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 put in place to build 14 for-sale townhomes at 3708 Lake Tahoe Blvd and 3709 Osgood Ave in South Lake Tahoe. Construction is already underway on the site, which sits on two parcels totaling 0.72 acres. The development is currently branded as South Lake Tahoe Townhomes.
The loan was arranged by Gantry, identified as the largest independent commercial mortgage banking firm in the U.S. Gantry secured the 18-month construction loan from its roster of lenders that specialize in construction financing. The financing was structured without any pre-sale requirements, allowing development to start immediately.
The borrower is a private real estate investor. The Gantry team that represented the borrower included Peter Hillakas (Senior Director), Robert Slatt (Principal), and Keegan Bridges (Associate). Gantry’s production offices in Los Angeles and San Francisco were involved in arranging the financing.
The project fronts Lake Tahoe Boulevard and is within easy walking distance of the Lake Tahoe shoreline. It is also a short walk from the Stateline casino area and other nearby recreational and tourist amenities. The location places the townhomes along the city’s main arterial, providing straightforward access to local services and transport routes.
Underwriting the loan required extra work because the market is a resort destination with pronounced seasonality. In addition, recent zoning adjustments raised the project’s land basis, which complicated the financing assumptions. To address those issues, Gantry conducted an extensive review of its construction financing sources and identified a lender confident in a for-sale product of this type. That lender was willing to provide timely capital and to move forward without requiring presales.
With construction now underway, the project is moving into the building phase under the 18-month loan term. The lack of pre-sale conditions means the developer can focus on completing the units and marketing them for sale once construction milestones are reached.
The loan clears a major financing hurdle for a small, for-sale project in a resort market. By lining up construction capital that did not require presales, the financing allows the private investor to begin work quickly. The project’s proximity to the lake and to tourist amenities positions the homes for both local buyers and visitors seeking a residence near the shoreline and nearby attractions.
Fourteen for-sale townhomes branded as South Lake Tahoe Townhomes are being developed on two parcels totaling 0.72 acres at 3708 Lake Tahoe Blvd and 3709 Osgood Ave.
A construction loan of $11.75 million was secured to fund the development.
The loan was arranged by Gantry and placed with a lender from Gantry’s roster that specializes in construction financing. The lender chosen did not require any pre-sales to fund construction.
The borrower is a private real estate investor represented in the transaction by Gantry.
The loan term is 18 months, covering the construction period.
Yes, construction on the project is underway.
Underwriting faced complexity due to the resort market’s seasonality and a recent zoning-driven increase in the project’s land basis. These factors required a thorough lender search and careful structuring of the loan.
The Gantry team included Peter Hillakas, Robert Slatt, and Keegan Bridges, with support from production offices in Los Angeles and San Francisco.
| Feature | Details |
|---|---|
| Loan amount | $11.75 million |
| Units | 14 for-sale townhomes |
| Addresses | 3708 Lake Tahoe Blvd & 3709 Osgood Ave |
| Parcel size | 0.72 acres (two parcels) |
| Loan term | 18 months |
| Construction status | Underway |
| Borrower | Private real estate investor |
| Arranging firm | Gantry (production offices: Los Angeles, San Francisco) |
| Gantry team | Peter Hillakas; Robert Slatt; Keegan Bridges |
| Pre-sales required? | No pre-sale requirement |
| Key underwriting challenges | Resort seasonality and zoning-driven increase to land basis |
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