A Friend of Unfair Park sends word that Fairfield Residential LLC -- which has offices in San Diego and Grand Prairie -- filed for Chapter 11 reorganization yesterday in the District of Delaware, with the first hearing scheduled for tomorrow. Says the notice posted today on Fairfield's Web site, it was a voluntary filing prompted by an inability to refinance heavy debt and offload some properties, but the company insists Chapter 11 "will enable continuity of Fairfield's property management, asset management, construction services and general partner functions for the benefit of its creditors and other stakeholders."
That's goodish news for some Victory Park tenants: Among Fairfield's six properties in the DFW is the 224-unit Vista at Victory. But if the name Fairfield Residential rings a bell, well, that's probably because it was the company trying to turn the former Signature Pointe complex on Lovers Lane into a multi-use development. Alas, after much back-and-forthing with the city over zoning issues last year, Compass Bank wound up with the whole shebang.
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