$600M construction loan for big Extell project

DEER VALLEY, Utah – New York-based developer Extell Development Co. has closed a $600 million construction loan for Four Seasons Resort and Residences Deer Valley within Deer Valley East Village, the first new luxury alpine village to be developed in North America in more than 40 years. Financed by investment firm JVP Management, the loan is believed to be the largest for a hotel and residential condominium construction project in Utah.

With nearly 40% of the overall inventory sold, Four Seasons Resort and Residences Deer Valley’s construction began earlier this spring, with completion expected in 2028.

The resort will offer one- to six-bedroom homes, ranging from 1,200 to 7,000 square feet, all with direct ski-in/ski-out access and luxury amenities and service. The 55 residences atop the hotel, which are already 60% sold, are complemented by an adjacent building with 68 private residences, ranging from one to five bedrooms.

Situated 40 minutes from Salt Lake City International Airport, Deer Valley East Village’s long-awaited expansion will be showcased in the 2025/2026 ski season when the resort will double the size of its current skiable terrain, adding 10 new chairlifts and 100 new ski runs.

Several major enhancements are slated for future years, including on mountain food and beverage and additional ski amenities. Upon completion, Deer Valley will boast over 5,726 acres of skiable terrain served by 37 chairlifts across 238 runs, securing its position as one of the largest ski resorts in North America.

“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 Extell Founder and Chairman Gary Barnett. “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.”

Extell Development also recently announced plans for luxury Four Seasons Resort and Private Residences Deer Valley to come to Park City, Utah.

Extell pioneered Manhattan’s Billionaires’ Row, having developed some of New York City's ultra-luxury properties along 57^th Street, including Central Park Tower, the tallest residential building in the world located above Nordstrom’s flagship Manhattan store and One57, the record-breaking glass tower which includes condominiums above Park Hyatt’s flagship hotel.

Additional completed projects include the W Hotel in Times Square, the Boston InterContinental, Four Seasons Resort and Residences Vail, and Grand Hyatt Deer Valley.