**South Lake Tahoe Townhomes Secure $11.75M Construction Loan**
Gantry has secured $11.75 million in construction financing for the development of 14 for-sale townhomes in South Lake Tahoe. The project, currently branded as South Lake Tahoe Townhomes, is located at 3708 Lake Tahoe Boulevard and 3709 Osgood Avenue. Spread across two parcels totaling 0.72 acres, construction on the site is now underway. The location features prime frontage along Lake Tahoe Boulevard and offers easy walking access to the lake, nearby Stateline casinos, and other local amenities.
The financing was arranged by Gantry’s Peter Hillakas, Senior Director; Robert Slatt, Principal; and Keegan Bridges, Associate. The team, based out of Gantry’s Los Angeles and San Francisco production offices, represented the borrower, a private real estate investor. The 18-month construction loan was sourced from a lender within Gantry’s extensive network that specializes in construction lending.
Hillakas noted that while the project benefits from strong market fundamentals and an experienced sponsor, underwriting the deal posed some complexities. “The seasonality of a resort destination and a recent increase to the project’s land basis due to zoning adjustments presented challenges to underwriting the loan for optimized terms,” he said. “After copious review of Gantry’s extensive roster of construction financing sources, our team was able to identify a lender confident in this for-sale project and able to deliver a timely capital solution to commence development without any pre-sale requirements.”
Connect Apartments 2025, an in-person event featuring insights from multifamily industry leaders, will be held on September 11 at the Fairmont Century Plaza in Los Angeles.
— Originally published on Connect CRE.
