Adam America, JW Capital Land $180M Refi on FIU Housing
The refinancing shows lenders still writing nine-figure checks against stabilized Miami student housing while they stay cautious elsewhere.
Adam America Real Estate and JW Capital Management landed a $180 million refinancing on Terrazul, a 22-story, 932-unit student housing tower at 700 SW 107th Avenue in Sweetwater that serves Florida International University, Commercial Observer and Connect CRE reported September 22. Corebridge Financial wrote the loan, which pays off the property’s construction debt and returns cash-out proceeds to the joint venture.
Why it matters
Lenders have pulled back hard on Miami office and condo construction debt this year, but a 98 percent occupied student housing tower next to a 60,000-student campus still gets a nine-figure check. That split tells a builder something concrete about where capital wants to sit in this market right now: stabilized beds near a major university outrank speculative product, even in a metro as capital-hungry as South Florida. Terrazul opened in 2024 and reached near-full occupancy fast enough to refinance out of its construction loan within roughly two years, the kind of lease-up speed that gives lenders the comfort to write cash-out proceeds on top of a payoff.
The numbers
The loan totals $180 million against a property with 932 units and 1,201 beds, plus 647 parking spaces and 15,442 square feet of ground-floor retail. Units range from studios to four-bedroom layouts. Walker & Dunlop Capital Markets Institutional Advisory arranged the financing for the joint venture. Adam America has now developed more than 5,750 residential units with another 1,600 in its pipeline, according to Commercial Observer.
What’s next
Adam America and JW Capital keep Terrazul in their portfolio with fresh capital and a lower cost of debt than a construction loan carries, giving the venture room to hold rather than sell into a market where buyers for large student housing assets remain selective. “Terrazul has demonstrated the strength of the FIU student housing market and the quality of the asset we developed alongside JW Capital Management,” said Adam America CEO David Brickman. Neither Commercial Observer nor Connect CRE reported a maturity date on the new loan or further plans for the site.