a diversified value-add
real estate development company
Steve Peer provided $8.5 million in equity capital and expertise to develop luxury resort housing in Deer Crest, a ski-in ski-out gated community located on Deer Valley Resort in Park City, Utah. The 6,350 square foot homes sold for between $3m and $4m, were offered with club memberships at the St. Regis Hotel and have direct ski access via a private ski lift with trail connection to the Jordanelle Gondola. The first two homes were started spec in May 2013 and sold in the summer of 2014. The second two homes were under contract when construction started and were completed and sold in December of 2015. All the homes have commanding views of the ski mountain and distant views over the Jordanelle Reservoir. Peer partnered to build these homes with Luc Robitaille, a retired professional hockey player who was inducted into the Hockey Hall of Fame in 2009 and is currently CEO of Business Operations for the Los Angeles Kings. Peer earned a 21% IRR on the first two homes, and a 25% IRR on the second two homes with a first trust capital position and a 50% LTV.