop Capital Markets Institutional Advisory arranged it. The proceeds are intended to replace the property’s construction debt and return capital to the joint venture through cash-out proceeds.
Adam America CEO David Brickman described the deal as recognition of the property’s performance and the strength of the FIU student housing market. JW Capital Managing Partner Samuel Jesselson said the leasing results point to continued demand for well-equipped housing in major university markets.
A high-occupancy campus property
Completed in 2024, Terrazul is positioned adjacent to FIU at 700 SW 107th Ave. The university enrolls nearly 60,000 students across undergraduate, graduate and doctoral programs. The property is also about seven miles from the University of Miami.
Terrazul was designed by Niles Bolton Associates and offers private studios and one-, two- and four-bedroom apartments. Residents have private ensuite bathrooms, with shared common areas in the multi-bedroom layouts. Amenities include a rooftop study lounge with conference rooms and library spaces, a fitness center, a swimming pool, and areas for socializing and collaboration.
Refinance reflects investor confidence
At 98% occupancy, the property’s leasing performance provides a strong operating backdrop for the new financing. The deal also allows the owners to refinance soon after completion while retaining an interest in the asset and realizing some value through the cash-out proceeds.
The transaction adds to investor activity in purpose-built student housing, where properties near large universities can draw demand from students seeking convenient, amenity-rich housing. Terrazul’s proximity to FIU and its substantial bed count make it a prominent example of that housing model in South Florida.