Adam America and JW Capital Refinance FIU-Area Student Tower With $180M Loan From Corebridge

Adam America and JW Capital Refinance FIU-Area Student Tower With $180M Loan From Corebridge

A joint venture between Adam America Real Estate and JW Capital Management has secured a $180 million refinancing for Terrazul, a 22-story student housing property located across from the east entrance of Florida International University in Sweetwater, Miami-Dade County.

Corebridge Financial supplied the loan, which retires the construction financing on the property and delivers cash-out proceeds to the ownership partnership. Walker & Dunlop’s Capital Markets Institutional Advisory group arranged the transaction, with a team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer and Michael Ianno.

A Newly Delivered, Fully Leased Asset

Completed in 2024 at 700 Southwest 107th Avenue, Terrazul contains 932 units totaling 1,201 beds, along with 647 parking spaces and 15,442 square feet of ground-floor retail. The ownership group reports the property is 98 percent occupied. Unit mix ranges from studios to four-bedroom layouts, and amenities include an indoor-outdoor rooftop study lounge, conference and library spaces, a fitness center and a resort-style pool.

Adam America CEO David Brickman said the refinancing reflects the strength of the FIU student housing market and allows the partners to realize value from the asset while continuing to invest in high-growth markets.

Market Context

The deal underscores continued lender appetite for purpose-built student housing near large universities. FIU enrolls nearly 60,000 undergraduate, graduate and doctoral students, and the University of Miami sits roughly seven miles southeast of the property. Walker & Dunlop, the advisory firm on the deal, traded recently at $94.46, up 0.14 percent from the prior close, with a market capitalization of approximately $5.36 billion.

The transaction also extends the Adam America–JW Capital student housing partnership. The two firms are planning a 30-story student housing tower near the University of Texas at Austin, while Adam America has previously delivered projects near Yale University and the University at Albany. Across its portfolio, Adam America has developed more than 5,750 residential units, with another 1,600 in the pipeline representing more than $4.2 billion in total asset value.

What to watch

• Stabilization trends at Terrazul, including occupancy and leasing velocity heading into the next academic year
• Progress on the planned 30-story student housing tower near the University of Texas at Austin
• Additional refinancing or acquisition activity in the purpose-built student housing sector near large public universities

Source: original release