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California  + Bay Area  + Finance  | 

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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Kennedy Wilson's Whitesell

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
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