$6.3M Credit Union Loan on a 19-Unit Lower Pacific Heights Building

Five months after 2801-2825 California Street sold for a recorded $8,491,500, its new owner financed it. Monterra Credit Union recorded a $6,300,000 deed of trust on May 11, 2026, executed May 6, for owner of record Bubble and Squeak LLC. The December 30, 2025 sale had come barely a year after the selling entity itself was formed, in September 2024, per state records.

The corner building is a 1927 three story walk up in Lower Pacific Heights. County records classify it as multifamily with 19 units and 15,644 square feet; a June 2025 sale listing described it as 16 residential units over four ground floor retail spaces totaling 16,383 square feet, marketed as fully leased. Both descriptions are reported as published. A dental practice operates in the ground floor retail, consistent with the building's neighborhood commercial zoning.

The debt history is one of the longest in the database: 21 instruments across sixteen lenders since 1989, and for most of that run the lenders were not banks. Private party deeds of trust dominate the 1990s and 2000s, including a string of four from a single private lender between 2001 and 2004, retirement plan trusts lending $200,000 at a time in 2007 and 2008, and a $737,000 Redevelopment Agency instrument in 1997. Institutional credit arrived in 2016, when BofI Federal Bank recorded $5,200,000 on a 300 month term, followed by $6,100,000 in 2017. The Monterra loan continues that institutional turn.

Monterra Credit Union, formerly San Mateo Credit Union, serves five Bay Area counties including San Francisco; its published commercial program covers multifamily and mixed use among other property types, for both owner users and investors, with amortization up to 25 years. This is its first closing tracked on LoanList, and at 3rd of 26 by size it enters the tracked San Francisco record near the top.

The nearest tracked closings underline how unusual the size is for the city this spring: $6,000,000 from Citizens Bank in April, then a cluster of J.P. Morgan and Citizens loans between $4,000,000 and $4,500,000.

For buyers of mixed residential and retail buildings, the chain here makes a practical point: a property that spent two decades financed by private individuals and retirement trusts now supports institutional credit union debt at 25 year amortization. Stabilized small buildings with clean rent rolls are graduating from private capital to depositories, and sellers and buyers alike are pricing to that.