$4.4M Life Company Loan on a SoMa Industrial Building

The term is the story on this one. Standard Insurance Company's $4,400,000 deed of trust on 1301 Harrison Street, executed April 24, 2026 and recorded May 5, runs 301 months, due June 1, 2051. It is the second time the Portland based life insurer has written 25 year paper on the building: its prior loan, $2,565,000 recorded in 2016, carried the same 301 month structure. Fully amortizing quarter century debt is a life company signature, and this small SoMa industrial building has now carried it twice.

The collateral is a 1926 poured concrete building of 15,000 square feet per county records, two stories on a corner lot, with a freight elevator and heavy power noted in past leasing materials. It is home to a European antiques dealer and restoration workshop whose long operation at the address is confirmed by public directory listings. The borrower, 1301 Harrison Street LLC, has held title since the early 2000s; state records show the entity registered in May 2003.

Before the life company era, the building banked with Far East National Bank, which recorded six instruments between 1999 and 2011, from a $1,210,000 deed of trust to a revolving line, followed by Preferred Bank in 2012 and 2013 and a $6,300,000 First Northern Bank refinance in 2013. Sixteen instruments run back to 1987.

Standard Insurance originates fixed rate commercial mortgages through StanCorp Mortgage Investors, and a correspondent lender profile describes its sweet spot as smaller loans, typically $500,000 to $5,000,000 and up to $20,000,000, across retail, office, industrial, and multifamily, originated through correspondent mortgage bankers with rate lock at application. Those are program descriptions, not this loan's terms. All three of its tracked closings, in Lakewood, Los Angeles County and San Francisco, carry 301 month terms.

San Francisco's tracked record has exactly one other industrial closing this spring, $2,975,000 from Western Adventist Foundation in March, which makes this loan, 8th of 26 in the city overall, the largest tracked industrial financing in San Francisco this year.

For owner users and long hold investors in small industrial buildings, the take away is that the life company execution reaches much further down market than most owners assume. A $4,400,000 loan on a 15,000 square foot building drew 25 year fully amortizing insurance company money, twice. Owners tired of five year bank rollovers have an alternative, and it is in the record.