The Treo Group closed on a $33.25 million construction loan for Vox Miami, a mixed-use project under construction next to the South Miami Metrorail station.
Centennial Bank is providing the senior construction loan to Treo. It closed on Wednesday, amid the crisis caused by the coronavirus pandemic. J.C. de Onda, division president for Centennial’s Southeast Florida division, and Jay Brito, senior commercial loan officer, arranged the loan.
The financing is for the first phase of Vox Miami, a $125 million development that will include student housing, retail, and Class A office space. It’s being built at 5949 South Dixie Highway in South Miami.
The project, designed by Perkins + Will, broke ground in February. The first phase calls for a three-story, 99-unit and 326-bed student housing component above an existing five-story parking garage. It will have 5,600 square feet of ground-floor retail space, an amenity deck with a clubhouse and resort-style pool, a fitness center, study and lounge spaces, a cafe, game room, bike storage and pet grooming area.
The second phase calls for 195,000 square feet of office space.
The project is aiming for an August 2021 delivery date, in time for that academic year.
Treo Group is also building Regatta Harbour, a mixed-use waterfront project at 3385 Pan American Drive in Miami.
Centennial Bank is a regional bank based in Conway, Arkansas, that has become one of the more active construction lenders in South Florida. It’s provided loans to Moishe Mana, who is planning to redevelop the historic section of downtown Miami; and Fort Lauderdale developer Dev Motwani.