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7/30/25
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Kennedy Wilson has secured a $183 mil senior construction loan for construction of 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 totaling 4.12 acres at 1587 and 1588 San Mateo Ave, Alexan Icon will consist of two seven-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 msf 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,” commented 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. The company has closed approximately $6 bil in senior construction loans for multifamily and student housing real estate projects across the country since acquiring a $4.1 bil loan portfolio from a regional and the subsequent integration of the bank’s construction lending team in Summer 2023.
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