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 secured to fund the development of 14 for-sale townhomes on two parcels at 3708 Lake Tahoe Blvd and 3709 Osgood Ave in South Lake Tahoe. Construction on the project, currently branded South Lake Tahoe Townhomes, is now underway.
The two parcels total 0.72 acres. The development fronts Lake Tahoe Boulevard and is within walking distance of the Lake Tahoe shoreline, Stateline casinos, and other local amenities. The loan carries an 18-month term and was placed from a roster of lenders that specialize in construction financing. The borrower is a private real estate investor, and the financing was arranged by Gantry, a firm described in filings as the largest independent commercial mortgage banking firm in the U.S.
The Gantry team representing the borrower reviewed an extensive list of construction lenders before identifying a source willing to support this for-sale project. The selected lender provided a timely capital solution that allowed development to begin without any pre-sale requirements. Gantry’s production offices in Los Angeles and San Francisco were involved in the transaction. The Gantry representatives on the deal include senior and principal-level staff and an associate who worked on loan placement and coordination.
Underwriting accounted for two primary challenges: the seasonality inherent to resort markets and a recent zoning-driven increase to the project’s land basis. Both factors affected how lenders evaluated risk and pricing for the short-term construction loan. To land acceptable terms, the financing team performed a detailed review of capital sources and matched the project with a lender comfortable with a for-sale model in a resort setting.
The site’s position along the city’s main arterial places the townhomes within easy walking distance of shoreline access and the Stateline area across the Nevada state line, a cluster of resorts and hospitality offerings. The proximity to year-round recreational options — winter ski areas and summer lake activities among them — is expected to be a material factor for prospective buyers and the project’s marketing plan.
Ground work and vertical construction are in progress under the 18-month construction loan. With no pre-sale covenants attached to the financing, the developer can complete initial building phases and then move units to market for sale under typical for-sale timing. The short loan term indicates the expectation of completing construction and achieving stabilized sales or refinancing before the maturity date.
Short-term construction financing on for-sale residential projects in resort communities often requires careful lender selection because of fluctuating seasonal demand and local zoning impacts that can change project costs. The loan for this South Lake Tahoe project demonstrates that lenders remain active in tailored construction finance when a borrower and advisor can align on risk factors and timing.
A: Fourteen for-sale townhomes branded as South Lake Tahoe Townhomes on two parcels at 3708 Lake Tahoe Blvd and 3709 Osgood Ave.
A: The construction loan is $11.75 million with an 18-month term.
A: The borrower was represented by a commercial mortgage banking firm that organized the loan from a roster of lenders specializing in construction financing. Production offices involved were located in Los Angeles and San Francisco.
A: No. The lender selected for this transaction provided capital without any pre-sale conditions, allowing construction to start immediately.
A: The property fronts Lake Tahoe Boulevard, sits on 0.72 acres, and is within walking distance of the lake, nearby Stateline casinos, ski areas, and local amenities.
A: Underwriting reviewed the effects of seasonality in resort demand and a recent increase in the land basis linked to zoning adjustments; both influenced lender evaluation and terms.
A: The borrower is identified as a private real estate investor.
| Feature | Detail |
|---|---|
| Project name | South Lake Tahoe Townhomes |
| Location | 3708 Lake Tahoe Blvd & 3709 Osgood Ave, South Lake Tahoe |
| Units | 14 for-sale townhomes |
| Site size | 0.72 acres |
| Loan amount | $11.75 million |
| Loan term | 18 months |
| Borrower | Private real estate investor |
| Financing highlights | No pre-sale requirement; lender sourced from roster of construction lenders |
| Site advantages | Fronts Lake Tahoe Boulevard; walking distance to Lake Tahoe shoreline and Stateline casinos |
| Construction status | Construction underway |
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