MIAMI, FL - Adam America Real Estate, a leading development and investment firm focused on the living sector, and JW Capital Management, a real estate investment firm, today announced the $180 million refinancing of Terrazul, a premier student housing community adjacent to Florida International University (“FIU”) at 700 SW 107th Ave. in Sweetwater, Florida.
The loan, provided by Corebridge Institutional Investment (U.S.) LLC, will be used to pay off the property's existing construction loan and provide cash-out proceeds to the joint venture. Walker & Dunlop Capital Markets Institutional Advisory, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, and Michael Ianno, arranged the financing on behalf of the joint venture.
Completed in 2024, Terrazul is a 22-story student housing property consisting of 932 units totaling 1,201 beds, 647 parking spaces and 15,442 square feet of ground-floor retail. The property is currently 98% occupied, reflecting strong demand for purpose-built student housing in the South Florida market.
“Terrazul has demonstrated the strength of the FIU student housing market and the quality of the asset we developed alongside JW Capital Management,” said David Brickman, CEO of Adam America Real Estate. “The $180 million refinancing marks a significant achievement for the property, providing an attractive financing outcome while allowing us to realize value from the asset and continue pursuing opportunities in high-growth markets.”
Strategically positioned directly across from FIU’s east entrance, Terrazul was developed to provide modern, walkable student housing accommodations for the university’s growing student population. The property was designed by Niles Bolton Associates and features a wide range of student-focused amenities, including an indoor/outdoor rooftop study lounge with conference rooms and library spaces, a state-of-the-art fitness center, resort-style swimming pool, and multiple social and collaborative gathering areas.
The unit mix includes private studios as well as one-, two- and four-bedroom layouts with shared common areas and private ensuite bathrooms for each resident.
“Terrazul’s strong leasing performance demonstrates the continued demand for high-quality student housing in leading university markets, and the successful refinancing represents another important milestone for the project,” said Samuel Jesselson, Managing Partner of JW Capital Management.
Terrazul is located adjacent to FIU, which enrolls nearly 60,000 students across undergraduate, graduate, and doctoral programs. The property is also approximately seven miles from the University of Miami.
In addition to Terrazul, Adam America has a track record of developing student housing communities across the U.S. The firm completed Olive & Wooster in New Haven, Connecticut, a 500-plus-bed community near Yale University, and The Hudson & Hudson Suites in Albany, New York, a 690-bed project serving the University at Albany. The firm, in partnership with JW Capital Management, is also planning a 30-story student housing tower in Austin’s West Campus near the University of Texas at Austin.