Investor Team Scores $180M Refi for FIU Student Housing
Adam America Real Estate and JW Capital Management announced the $180 million refinancing of Terrazul, a student housing community adjacent to Florida International University (FIU) at 700 SW 107th Ave. in Sweetwater, Florida.
The loan, provided by Corebridge Institutional Investment, 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.
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.
