Multi-family property developer files for Chapter 11

Fairfield Residential, a nationwide multi-family building owner and developer, has filed for Chapter 11 bankruptcy protection, according to an announcement made by the company yesterday. The San Diego-based company, which owns buildings in 40 different markets, including upstate New York and Palm Beach, has been unable to refinance its $834.9 million in debt, according to Bloomberg. Wells Fargo is the company’s largest creditor, while Bank of America and Capmark Finance are the second and third largest. The three companies have financial claims of $129.8 million, $84 million and $79.5 million, respectively.