Bonfire Collective & Ray Mathoda Of Anchor Loans Secure $555M Construction Loan For Velvære In Park City
10104 Himmel Court
$555,000,000
Building Size
—
Asset Type
Condo
Closing
Dec 4, 2025
AI
10104 Himmel Court is a condo located in Park City, UT. The property is part of a luxury community development called Velvære, which features 115 residences and has a total projected value of $1 billion. This loan transaction involves a substantial amount of construction financing that facilitates the advancement of this project.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $555,000,000
- Loan Type: Construction
- Landlord: Bonfire Collective & Ray Mathoda - Anchor Loans
- Broker: Blake Bitterlin - LFB Ventures
Bonfire Collective, in partnership with VP Companies through the joint venture Pioche Partners, secured $555 million in construction financing to move forward with the luxury community development at Deer Valley. The financing included $197 million sourced from Anchor Loans and additional equity from Toba Capital.
Players
Park City Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93