JLL Capital Markets announced 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. JLL Capital Market’s Debt Advisory team representing the borrower was led by Director William Haass.
Silver King, located at 2020 North Poplar Street, 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.
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.
“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.
