The Lofts at Moonlight Beach, the recently completed residential/retail condominium at 90 N. Coast Highway 101 in Encinitas 92024, has been sold for $14.7 million.
The transaction consisted of $10.6 million for 15 of 17 residential units financed with a loan of $7.42 million from California Bank & Trust, and $4.1 million for the 15 retail units financed with a loan of $2,665,000, also from California Bank & Trust.
The buyer of the residential units was MB Lofts, LLC, c/o Viewpoint Equities, 2655 Camino del Rio North, Suite 320, San Diego 92108. Gregg Seaman is the manager of MB Lofts.
The buyer of the retail units was Equity Two Properties, LLC, c/o Viewpoint Equities, with Seaman manager.
The seller was court-appointed receiver Gregg Williams of Trident Pacific Real Estate Group Inc. of Irvine.
Jim Neil, Eric Comer, Reg Kobzi and Joel Wilson of CBRE San Diego represented the seller/receiver. The buyers were represented by Seaman.
The Lofts at Moonlight Beach. Photo courtesy of CoStar
Built in 2008, The Lofts at Moonlight Beach consists of two three-story buildings with 15 two-bedroom residential condos totaling 27,498 square feet and 15 retail suites totaling 13,211 square feet.
Current tenants in the retail units include Curan & Curan Law Offices, Image Salon, Deep Tan, Mosaic Sports Management, The Den, The Insurance Store, Perspectives, Lofty Bean and Matthew Pequignot Legal Services. Three retail units totaling 2,682 square feet are currently available.
The complex was constructed by The Lofts at Moonlight Beach LLC, with Distinctive Projects Company Inc. as manager. Richard Lee Sax was president of Distinctive Projects. The condo was built with an October 2007, $20 million construction loan from Vineyard Bank. California Bank & Trust is the receiver for Vineyard.