Ground work underway for 14 for‑sale townhomes near Lake Tahoe Boulevard in South Lake Tahoe.
, August 20, 2025
Construction has started on a 14‑unit for‑sale townhome development at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. in South Lake Tahoe after securing an approximately $11.7 million, 18‑month construction loan arranged by a commercial mortgage banking firm. The project occupies two parcels totaling 0.72 acres and fronts Lake Tahoe Boulevard within walking distance of the lake, casinos and ski connections. Financing required no presales, allowing immediate site work, foundation and framing. Underwriting addressed resort seasonality and a higher land basis from zoning changes. The sponsor will complete initial build phases under the loan term and market units as they finish.
What happened: Construction has started on a new 14‑unit, for‑sale townhome project in South Lake Tahoe after a construction loan of roughly $11.7 million was secured. The development occupies two parcels totaling 0.72 acres and fronts Lake Tahoe Boulevard, putting the site within easy walking distance of the lake shore, nearby casinos at Stateline and other local amenities.
– Project name: South Lake Tahoe Townhomes
– Address: 3708 Lake Tahoe Blvd. and 3709 Osgood Ave.
– Units: 14 for‑sale townhomes
– Lot size: 0.72 acres
– Construction status: now underway
– Loan type and term: construction loan, 18 months
– Reported loan amount: $11.7M–$11.75M (rounded)
The loan was arranged by a national commercial mortgage banking firm that worked through its roster of construction lenders to identify a financing source willing to back the for‑sale project. The lender provided a construction loan from that roster, and the financing was structured without any pre‑sale requirements, allowing development to begin immediately. Representatives from the arranging firm worked from production offices in both Los Angeles and San Francisco.
The borrower is a private real estate investor. The arranging team included senior and junior deal professionals who managed lender review and placement of the loan. The team performed a broad review of available construction financing sources to find a lender that would accept the project’s specifics and timing.
The site sits on the city’s main arterial and benefits from strong resort fundamentals and a sponsor familiar with the local market. However, underwriting faced two notable variables: the seasonal nature of a resort destination and a recent increase in the project’s land basis related to zoning adjustments. Those factors narrowed options for optimal terms, prompting an extensive review of lender sources until a fit was found. The selected lender provided a timely capital solution so construction could commence with no pre‑sale condition.
The development is positioned for buyers who want close access to the Lake Tahoe shoreline and the area’s recreational options, including ski resorts and the Stateline entertainment district. The site’s frontage on Lake Tahoe Boulevard gives it visibility and convenient access to local services and transit routes that serve the city’s tourism and residential markets.
With the construction loan in place, ground work and vertical construction have started. The loan’s 18‑month term provides a window for building and initial turnover activity, but further financing moves, sales schedules and construction milestones will depend on standard construction timetables, permitting and market conditions.
The project adds for‑sale inventory in a resort market that typically sees a mix of second homes, seasonal rentals and permanent residences. For buyers and local housing observers, new for‑sale townhomes can affect supply choices, local property taxes and neighborhood development patterns. For the local building trades and related services, the project means immediate construction jobs and related short‑term economic activity.
A: Fourteen for‑sale townhomes are planned on the two parcels totaling 0.72 acres.
A: The addresses are 3708 Lake Tahoe Blvd. and 3709 Osgood Ave., fronting the city’s main arterial and within walking distance of the lake and local amenities.
A: The construction loan reported was about $11.7 million (often noted as $11.75 million in some reports) with an 18‑month term.
A: No. The lender provided construction financing without any pre‑sale requirements, allowing work to begin immediately.
A: The borrower is a private real estate investor. A national mortgage banking firm arranged the loan and worked with lenders from its construction financing roster to place the loan.
A: A specific completion date has not been announced. The loan term is 18 months, which covers the construction phase, but final completion and sale timing will depend on construction progress and market conditions.
| Feature | Details |
|---|---|
| Project name | South Lake Tahoe Townhomes |
| Addresses | 3708 Lake Tahoe Blvd. & 3709 Osgood Ave. |
| Units | 14 for‑sale townhomes |
| Lot size | 0.72 acres (two parcels) |
| Loan amount | Approximately $11.7M–$11.75M |
| Loan type / term | Construction loan / 18 months |
| Construction status | Construction commenced |
| Borrower | Private real estate investor |
| Arranger | National commercial mortgage banking firm (arranged loan from its construction lender roster) |
| Notable underwriting points | Seasonal market and increased land basis due to zoning adjustments required extensive lender review; financing provided with no pre‑sale requirement |
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