Adam America and JW Capital Secure $180M Refinancing

Adam America Real Estate and JW Capital Management have completed a $180 million refinancing for Terrazul, a student housing community located near Florida International University in Miami.

The substantial refinancing package reflects sustained investor and lender interest in the student housing sector, particularly properties positioned close to major university campuses. Terrazul serves students attending Florida International University, one of the largest public research universities in the United States with enrollment exceeding 55,000 students.

David Brickman leads Adam America Real Estate, while Samuel Jesselson heads JW Capital Management. The partnership between the two firms demonstrates the growing trend of joint venture arrangements in specialized real estate sectors that require both operational expertise and institutional capital.

Student housing has emerged as a resilient asset class within commercial real estate, driven by consistent demand from growing university populations and limited on-campus housing availability at many institutions. Purpose-built student housing communities like Terrazul typically offer amenities tailored to student lifestyles, including study lounges, fitness centers, and furnished units with individual leases.

South Florida's student housing market benefits from the presence of multiple large universities, including Florida International University, the University of Miami, and Florida Atlantic University. Combined, these institutions enroll more than 100,000 students, creating sustained demand for off-campus housing options.

The refinancing structure allows the ownership partnership to optimize their capital stack while maintaining long-term control of the asset. Refinancing transactions have become increasingly common as property owners seek to take advantage of improved operating performance and stabilized occupancy rates following pandemic-related disruptions.

Florida International University's Modesto A. Maidique Campus, where Terrazul is situated, has seen continued enrollment growth, particularly in graduate programs and international students. The university's strategic location in Miami positions it as a gateway institution for students from Latin America and the Caribbean.

The $180 million financing package represents a significant capital commitment to the student housing sector in a market characterized by strong fundamentals. As universities continue to expand enrollment without proportionally increasing on-campus housing capacity, private developers and investors are filling the gap with professionally managed communities.

This transaction adds to the growing volume of student housing financings completed in Florida markets over the past year, signaling continued capital availability for well-positioned assets in the sector.