Gantry secured an $11.75-million construction loan for the development of 14 for-sale townhomes in South Lake Tahoe. Located at 3708 Lake Tahoe Blvd. and 3709 Osgood Ave. on two parcels totaling .72-acres, construction is now underway. Currently branded as South Lake Tahoe Townhomes, the project fronts Lake Tahoe Boulevard and is within walking distance of the lake, Stateline casinos and other amenities.

Senior director Peter Hillakas, principal Robert Slatt and associate Keegan Bridges with Gantry’s Los Angeles and San Francisco production offices represented the borrower, a private real estate investor. The 18-month loan was provided from Gantry’s roster of lenders specializing in construction financing.

Hillakas said that despite strong fundamentals and an experienced sponsor, “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. 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.”

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