Gantry secures $11.75 million construction loan for 14 townhomes in South Lake Tahoe
A construction loan of $11.75 million has been secured 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 two parcels, which together total 0.72 acres. The financing carries an 18-month term and was placed through a lender identified from a roster that specializes in construction financing.
What the deal covers
The project, currently branded as South Lake Tahoe Townhomes, will deliver 14 for-sale units along Lake Tahoe Boulevard. The site fronts a primary arterial in the city and sits within walking distance of the Lake Tahoe shoreline, nearby Stateline casinos, and other neighborhood amenities. The borrower on the transaction is a private real estate investor.
Who arranged the loan
The construction loan was arranged by Gantry, with representation from Gantry production offices in Los Angeles and San Francisco. The Gantry team working on the file included Senior Director Peter Hillakas, Principal Robert Slatt, and Associate Keegan Bridges. The team represented the borrower in locating a construction lender and structuring a timely capital solution.
Underwriting challenges and structure
Lenders and arrangers identified several underwriting challenges tied to the resort setting and recent site changes. Seasonal fluctuations in demand for resort-area housing added complexity to underwriting assumptions. In addition, a recent increase to the project’s land basis stemming from zoning adjustments raised development costs and required additional diligence. After a thorough review of available construction lenders, a funding source was identified that accepted the for-sale model and provided capital without pre-sale requirements.
Timeline and next steps
With the financing in place and ground work underway, the next phases will focus on core construction activity and site improvements. The 18-month loan term frames the near-term construction schedule, though the final sales timeline will depend on market conditions and completion milestones. No pre-sale targets were required by the lender to commence work.
Location and market context
The project’s frontage on Lake Tahoe Boulevard gives it direct access to the city’s main travel route and situates it within easy walking distance of recreational and tourist destinations. Local market listings for condos and townhomes show a mix of price points and limited inventory, indicating that new for-sale product in convenient locations may attract buyer interest across different price tiers.
Why this matters
The transaction illustrates how construction lenders are structuring short-term financing for for-sale residential projects in resort markets where seasonality and recent zoning changes can affect costs and sales pacing. It also shows the role of capital placement advisers in matching specialized lenders to projects that need timely funding to begin work.
FAQ
What is the loan amount and term?
The construction loan is $11.75 million with an 18-month term.
How many units will be built and where?
Fourteen for-sale townhomes are planned at 3708 Lake Tahoe Blvd and 3709 Osgood Ave in South Lake Tahoe, on two parcels totaling 0.72 acres.
Who is the borrower and who arranged the loan?
The borrower is a private real estate investor. The loan was arranged by Gantry, with team members from the Los Angeles and San Francisco production offices representing the borrower.
Is construction already started?
Yes. Construction is currently underway on the site.
Were pre-sales required to secure the financing?
No. The lender that provided the construction capital did so without pre-sale requirements.
What underwriting challenges were noted?
Key challenges included the seasonality of resort demand and a recent increase to the project’s land basis due to zoning adjustments, both of which required extra review during underwriting.
Key project features
| Feature | Details |
|---|---|
| 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 (combined) |
| Construction status | Underway |
| Borrower | Private real estate investor |
| Loan conditions | Provided without pre-sale requirements |
| Project name | South Lake Tahoe Townhomes |
| Adviser / arranger | Gantry (Los Angeles and San Francisco offices) |