BEVERLY HILLS, CA - Kennedy Wilson, a global real estate investment company and one of the most active real estate construction loan providers in the country, has closed a $183 million senior construction loan for Alexan Icon, a 480-unit, two-building multifamily development in South San Francisco, California. The loan was provided to a joint venture of repeat Kennedy Wilson sponsors.
Positioned on two sites totaling 4.12 acres at 1587 and 1588 San Mateo Avenue, Alexan Icon will consist of two 7-story podium buildings offering a mix of studio, one-, two-, and three-bedroom units, including 60 designated affordable units. The property will include 560 parking spaces and a host of lifestyle-enhancing amenities such as a resort-style pool and spa, club lounges, co-working spaces, speakeasy, and top-floor lounges, with each building featuring its own dedicated facilities.
The development is strategically located less than two miles from Oyster Point, home to over 11.5 million square feet of biotech space and employers like Genentech, Amgen, Pfizer, and Biogen, making it a prime option for South San Francisco’s growing professional population. The project also offers convenient access to the Shops at Tanforan and local transit.
“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. “We’re proud to continue our partnership with two top-tier sponsors on a community that pairs exceptional design with immediate access to some of the world’s leading biotech employers.”
Kennedy Wilson structured the financing through its debt investment platform, continuing its focus on multifamily construction loans in high-growth U.S. markets. The company has closed approximately $6 billion in senior construction loans for multifamily and student housing real estate projects across the country since acquiring a $4.1 billion loan portfolio from a regional and the subsequent integration of the bank’s construction lending team in Summer 2023.
About Kennedy Wilson: Kennedy Wilson (NYSE: KW) is a leading real estate investment company with over $29 billion of assets under management in high growth markets across the United States, the UK and Ireland. We focus primarily on rental housing, with over 65,000 multifamily and student housing units owned by the company or financed through our growing credit platform. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, with more than $60 billion in total transactions closed across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic investments alongside our partners. For further information, please visit www.kennedywilson.com