Adam America JV Lands $180M Refi for Miami Student Community
Corebridge Institutional Investment provided the financing.
A joint venture between Adam America Real Estate and JW Capital Management has obtained a $180 million refinancing loan for Terrazul, a 1,201-bed student housing community in Sweetwater, Fla. Corebridge Institutional Investment originated the note.
The partnership will use the funds to pay off the property’s existing debt and provide cash-out proceeds to the joint venture. Walker & Dunlop arranged the note.
Previous financing for the 932-unit community includes a $147 million loan originated in January 2022, according to Yardi Matrix information. DFO Management provided it.
The high-rise serves Florida International University, which enrolls about 60,000 students. The community came online in 2024, topping out a year earlier.
Located at 700 SW 107th Ave., the 22-story building is adjacent to FIU’s main campus and close to multiple retail and dining locations, including the Laguna Plaza shopping center. Downtown Miami is 14 miles away, while the University of Miami is within 7 miles.
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Terrazul comprises studio, one-, two- and four-bedroom floorplans ranging from 299 to 1,524 square feet, as well as more than 15,400 square feet of retail space. At the time of the deal, the property was 98 percent occupied.
Common-area amenities include a fitness center with cardio room, clubhouse, swimming pool, business center and sky lounge. The high-rise also has modern cabanas and sun decks, three indoor and one outdoor fitness areas, study spaces, outdoor grills and a gaming area.
Walker & Dunlop Senior Managing Directors Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Reimer, along with Senior Director Michael Ianno, led the team that arranged the financing on behalf of the joint venture.
Also recently, the two companies have partnered for the development of a 30-story student housing project in Austin, Texas, serving the University of Texas. The project, dubbed 9 Hundred, is scheduled to come online in 2029.
Quality drives student housing performance
Preleasing across the Yardi 200 reached 93 percent in August, 80 basis points above Yardi Matrix’s final August 2025 reading, according to the data provider’s latest student housing report. The final rate is expected to reach 94 to 94.5 percent once occupancy data is fully collected.
Class A properties continued to outperform, while proximity to campus also remained a key advantage. Comunities within a quarter-mile of campus reached a 93.4 percent preleasing rate. Terrazul fits both categories, which may have supported lender appetite for the refinancing.
