Velvære Secures Significant Financing for Community Expansion
Velvære, a premier wellness-oriented residential community in Deer Valley's East Village, triumphantly announces that it has successfully secured an additional $197 million in financing from Anchor Loans. This institutional lender has a formidable reputation in funding substantial residential developments across the country. The new financing will augment Velvære's existing capital to create a superb total construction financing package amounting to $555 million.
Key Highlights of the Financing Deal
This fresh infusion of capital from Anchor Loans marks a significant milestone in the expansion of Velvære’s community vision:
- New Financing: $197 million secured from Anchor Loans.
- Total Financing: Reworked financing totals $555 million through the strategic rearrangement of existing capital.
- Partnership with LFB Ventures: The financing was skillfully arranged and advised by LFB Ventures, ensuring compliance with Velvære's sophisticated community needs.
- Equity Support: Backed by Toba Capital, enhancing confidence in the scalability of the project.
- Utilization of Funds: The capital will be utilized for the construction of exclusive wellness amenities and luxury vertical residential developments.
A Vision of Wellness in Mountain Living
The Velvære community covers an impressive 60 acres and is envisioned as a $1 billion wellness-centric alpine paradise, developed collaboratively by Pioche Partners, LLC, a joint venture consisting of Bonfire Collective and VP Companies, Inc. This initiative aims to fuse luxury living with state-of-the-art wellness features and adventure opportunities. The newly unlocked financing is set to accelerate the realization of this transformative vision, enhancing Deer Valley’s East Village.
Community Features and Partnerships
Velvære has partnered with industry leaders such as Fountain Life, Technogym, and Aescape to capture the rising demand for premium mountain living experiences. This strategic collaboration ensures that residents will enjoy access to unparalleled slopeside wellness living amidst breathtaking alpine views.
Strategic Approach to Capital and Market Trends
Blake Bitterlin, the Founder & President of LFB Ventures, expresses the importance of aligning with a capital provider that understands Velvære's comprehensive community vision. The approach focused on finding a single-source capital provider who could efficiently consolidate the project’s legacy debt into a cohesive revolving debt facility. This strategy supports the various requirements for land development, enhanced amenities, and residential construction.
Market Dynamics and Sales Momentum
The recent financing comes amidst a dynamic real estate market in Deer Valley's East Village, characterized by remarkable momentum. Velvære has seen sales of luxury estate lots soar, with transactions closing in the range of $4 million to $5 million during the final quarter of the calendar year. This marketplace performance cements Velvære’s position as the most desirable location for ski-in/ski-out living.
Expanding Opportunities for Residents
Dayson Johnson, the Chief Revenue Officer of Bonfire Collective and Partner at Pioche Partners, states, "This financing will empower the realization of Velvære’s next developmental phase. Beyond constructing homes, we are focused on cultivating a vibrant community where residents can thrive physically and mentally. Here, they can explore, train, and rejuvenate while enjoying the unique joy that comes with mountain living.”
Residents of Velvære will benefit from direct ski-in/ski-out access via an onsite Deer Valley lift and will have access to 'The Well,' a wellness center designed to promote physical health and recovery. Additionally, 'The Base,' an adventure center tailored for family fun, will be part of the community's recreational offerings.
The first round of estate residences is already complete, with additional houses and estates currently under development, showcasing a price range from $4 million to $12 million.
About Velvære and Its Community Vision
Velvære offers a new 60-acre lifestyle marked by direct access to the Deer Valley Resort, allowing residents to immerse themselves in year-round mountain activities. Designed with a private community focus, it will feature exclusive access to skiing, expansive trails, an advanced wellness center, and a family-oriented adventure hub. Velvære includes a total of 115 sites for estate homes, luxurious residences, and cabins, blending privacy with the accessibility of a vibrant base village.
For those interested in learning more about this luxury community, up-to-date information can be found on the official website or via their social media presence. By integrating cutting-edge amenities within an exclusive lifestyle, Velvære is poised to elevate the standards for alpine communities.
Frequently Asked Questions
1. What is Velvære?
Velvære is a luxury wellness-focused community in Deer Valley, offering unique amenities and direct access to ski slopes.
2. How much funding has Velvære secured?
Velvære recently secured $555 million in financing for its community development efforts.
3. What amenities will be included in the community?
Residents can expect innovative wellness facilities, luxury residences, and family adventure centers among other amenities.
4. Who are Velvære's key development partners?
Notable partners include Pioche Partners, LLC, Bonfire Collective, and VP Companies, enhancing the project's credibility and execution.
5. What is the expected price range for homes in Velvære?
Homes in Velvære are priced from $4 million to $12 million, catering to high-end buyers focused on luxury and wellness living.
