Adam America, JW Capital Land $180M Refi for Florida International Student Housing – Commercial Observer
The owners of a student housing property adjacent to Florida International University have secured a $180 million refinancing, Commercial Observer can first report.
Adam America Real Estate and JW Capital Management landed the financing for Terrazul, their 1,201-bed asset in Miami-Dade County. Corebridge Financial provided the loan, which will retire the 22-story property’s existing construction financing and return cash-out proceeds to the joint venture.
Terrazul was completed in 2024 at 700 Southwest 107th Avenue in Sweetwater. The property includes 932 units totaling 1,201 beds, 647 parking spaces and 15,442 square feet of ground-floor retail. It is currently 98 percent occupied, according to the ownership group.
“Terrazul has demonstrated the strength of the FIU student housing market and the quality of the asset we developed alongside JW Capital Management,” Adam America CEO David Brickman said in a statement. He added that the refinancing allows the partners to realize value from the property while continuing to pursue investments in high-growth markets.
Terrazul is directly across from FIU’s east entrance and includes studios as well as one-, two- and four-bedroom units. Amenities include an indoor-outdoor rooftop study lounge, conference rooms and library spaces, a fitness center and a resort-style pool.
FIU enrolls nearly 60,000 undergraduate, graduate and doctoral students, while the University of Miami is approximately 7 miles southeast from the property.
Walker & Dunlop Capital Markets Institutional Advisory arranged the financing, led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer and Michael Ianno.
The deal also extends Adam America and JW Capital’s student housing partnership. The firms are planning a 30-story student housing tower near the University of Texas at Austin, while Adam America has previously completed projects near Yale University and the University at Albany. Adam America has developed more than 5,750 residential units, with another 1,600 units in its pipeline, representing more than $4.2 billion in total asset value.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
