Adam America Real Estate and JW Capital Management announced a $180 million refinancing of Terrazul, a 22-story student housing community at 700 SW 107th Ave. in Sweetwater, Florida, directly across from Florida International University's east entrance. The transaction matters because it moves a recently completed development from construction financing into a stabilized capital structure while also providing cash-out proceeds to the joint venture. For a property completed only in 2024, the refinancing signals that the sponsors and their lender view the asset as sufficiently de-risked to support permanent debt, even as broader commercial real estate capital markets remain selective.
The loan was provided by Corebridge Institutional Investment (U.S.) LLC and will be used to pay off the property's existing construction loan and return cash to the joint venture. Walker & Dunlop Capital Markets Institutional Advisory arranged the financing, with a team led by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, and Michael Ianno. Terrazul comprises 932 units totaling 1,201 beds, along with 647 parking spaces and 15,442 square feet of ground-floor retail. The property is currently 98% occupied, a figure the sponsors cite as evidence of strong demand for purpose-built student housing in South Florida. The unit mix includes private studios and one-, two-, and four-bedroom layouts with shared common areas and private ensuite bathrooms for each resident.
The available evidence comes from a single secondary source, Yield PRO, which published the announcement on September 22, 2026. The report includes direct statements from David Brickman, CEO of Adam America Real Estate, who described the refinancing as "a significant achievement for the property, providing an attractive financing outcome while allowing us to realize value from the asset." Samuel Jesselson, Managing Partner of JW Capital Management, separately noted that Terrazul's leasing performance "demonstrates the continued demand for high-quality student housing in leading university markets." The dossier does not include the loan's interest rate, term, amortization schedule, loan-to-value ratio, or the size of the cash-out component. Those terms were not disclosed in the source material, and any estimate of them would go beyond the factual record.
The transaction has implications for the student housing sector and for the sponsors' broader strategies. FIU enrolls nearly 60,000 students across undergraduate, graduate, and doctoral programs, and Terrazul is also approximately seven miles from the University of Miami. That enrollment base supports the property's 98% occupancy and reinforces the case for purpose-built student housing near large public universities. For Adam America, the refinancing fits a stated focus on high-growth living-sector markets. The firm reports more than 40 ground-up development and renovation projects launched since 2009, over 5,750 residential units developed, and an additional 1,600 units in its pipeline representing more than $4.2 billion in total asset value. JW Capital Management, established in 2014, describes a situationally opportunistic investment approach and particular success in the student housing sector.
Several limitations should frame how this refinancing is interpreted. The announcement is sponsor-driven and was reported by a single trade publication; no independent confirmation from the lender, the arranger, or public property records is included in the dossier. The absence of loan terms makes it impossible to assess whether the refinancing improved the property's cost of capital or simply replaced maturing construction debt. The cash-out component also raises a question the source does not answer: whether proceeds are being recycled into new development or returned to investors. What to watch next includes any follow-up disclosures on loan pricing or leverage, leasing trends at Terrazul after the initial stabilization period, and whether Adam America and JW Capital pursue additional student housing projects in the FIU submarket or other large university markets.