**Kennedy Wilson Secures $183M Construction Loan for South San Francisco Multifamily Project**
Kennedy Wilson has successfully closed a $183 million senior construction loan for Alexan Icon, a 480-unit multifamily development located in South San Francisco. The financing was provided to a joint venture of repeat Kennedy Wilson sponsors and marks a significant investment in the growing Bay Area rental market.
Situated at 1587 and 1588 San Mateo Avenue, Alexan Icon will consist of two seven-story podium-style buildings. The project will offer a mix of studio, one-, two-, and three-bedroom units, including 60 affordable housing units. The development is strategically positioned less than two miles from Oyster Point, a biotech hub that boasts over 11.5 million square feet of lab and office space.
“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 Kennedy Wilson’s debt investment group.
Kennedy Wilson structured the loan through its debt investment platform, continuing its strategic focus on multifamily construction loans in high-growth U.S. markets.
Rendering courtesy of Armand A. Gorrell.
