Fairfield Residential LLC, which owns apartment buildings throughout the country, has filed for Chapter 11 bankruptcy protection with a prenegotiated agreement that’s intended to facilitate a quick exit.

San Diego-based Fairfield’s Massachusetts properties include West Village in Mansfield, Stonegate in Marlborough, Station 250 in Dedham, Carson Tower in South Boston, Avondale in Ashland, Ashford Crossing in Shrewsbury and Addison at Andover Park in Lawrence. The company also has apartments in Connecticut, Rhode Island, and New Hampshire.

On Sunday, Fairfield said it entered court protection after failing to refinance debt or sell off investment properties, forcing it into default on certain loans. The reorganization plan, which has the support of lenders, calls for a core operating company to survive and for Fairfield to sell off certain assets through a liquidating trust to pay back creditors.

The company said it had $958 million in assets and $834.9 million in debt at the end of September.

Fairfield said it plans to exit court protection early next year.

CEO Christopher Hashioka said the collapse of the real estate and credit markets made it "difficult, if not impossible, for Fairfield to continue without restructuring its financial obligations."

The drop in value of certain Fairfield properties led to defaults and write-offs on certain properties. The cascading effect means Fairfield is now exposed to as much as $1.5 billion in payments and fees, chief restructuring officer Andrew Hinkelman said in court documents.

In 2008, the company said it had $952.9 million in revenue and $107.5 million in net losses. (AP)