Adam America Real Estate and JW Capital Management have closed a $180 million refinancing for Terrazul, a newly delivered student housing community next to Florida International University in Sweetwater, Florida. The 22-story property is located at 700 SW 107th Ave. and serves FIU students in a purpose-built, high-rise setting.
The new loan was provided by Corebridge Institutional Investment. Proceeds from the financing will retire Terrazul’s existing construction loan and deliver cash-out proceeds to the joint venture sponsors. Walker & Dunlop Capital Markets Institutional Advisory arranged the debt on behalf of the ownership group.
The Walker & Dunlop team was led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, and Michael Ianno. The advisory group structured the refinancing to match the profile of a recently completed, highly leased student housing asset adjacent to a major university campus.
Delivered in 2024, Terrazul comprises 932 student housing units with a total of 1,201 beds. The property also includes 647 parking spaces and 15,442 square feet of ground-floor retail space, providing on-site convenience for residents and additional income streams for the joint venture. As of the financing, the community was reported to be 98% occupied, indicating strong demand from FIU students.
Terrazul was designed by Niles Bolton Associates with a focus on student-oriented layouts and common areas. Amenities include an indoor/outdoor rooftop study lounge with conference rooms and library-style spaces, as well as multiple social and collaborative areas throughout the building. Residents also have access to a state-of-the-art fitness center and a resort-style swimming pool, supporting both academic and lifestyle needs.
The combination of high occupancy, modern amenities, and proximity to FIU underpins the refinancing strategy, allowing the sponsors to convert short-term construction debt into longer-term financing while realizing cash-out proceeds. The transaction reflects the continued flow of institutional capital into well-leased, purpose-built student housing near major universities.
