These transit-oriented developments, or TODs, are meant to give residents and office workers in the new buildings an opportunity to use public transportation and avoid Miami-Dade County's congested roads.

Treo Group, a Miami-based private real estate investor and developer, is building VOX at 5801 S. Dixie Highway next to the station and 1.5 miles from UM's Coral Gables campus.

The other big TOD project near the Metrorail line along U.S. 1 is the 7-acre Link at Douglas Road near the Douglas Road station. Developers 13th Floor Investments LLC and Adler Group LLC are building a 22-story, 312-unit apartment tower with 6,000 square feet of retail as well as a 36-story, 421-unit apartment tower with 17,000 square feet of retail.

The first phase of the VOX project covered by the loan is under construction, The three-story, 99-unit student housing building with 326 beds above a five-story garage will include 5,600 square feet of ground-floor retail.

Amenities for students are to include a deck with a clubhouse, resort-style pool and lounge areas. A gym, study space, cafe, game room, bike storage, pet grooming area and high-speed Wi-Fi are included.

Construction of the student housing is due for completion in time for the 2021-22 academic year.

The second phase of VOX is to be the 195,000-square-foot office building.

Conway, Arkansas-based Centennial has been active in South Florida construction lending. It was the senior lender on a $162 million loan issued last September for developer PMG's 49-story apartment tower in downtown Miami. Centennial also issued an $8.7 million loan to help pay for the construction of Prestige Cos.'s garden-style apartment project 640 West Apartments in growing Hialeah.