An Arizona court of equity has cleared the way for a 3,000-unit, seven-property apartment portfolio previously operated by the Bethany Group to be sold out of receivership, says Bill Hoffman, president and founder of San Diego, Calif.-based Trigild, the corporation that was appointed receiver of the properties last September. More
On Tuesday, Delaware's Bankruptcy Court cleared the way for Toronto-based Brookfield Asset Management to provide an equity injection to San Diego-based Fairfield Residential by approving the company’s plan of reorganization. More
Multifamily operators will have to overcome yet another challenging year of distressed rent fundamentals in order to tap into the promise and expectation of future market growth. More
Fairfield Residential is moving through its bankruptcy at record speed. The San Diego-based multifamily real estate operating company announced earlier this week that its official committee of unsecured creditors and Capmark, a lender, have signed off on a plan for Och-Ziff Real Estate Acquisitions, an affiliate of New York based Och-Ziff Capital Management Group, and the California State Teachers’ Retirement System (CalSTRS) to inject $125 million into the company’s reorganization plan. More
Earlier this week, San Diego-based Fairfield Residential, the nation’s 13th largest apartment owner, announced that it was filing for Chapter 11 bankruptcy protection. Now that the dust has settled, experts say the filing was long expected, and despite the news, the industry can expect an orderly bankruptcy process without a fire sale of assets. More
