Wells, BoA Top Unsecured Creditors to Fairfield; Freddie, Too

Wells Fargo & Co. and Bank of America lead the list of unsecured creditors to Fairfield Residential LLC, one of the nation's largest apartment owners and developers which filed for bankruptcy on Sunday. According to the filing, which came in Delaware, Wells is owed almost $130 million, BoA $84 million. Other leading unsecured creditors include Capmark Finance ($79 million), Compass Bank ($64 million) and Regions Bank ($52 million). Freddie Mac, which buys multifamily loans in the secondary market, is owed $45 million. Capmark, a top-ranked commercial mortgage lender and servicer, itself is in bankruptcy. San Diego-based Fairfield listed assets of between $100 million and $500 million and liabilities north of $1 billion. The company, like many commercial real estate owners, has experienced problems refinancing its loans. None of the creditors had commented at press time.