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.
Construction has begun on a 14‑unit for‑sale townhome project at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. in South Lake Tahoe after securing a roughly $11.7 million construction loan. The development sits on two parcels totaling 0.72 acres and fronts the city’s main thoroughfare with easy walking access to the lake shoreline, nearby casinos and local amenities.
The construction loan is an 18‑month facility arranged by a commercial mortgage banking firm that placed the loan with a lender from its roster of construction financing sources. The announced loan amount appears in reports as both $11.7 million and $11.75 million, reflecting minor numeric variation across accounts. The borrower is a private real estate investor, and the financing was arranged without a requirement for presales of units.
Representatives from the arranging firm who worked on the transaction included a senior director, a principal and an associate from the firm’s Los Angeles and San Francisco production offices. Their work involved a broad review of construction financing sources to locate a lender comfortable with a for‑sale townhome project in a resort market.
The site sits directly on Lake Tahoe Boulevard, the city’s main arterial, and occupies a location that is within a short walk of the Lake Tahoe shoreline. It also offers close walking access to the Stateline casino area, ski resort connections and other recreational destinations. That location is a strong tourism draw, but the project’s underwriting had to account for the seasonality typical of resort communities as well as recent zoning adjustments that increased the project’s land basis.
Ground work and onsite activity have commenced. The development consists of 14 for‑sale townhomes on the combined .72‑acre parcel. Because financing was secured without a presale condition, the sponsor can begin construction immediately under the 18‑month loan term. The financing structure and term length indicate an expectation to complete initial construction phases within a relatively short development cycle or to secure follow‑on financing before the loan maturity.
Project underwriting faced two primary challenges: the cyclical nature of a resort market and an increased land cost basis tied to zoning updates. After an extensive review of available construction lenders, the arranging firm identified a lender willing to move forward on a for‑sale townhome scheme in the market. That lender delivered a timely capital solution that eliminated the need for unit presales to commence building.
With construction now underway under the 18‑month construction loan, the immediate next steps include site preparation, foundation and framing work for the 14 townhomes, followed by exterior finishes and interior build‑out. The sponsor will likely monitor seasonal demand and local market conditions as units are completed and marketed for sale.
The project comes as part of broader development activity in resort and regional markets where investors and lenders weigh tourism strength against seasonal occupancy patterns. Industry conferences and webinars focused on multifamily, industrial and seniors housing remain active forums for developers and lenders evaluating similar projects. These events cover topics such as design trends in student housing, industrial and multifamily investment in regional markets, and seniors housing operations and financing.
A for‑sale townhome development of 14 units on two parcels totaling 0.72 acres. The site fronts Lake Tahoe Boulevard and is within walking distance of the lake and nearby amenities.
The project obtained a construction loan reported around $11.7 million (some reports show $11.75 million). The loan term is 18 months and was placed by a lender identified by a commercial mortgage banking arranger.
The borrower is a private real estate investor. The loan was arranged so that construction could begin without any presale requirements for the units.
Underwriting had to address the seasonality of a resort destination and a recent rise in the project’s land basis driven by zoning changes. Those factors required a careful lender match to secure acceptable loan terms.
Site work and structural construction will proceed under the construction loan. The sponsor will stage marketing and sales activity as units are completed and track local market demand, especially during peak tourism seasons.
| Feature | Detail |
|---|---|
| Project name | South Lake Tahoe Townhomes (14 for‑sale units) |
| Addresses | 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. |
| Lot size | 0.72 acres (two parcels) |
| Loan amount | Approximately $11.7M–$11.75M |
| Loan type | Construction loan |
| Loan term | 18 months |
| Borrower | Private real estate investor |
| Construction status | Now underway |
| Site advantages | Fronts main arterial; short walk to lake, casinos, ski resorts and local amenities |
| Underwriting challenges | Resort seasonality; increased land basis due to zoning adjustments |
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