Extell Development Company, a New York-based, full service national real estate developer, closed a $600 million construction loan for Four Seasons Resort and Residences Deer Valley within Deer Valley East Village. This is the first new luxury alpine village to be developed in North America in more than 40 years. Financed by JVP Management, an investment firm headquartered in New York, the loan is believed to be the largest for a hotel and residential condominium construction project in Utah.
“We are thrilled to be a part of this landmark development,” Anthony Shaskus, the head of credit strategies at JVP Management, said in a statement. “We’ve enjoyed a long history of working with Gary Barnett and the Extell team, and look forward to supporting the firm’s development of Dear Valley East Village.”
With nearly 40 percent of the overall inventory sold, Four Seasons Resort and Residences Deer Valley’s construction began earlier this spring, with completion expected in 2028.
“This loan underscores the tremendous confidence the market has in the Four Seasons brand, who we have partnered with on three separate projects, as well as our commitment to Deer Valley East Village,” said Gary Barnett, founder and chairman of Extell Development Company. “We’re excited to have reached this milestone with our long-term lending partner JVP and look forward to seeing this vision come to life with the grand opening of Deer Valley’s ski expansion this upcoming winter.”
With design led by ODA Architecture, the resort offers one- to six-bedroom homes ranging from 1,200 to 7,000 square feet, all with direct ski-in/ski-out access and five-star amenities and service. The 55 residences atop the hotel, which are already 60 percent sold, are complemented by an adjacent building with 68 private residences ranging from one to five bedrooms, featuring additional exclusive amenities.