The new prison near the city of Talca is expected to house more than 2,000 inmates.
As the projects did not receive approval from the finance ministry, no federal funds will be earmarked for them in the budget for next year.
São Paulo roads department is currently evaluating all 12 offers for works on the SP-350 highway.
The Brazilian company will refinance existing debts and strengthen its cash position with the proceeds.
Economic crisis and Lava Jato fallout contribute to lower quality of the country's roads and threaten future infrastructure projects.
The loan will finance the first phase of the project.