Anchor Loans Provides $555M Construction Loan for $1B Deer Valley Ski Community
Bonfire Collective and VP Companies are building 115 residences in the Utah hotspot
By Brian Pascus December 4, 2025 4:21 pm
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A joint venture between Bonfire Collective and VP Companies has secured $555 million in construction financing to build Velvære, a $1 billion luxury real estate community of 115 private residences within the Deer Valley ski resort in Park City, Utah, according to a release.
Anchor Loans provided the $197 million in capital financing, with Toba Capital supplying the equity, which will combine with existing funds to create a total construction revolver fund for the build-out of residences and amenity centers to $555 million. LFB Ventures arranged the financing.
Blake Bitterlin, founder and president of LFB Ventures, said in a statement that the financing aimed to use a single capital provider, Anchor Loans, which could consolidate the legacy debt on the project into a revolving credit facility to finish this next phase of construction.
“[The deal] 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,” he said.
Bonfire Collective and VP Companies have come together to form a separate entity, Pioche Partners, to develop the multi-phase project that is expected to cost $1 billion and span 60 acres in the Deer Valley mountains.
The site’s first residences finished construction in 2024 and several estate lots closed for between $4 million and $5 million in the fourth quarter of 2025, according to Pioche Partners.
Velvære is expected to give residents direct access to Deer Valley Resort, a ski center linked by 10 mountain peaks and which features 3,700 acres of mountainous ski slopes and at least 50 miles of summer hiking trails.
The new village sits 15 minutes from Downtown Park City and 40 minutes by car from Salt Lake International Airport.
Dayson Johnson, chief revenue officer of Bonfire Collective and partner at Pioche Partners, said the new round of construction financing will “unlock the next chapter of Velvære.”
Brian Pascus can be reached at bpascus@commercialobserver.com.
