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Fairfield Files Chapter 11; San Jose Projects In Limbo

December 15, 2009

One of the largest developer and owners of apartment communities, Fairfield filed for Chapter 11 on Sunday. Two of Fairfield’s biggest lenders were Wells Fargo and Capmark.

Fairfield has two development projects in San Jose it had been working on, but no word on what the outcome will be following the BK. The two SJ projects were:

199 Tasman Dr owned by Zanker Rd Investments. That project consisted of about 10 acres for approximately 704 units. The second project is a 3.2 acre site right next door at 163 Baypointe, at a density of about 60U/Acre. The 199 Tasman Dr site contained an existing office building which was demolished.

In addition, their website indicates that Fairfield owns four existing communities in San Jose as well.

[via WSJ]

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