$9.5M Refinance of a 100-Unit Oceanside Apartment Community

The recorded balance at Valley View Apartments is moving down, not up. JPMorgan Chase recorded a $10,500,000 deed of trust on the Oceanside community in March 2021; its new refinance, executed April 23, 2026 and recorded May 14, is $9,500,000. Between the two recordings sits a rate cycle, and the deleveraging is simply what the county record shows.

Valley View is a 100 unit garden style community at 377-479 Vandegrift Boulevard, two story buildings across 4.6 acres, built in 1987 per county records, with 98,075 square feet of improvements. Current listings show two bedroom, two bath units of about 970 square feet renting from $2,395, with a pool, spa, fitness room, and gated access, managed by Hoban Management, Inc. The borrower, Thunder Road Properties LLC, is a foreign limited liability company registered in California in March 2020 with a Wyoming parent, per state records; title moved to it from a family trust in April 2020, with no price recorded.

This is JPMorgan's third consecutive recording on the property: $7,500,000 in 2012, $10,500,000 in 2021, and now $9,500,000, following a Deutsche Bank Berkshire Mortgage instrument in 2008 and Glendale Federal loans in 1987 and 1993 that trace to the community's construction. A seller carried $200,000 when the property traded in 1995.

J.P. Morgan's published multifamily program, term loans of $500,000 to $25,000,000 or more on stabilized properties of five units and up, fits this asset squarely, and the bank's 21 tracked closings, five in San Diego County, make it the most active lender in the database. This loan is the second largest of 25 tracked San Diego County closings.

The rest of the tracked county record clusters well below it: $7,850,000 from Genworth Life Insurance Company in Santee, $7,590,000 from Western Alliance Bank in Lakeside, $7,398,100 from CBRE Multifamily Capital in Chula Vista, and a pair of J.P. Morgan loans in Carlsbad and La Mesa at $7,325,000 and $7,300,000.

For owners of larger suburban communities, the 2021 to 2026 sequence here is the data point worth having: a major bank re underwrote a 100 unit asset through the rate cycle and re issued at a lower balance rather than walking away. Owners facing similar maturities can read the recorded amounts, not the headlines, for what large stabilized multifamily is actually refinancing at.