$4M Loan on a Two-Unit Lower Pacific Heights Victorian

The smallest building among the researched county records is also one of the most revealing. On May 4, 2026, JPMorgan Chase recorded a $4,000,000 deed of trust on 46 Wilmot Street, a three story Victorian half a block off Fillmore Street that county records classify as a two unit multifamily property. The instrument runs 361 months, due June 2056, residential length paper on a commercially recorded asset. The parties on both sides of the sale are individuals, and per publication rules they are not named here.

The sale behind the loan is documented in brokerage records: the property sold off market for $4,500,000 in early May 2026 after listing in April at $3,495,000, and the county recorded the $4,500,000 transfer. The building is 2,693 square feet per county data, on a 1,511 square foot lot, with records dating it to 1900; a 2004 city permit describes the proposed use as a two family dwelling with two units, and brokerage materials describe a main residence with a roughly 500 square foot one bedroom in law unit.

The debt history tracks the building's renovation era: Bank of Amador construction deeds of trust of $2,000,000 and $325,000 in 2003 and 2004 during the permitted rebuild, a $1,890,000 refinance at completion, First Republic Bank at $2,000,000 in 2018, and Morgan Stanley Private Bank at $2,005,000 in 2021. The lender roster reads like a private banking client list, which is what this end of the two to four unit market is.

The new loan fits J.P. Morgan's published multifamily program only at its very edge; the bank's stated commercial program starts at five units, and its 21 tracked closings on LoanList are mostly conventional apartment buildings. Within San Francisco's tracked record this loan ranks 12th of 26, sitting in the same recorded band as true 20 and 30 unit buildings elsewhere in the city.

That is the point worth taking away. In San Francisco, a two unit Victorian can carry the same debt load as a small apartment building, and the county record treats them identically. Buyers financing high end two to four unit properties are effectively shopping two markets at once, residential jumbo and small commercial, and the recorded terms here, thirty year paper at bank pricing, show what crossing between them looks like.