The asset involved is a development site located at 1587 & 1588 San Mateo Avenue in South San Francisco, covering an area of 4.1 acres. The property is part of a construction loan deal involving a multifamily project, named Alexan Icon, which will consist of 480 units, including 60 affordable units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $183,000,000
• Lender: Thomas Whitesell - Kennedy Wilson
• Landlord: Gerry Ranglas - R&V Management
• Market: South San Francisco
• Loan Type: Construction
• Project Units: 480 multifamily units
• Affordable Units: 60 units
• Development Area: 4.1 acres
• Part of Kennedy Wilson’s $3.5B multifamily loan originations in 2024

Key individuals involved in the deal include Thomas Whitesell representing Kennedy Wilson as the lender providing the construction loan, while Gerry Ranglas represents R&V Management as the landlord in this transaction. The project is strategically located near the biotech hub of Oyster Point, signifying the collaboration between the entities in the multifamily housing market.