JV Secures $555M in Financing for Utah Luxury Athlete Residential Community
Bonfire Collective and VP Companies, Inc.'s joint venture has secured a total of $555 million in financing to support the development of its luxury wellness community designed for athletes, located in Utah's Deer Valley East Village.
This comes in part from a $197 million infusion provided by Anchor Loans. That amount has been restructured into a $555 million multi-product construction revolver.
The deal was arranged and advised by LFB Ventures, with Toba Capital providing equity backing.
"Securing capital that mirrored the nature of our client's vision was paramount to the capital markets effort," said Blake Bitterlin, founder & president of LFB, said in a statement.
"We focused on engaging a single-source capital provider capable of consolidating legacy debt into a streamlined, revolving debt facility that addresses all the needs for land development, amenity, and home construction for each diverse product type, including the world-class amenities that define this one-of-a-kind community."
The JV, which operates under Pioche Partners, LLC, values the 60-acre community that features luxury homes, estate lots and wellness amenities at $1 billion. The amenities will focus on the needs of professional athletes, with the community called Velvære, including a family adventure center and a wellness center that's designed for recovery and performance. Some other features at the site include a ski beach, a ski terrain and a ski lift.
Velvære delivered the first estates in 2024. According to the fourth quarter 2025 figures, the community has closed between $4 million and $5 million in estate sales so far in the period.
Last month, Realtor ranked Salt Lake City, about 40 minutes from Deer Valley East Village, as the fifth-best luxury housing market in the nation.
Source: GlobeSt/ALM