Construction underway for 14 South Lake Tahoe townhomes along Lake Tahoe Boulevard
South Lake Tahoe, California, August 14, 2025
Gantry arranged an $11.75 million construction loan to build 14 for-sale townhomes at 3708 Lake Tahoe Blvd and 3709 Osgood Ave in South Lake Tahoe. Construction is underway on the combined 0.72-acre site, backed by an 18-month financing package that required no pre-sales. Gantry’s Los Angeles and San Francisco teams represented a private real estate investor, navigating underwriting challenges tied to resort seasonality and a recent land-basis increase from zoning adjustments. With funding secured, the project will move into core construction and site improvements, while final sales timing will depend on market conditions.
What happened: A construction loan of $11.75 million has been arranged to build 14 for-sale townhomes at 3708 Lake Tahoe Blvd and 3709 Osgood Ave in South Lake Tahoe. Construction is now underway on the site, which sits on two parcels totaling 0.72 acres.
The project, currently called South Lake Tahoe Townhomes, fronts Lake Tahoe Boulevard and is within walking distance of the lake, nearby Stateline casinos, and other local amenities. The loan was closed for an 18-month term and was placed through a group of lenders that specialize in construction financing. The borrower is a private real estate investor.
The deal puts new for-sale housing on a small, centrally located parcel in a resort town where homes often serve both full-time residents and part-time visitors. The location along the city’s main road makes the site appealing to buyers who want quick access to shoreline parks, casinos, ski areas, restaurants, and other services.
The lender for this transaction was identified after a broad review of construction financing sources. Lenders that focus on short-term construction loans were considered, and one was selected that could provide capital quickly without requiring pre-sale commitments from the developer. The loan came from a roster of lenders available through the arranger, which is the largest independent commercial mortgage banking firm in the U.S.
Underwriting the loan required extra attention because the property is located in a seasonal resort market and recent zoning adjustments increased the project’s land basis. These two factors affected both projected cash flow and costs, so underwriters ran detailed reviews of seasonality, demand patterns, and revised land cost assumptions. After that review, the financing partner was confident in lending on a for-sale product with no pre-sale requirement.
The financing was arranged by a team that worked out of production offices in Los Angeles and San Francisco. The team included a senior director, a principal, and an associate, who collectively represented the private investor that is developing the townhomes.
Groundwork and construction activities have started. With an 18-month financing window in place, the developer plans to move forward with vertical construction and basic site improvements. No public timetable for sales launches or unit pricing has been released yet.
The townhome site occupies a small footprint but benefits from a central position along the city’s main arterial. Its proximity to the shoreline and to entertainment and recreation venues makes it a likely candidate for buyers who want resort-style living or a rental option for vacation stays. The for-sale nature of the project differentiates it from the many short-term rental and condo offerings in the market.
Details that remain unconfirmed publicly include unit mix and square footage per unit, pricing ranges, parking plans, and an exact completion date. The developer and lender have not announced any required pre-sales for the loan.
The financing closes a key gap for a small for-sale residential project in a busy resort community. By lining up short-term construction capital without pre-sale conditions, the borrower can begin building now while monitoring market demand for completed units.
The construction loan is $11.75 million.
The development will include 14 for-sale townhomes.
The project is located at 3708 Lake Tahoe Blvd and 3709 Osgood Ave in South Lake Tahoe and sits on 0.72 acres.
Yes. Construction is currently underway on the site.
The borrower is a private real estate investor represented by a financing team working from the arranger’s Los Angeles and San Francisco production offices.
No. The lender provided the loan without requiring pre-sale commitments.
The loan term is 18 months.
Underwriting took into account the seasonality of demand in a resort market and a recent increase in the project’s land cost due to zoning changes. These factors affected projected revenue and required careful review.
| Feature | Detail |
|---|---|
| Loan amount | $11.75 million |
| Loan term | 18 months |
| Units | 14 for-sale townhomes |
| Site addresses | 3708 Lake Tahoe Blvd; 3709 Osgood Ave |
| Parcel size | 0.72 acres (two parcels) |
| Project name | South Lake Tahoe Townhomes |
| Location notes | Fronts Lake Tahoe Boulevard; walking distance to lake and Stateline casinos |
| Borrower | Private real estate investor |
| Financing arranger | Largest independent commercial mortgage banking firm in the U.S.; production offices involved: Los Angeles and San Francisco |
| Pre-sale requirement | None |
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