Adam America Real Estate and JW Capital Management announced a $180 million refinancing of Terrazul, a student housing community adjacent to Florida International University at 700 SW 107th Ave. in Sweetwater, Florida. The transaction matters because it converts a recently completed development's construction debt into permanent financing while also returning cash to the joint venture, a signal that lenders remain willing to underwrite large, stabilized student housing assets near major public universities. The loan was provided by Corebridge Institutional Investment, and Walker & Dunlop Capital Markets Institutional Advisory arranged the financing on behalf of the joint venture.
The refinancing will pay off the property's existing construction loan and provide cash-out proceeds to the joint venture. Terrazul was completed in 2024 and 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, a level of stabilization that likely supported the refinancing and cash-out structure. The Walker & Dunlop team included Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, and Michael Ianno.
The evidence for this transaction comes from a single secondary source, Connect CRE, which published the announcement on September 22, 2026. The report is brief and does not include loan terms such as interest rate, maturity, amortization schedule, or loan-to-value ratio. It also does not disclose the size of the cash-out proceeds, the original construction loan amount, or the property's appraised value. Because the dossier contains only one source read in full, the analysis must remain close to the reported facts and avoid inferring broader market conditions beyond what the transaction itself suggests.
For the student housing sector, the refinancing indicates that institutional capital continues to support purpose-built student accommodations near large universities. Terrazul's 98% occupancy and its adjacency to Florida International University suggest strong demand fundamentals, but the source does not provide comparative data on other student housing properties or regional occupancy trends. The presence of ground-floor retail and extensive amenities, including an indoor/outdoor rooftop study lounge, fitness center, and resort-style swimming pool, reflects a product type designed to compete on experience as well as proximity, though the source does not quantify rental rates or revenue performance.
Several limitations apply to this analysis. The source is a secondary trade publication, and no primary documents such as loan agreements, property records, or investor statements were available. The announcement does not specify whether the refinancing includes any mezzanine or subordinate debt, nor does it identify the original construction lender. The cash-out component implies that the joint venture is extracting equity, but the source does not state how those proceeds will be used. Future reporting could clarify whether this transaction is part of a broader portfolio strategy for Adam America Real Estate and JW Capital Management, and whether similar refinancings are occurring across the Florida student housing market.