A joint venture between Adam America Real Estate and JW Capital Management has secured a $180 million refinancing loan for Terrazul, a student housing community in Sweetwater, Florida. Corebridge Institutional Investment originated the note, and Walker & Dunlop arranged the financing. The partnership will use the proceeds to pay off existing debt and distribute cash to the joint venture.
Terrazul, located at 700 SW 107th Ave., is a 22-story building with 1,201 beds adjacent to Florida International University. The property serves 60,000 students and includes studio, one-, two-, and four-bedroom units along with 15,400 square feet of retail space. It was 98 percent occupied at the time of the deal.
Common-area amenities span a fitness center, clubhouse, swimming pool, business center, sky lounge, and multiple study spaces. The high-rise also features modern cabanas, sun decks, and a gaming area. Because the property is within a quarter-mile of the university and is a Class A asset, it likely supported lender appetite for this loan.
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Walker & Dunlop Senior Managing Directors Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, and Senior Director Michael Ianno led the deal. The firm recently partnered with Adam America to develop 9 Hundred, a 30-story student housing project in Austin, Texas, serving the University of Texas, scheduled to open in 2029.
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. Communities 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.