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.Two of the project units on the back side of the alley sold in 2011 and 2012, at about $460 per square foot and carrying HOA dues of $490 and $535 per month.
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 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.
Vineyard Bank was taken over by the FDIC in 2009.