$5M financing secured for workforce housing community in Leadville, Colorado
JLL Capital Markets arranges loan for converted hotel property, Silver King
DENVER, Jan. 16, 2025 – JLL Capital Markets announced today that it has secured the $5 million financing for Silver King Leadville, a 56-unit workforce housing community in Leadville, Colorado.
JLL represented the borrower, Cloudland Capital and Blue Hour Housing, in arranging the five-year, fixed-rate loan through a Colorado-based credit union.
Silver King, located at 2020 North Poplar St., offers a strategic location approximately two hours west of Denver. The community is situated near the Climax Molybdenum Mine and popular ski destinations, making it an ideal housing solution for local workers in an area facing significant housing affordability challenges.
Formerly a 66-key hotel, Silver King was acquired in June 2024 and underwent a comprehensive, multi-million dollar renovation to convert it into a modern workforce housing community. The complex now features 47 studios, eight one-bedroom units and one two-bedroom unit, with an average size of around 375 square feet. The renovation included adding kitchenettes to all units, installation and improvement of fire and life safety systems, upgrading common areas, building out communal laundry and gym facilities, storage lockers and enhancing outdoor spaces.
Silver King is master leased to Climax Molybdenum Co., a subsidiary of Freeport-McMoRan (NYSE: FCX), providing much needed housing for Climax employees and increasing housing inventory in Colorado’s high-country. Six units have been reserved for Lake County to allow employees of Lake County access to this workforce housing community.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Director William Haass.
"This transaction highlights the growing demand for quality workforce housing solutions in Colorado's mountain communities," said Haass. "The strong interest from lenders underscores the appeal of this asset class and the strength of the sponsor's business plan in addressing local housing needs."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Blue Hour Housing
Blue Hour Housing sources, develops and manages workforce housing properties in markets throughout the US with workforce housing shortages. Blue Hour’s partners with employers (hotels, ski resorts, hospitals, mining companies and country clubs among others), often signing long-term master leases to house their employees at our properties. Blue Hour Housing has developed properties in Vermont and Colorado in partnership with Vail Resorts (Vermont), Killington Resort (Vermont) and Climax Molybdenum (Colorado), and are growing the portfolio of workforce housing throughout the country.
About Cloudland Capital
Cloudland Capital is a real estate private equity firm that specializes in operationally intensive real estate investments. The company focuses on building strong operating teams and scaling portfolios across niche and smaller-format asset classes. The founding team has executed on $8 billion of real estate transactions throughout their careers at Highgate, KSL and Blackstone. To date, Cloudland has platform investments in employee housing, essential convenience retail, vacation rentals, small-format industrial and boutique hospitality.