$7.5M Refinance of a 35-Unit Mission District Mixed-Use Building

The 2026 refinance of 3177 16th Street changed nothing but the maturity date. JPMorgan Chase recorded a $7,500,000 deed of trust on April 30, 2026, executed April 17, replacing its own $7,500,000 loan from April 2021, same lender, same amount, five years apart. In a market where owners of older urban buildings are said to be fleeing or trapped, this record shows a third option: rolling forward, flat, at scale.

The building is a 1907 three story mixed use property of 47,312 square feet at 16th and the Valencia corridor in the Mission District: 35 residential units over ground floor retail anchored by K and D Market, a neighborhood grocery confirmed at the address. County records show the same individual ownership since 1996, thirty years and counting; per publication rules the individuals are not named. The 1907 vintage places the residential units under San Francisco rent control.

The lender succession is a single unbroken thread: Home Savings of America in 1990, Washington Mutual in 2003 and 2008, and JPMorgan Chase, Washington Mutual's successor bank, in 2011, 2016, 2021, and 2026. Recorded balances step from $1,935,000 to $1,600,000 to $7,500,000, with the big jump coming in 2021 and holding steady since. One owner, effectively one lending relationship, for three decades.

J.P. Morgan's published mixed use program covers exactly this profile, apartments over ground floor retail, on fixed and adjustable structures with up to thirty year amortization, for purchase and refinance. This loan is the second largest of 26 tracked San Francisco closings, behind only a $9,800,000 private loan on a Sutter Street hotel property, and one of eight tracked J.P. Morgan closings in the city, more than any other lender.

For owners of rent controlled mixed use buildings, the signal cuts against the prevailing story about San Francisco. A 119 year old Mission District building with a grocery downstairs and controlled rents upstairs rolled $7,500,000 of bank debt without a haircut, from the country's largest multifamily lender, at its second largest tracked size in the city. The record does not show retreat; it shows a market functioning quietly for owners who held.