Kennedy Wilson Closes on $183M Loan for Multifamily Near Oyster Point
Kennedy Wilson has closed a $183-million senior construction loan for Alexan Icon, a 480-unit, two-building multifamily development in South San Francisco. The loan was provided to a joint venture of repeat Kennedy Wilson sponsors.
Positioned on two sites at 1587 and 1588 San Mateo Ave., Alexan Icon will include two seven-story podium buildings with a mix of studio, one-, two-, and three-bedroom units, including 60 designated affordable units. The development is located less than two miles from Oyster Point, home to more than 11.5 million square feet of biotech 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 the debt investment group at Kennedy Wilson.
Kennedy Wilson structured the financing through its debt investment platform, continuing its focus on multifamily construction loans in high-growth U.S. markets.
Rendering courtesy of Armand A. Gorrell.
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