))) Development Services


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))) Receivership &
Owner Rep Services

Gillco Receivership & Owner Rep Services

The current economy has forced lenders to become increasingly engaged in the caretaking, ownership, and leasing or sale of real estate. Chris Gillies has worked in the real estate industry during recessionary markets, and during those times he worked closely with lenders. He understands regulatory issues regarding distressed loans and REO properties and the need for efficient and cost-effective management of real property that serves as collateral for distressed loans. During the decline in the late eighties and early nineties, Gillies managed several FDIC-owned assets, including office buildings and multi-family properties, and he supervised the orderly operation and disposition of these assets while achieving the highest possible values.

The early 2000's slump saw another influx of troubled assets with many owners and lenders seeking competent management services to preserve and maximize the value of their asset. Gillies represented LNR Property Corporation during this time, overseeing all of LNR's assets in Denver: three multi-family construction projects and a high-rise hotel in downtown Denver. Gillies oversaw the construction, leasing, and stabilization of the multi-family communities along with the rehabilitation and subdivision of the hotel into condominiums and student housing. The LNR assets were subsequently sold and maximum value achieved.

Gillco's extensive experience in all aspects of real estate services makes it uniquely qualified to serve as an effective Receiver. In addition, Gillco has accounting systems in place to generate reliable and regular reports of operations for owners, lenders, and the court.

Gillco Success Stories

*Due to the sensitive nature of this service, specific names and details of these properties are not included.


Executive Tower
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*Mixed Use Mid Rise
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*Suburban Apartment Property
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Executive Tower

This property was 50 percent vacant when LNR Property Corporation purchased it with the intent of redeveloping it into a new condominium hotel. Ensuing market downturns made its plan unfeasible. As Vice President and Senior Project Manager for LNR, Gillies supervised the structural rehabilitation of the building that resulted in the opportunity for full occupancy. The property was subsequently condominiumized and sold to different entities, allowing LNR to recapture its investment capital.

*Mixed Use Midrise

Shortly after the doors were opened to this new, mixed-use midrise, water leaks were discovered. Gillies initiated negotiations with the design team and contractor, winning a sizable settlement for the owner. The asset was later sold for one of the highest prices in the market at that time.

*Suburban Apartment Property

This property was highly-leveraged when it was built, and the owners were carrying so much debt that they were forced to come out-of-pocket to cover expenses. Gillies helped negotiate a debt restructure so the debt could be serviced by existing cash flow. Today, this asset continues to be a valuable part of the owners' portfolio.