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.
A construction loan arranged by a national mortgage banking firm has enabled the start of work on a 14‑unit for‑sale townhome project in South Lake Tahoe. The development, branded South Lake Tahoe Townhomes, sits at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. and occupies two parcels totaling 0.72 acres. Construction is now underway after financing closed on an 18‑month construction loan in the neighborhood of $11.7 million (also reported in some notices as $11.75 million
The financing clears a key hurdle for a small for‑sale development located on the city’s main arterial, within walking distance of the Lake Tahoe shoreline, nearby Stateline casinos and other local amenities. The project’s proximity to the lake and to tourist destinations makes it a strategically located residential offering in a resort market where seasonality can affect sales and construction timing.
The planned build comprises 14 townhomes on two contiguous parcels totaling .72 acres. The site fronts Lake Tahoe Blvd., the city’s principal roadway, and is a short walk to the lake shoreline and to nearby entertainment and recreation options. The homes are being developed as for‑sale units marketed to buyers, rather than rental inventory.
The construction loan was arranged by Gantry, which was engaged to source construction financing from its roster of lenders that specialize in construction loans. The loan was described in public filings as an 18‑month construction facility in the range of $11.7–$11.75 million. The borrower is a private real estate investor.
The financing process faced specific underwriting challenges tied to the nature of the location: resort seasonality and a recent increase in the project’s land basis following zoning adjustments. After a thorough review of available construction lenders, a capital provider willing to finance a for‑sale project in this market without pre‑sale requirements was identified, enabling the sponsor to start construction promptly.
The borrower was represented by a team from the arranging firm’s Los Angeles and San Francisco production offices. The internal team members listed on transaction materials included senior, principal and associate‑level advisors who coordinated lender outreach and term negotiation. Financing was provided by a lender selected from the arranger’s construction financing roster.
Groundwork and initial construction activity have commenced. The 18‑month loan term is intended to cover development through completion of core construction stages; either refinancing or conversion to a permanent structure and sale of individual units would typically follow, subject to market conditions and the sponsor’s sales timeline.
The project announcement appeared alongside a range of industry event listings and sector briefings in the same content distribution, including conferences and webinars focused on industrial, multifamily, student housing and seniors housing topics, as well as regional market gatherings in Phoenix, Houston, Austin, Dallas‑Fort Worth and Las Vegas. One notable upcoming webinar in the aggregated material was a student housing design session scheduled for early September.
Transaction and project notices were published in mid‑August 2025. The announcement summarized loan sizing, term, lender sourcing and the sponsor’s ability to start construction without pre‑sale conditions.
Fourteen for‑sale townhomes on two parcels (totaling 0.72 acres) at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. in South Lake Tahoe.
An 18‑month construction loan sourced through a commercial mortgage banking firm’s roster of construction lenders, reported in the range of $11.7 million to $11.75 million.
The borrower is a private real estate investor; the financing was arranged by a national mortgage banking firm with production offices involved in Los Angeles and San Francisco.
Yes. Construction activity has commenced following loan closing.
No. The lender provided construction capital without requiring pre‑sale commitments.
Underwriting complexity arose from resort seasonality and an increased land cost basis tied to recent zoning adjustments at the site.
The reported loan term is 18 months.
| Feature | Detail |
|---|---|
| Project name | South Lake Tahoe Townhomes |
| Location | 3708 Lake Tahoe Blvd. and 3709 Osgood Ave., South Lake Tahoe, CA |
| Units | 14 for‑sale townhomes |
| Site size | 0.72 acres (two parcels) |
| Loan amount | $11.7M – $11.75M (reported variance) |
| Loan term | 18 months (construction) |
| Borrower | Private real estate investor |
| Lender sourcing | Selected from arranger’s roster of construction financing lenders |
| Construction status | Construction commenced |
| Market context | Resort location; close walk to Lake Tahoe shoreline and Stateline casinos |
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