**Kennedy Wilson Secures $183M Loan for South San Francisco Multifamily Project**
Kennedy Wilson has successfully closed a $183 million senior construction loan for Alexan Icon, a major multifamily development project in South San Francisco. The financing was extended to a joint venture led by repeat Kennedy Wilson sponsors.
The Alexan Icon project is set to rise at 1587 and 1588 San Mateo Avenue and will consist of two seven-story podium buildings. The development will feature 480 residential units, offering a mix of studios, one-, two-, and three-bedroom layouts. Of the total units, 60 will be designated as affordable housing. Strategically located less than two miles from Oyster Point—a growing biotech hub with over 11.5 million square feet of life sciences space—the project aims to meet the area’s growing demand for housing.
“The Bay Area remains one of the most resilient and high-demand rental markets in the country, and South San Francisco stands out with its strong employment base and sustained housing need,” said Thomas Whitesell, head of the debt investment group at Kennedy Wilson.
The financing was structured through Kennedy Wilson’s debt investment platform, further emphasizing the firm’s ongoing commitment to providing multifamily construction loans in high-growth U.S. markets.
Rendering courtesy of Armand A. Gorrell.
