Adam America Real Estate and JW Capital Management have secured US$180 million in refinancing for their Terrazul student accommodation in Miami-Dade County. The funding for the 1,201-bed property was provided by Corebridge Financial. This loan will replace the existing construction financing for the 22-storey asset and allow the joint venture partners a cash-out.
Terrazul was completed in 2024 and is located at 700 Southwest 107th Avenue in Sweetwater, directly opposite the east entrance of Florida International University (FIU). The property comprises 932 residential units with a total of 1,201 beds, 647 parking spaces, and 15,442 square feet of ground-floor retail space. According to the ownership, the property is currently 98 per cent occupied.
Strategic Investment and Value Creation
David Brickman, CEO of Adam America, commented on the transaction, emphasising that Terrazul demonstrates the strength of the FIU student housing market as well as the quality of the asset developed jointly with JW Capital Management. He added that the refinancing allows the partners to realise the property's value while continuing to pursue investments in high-growth markets.
Terrazul's amenities include studios as well as one, two and four-bedroom apartments. Facilities include a rooftop study lounge with indoor and outdoor areas, conference rooms and library spaces, a fitness centre, and a resort-style pool. FIU has nearly 60,000 students (undergraduate, graduate, and doctoral). The University of Miami is approximately 7 miles southeast of the property.
Partnership Expansion
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 transaction also solidifies the partnership between Adam America and JW Capital in the student accommodation sector. The companies are currently planning a 30-storey student accommodation tower near the University of Texas in Austin. Adam America has also already completed projects near Yale University and the University at Albany.
Adam America has developed more than 5,750 residential units to date, with another 1,600 units in the pipeline, representing a total asset value of over US$4.2 billion.
