Baltimore, MD, July 31, 2025

News Summary

Brandon Chasen, a prominent Baltimore developer, has filed for Chapter 7 bankruptcy due to overwhelming debt and ongoing legal issues. This decision affects multiple properties and projects under Chasen Cos., highlighting a significant shift in the local real estate market. Various creditors initiated the bankruptcy, citing substantial liabilities. While Chasen has been recognized for revitalizing properties, external pressures and financial missteps led to this crisis. The case raises concerns over the future of his developments and relations with tenants.

Baltimore Developer Brandon Chasen Agrees to Bankruptcy Amid Overwhelming Debt and Legal Troubles

Baltimore, MD —

< p >Brandon Chasen, a prominent real estate developer based in Baltimore, has filed for Chapter 7 liquidation bankruptcy due to mounting debt and multiple legal challenges. The bankruptcy petition was officially submitted on June 16, 2024, by legal representatives for three creditors, including Sandy Spring Bank, Ferguson Enterprises LLC, and Southland Insulators of Maryland Inc. This marks a significant development in what has been a turbulent financial period for Chasen and his company, Chasen Cos.

Details of the Bankruptcy Filing

U.S. Bankruptcy Judge Nancy V. Alquist approved the bankruptcy request on the same day, allowing Chasen to proceed with liquidation. The developer is required to submit detailed information regarding his assets and liabilities by August 13, 2024. Chasen’s attorney, Adam Freiman, confirmed that the decision to pursue bankruptcy was made voluntarily, emphasizing that Chasen is committed to honoring his debt obligations despite the financial difficulties.

Factors Leading to Financial Collapse

Chasen’s financial troubles were influenced by multiple external and internal pressures over recent years. According to Freiman, the decision to file for bankruptcy was driven by “overwhelming debt.” The company faced significant challenges during the COVID-19 pandemic, which disrupted supply chains and increased costs for construction materials. Additionally, the collapse of the Francis Scott Key Bridge further hampered project timelines and logistics.

Rising interest rates on commercial loans also played a crucial role in the company’s declining financial health, making refinancing and new borrowing difficult. As losses mounted, Chasen’s company attempted to reduce expenses, including ceasing to pay salaries and benefits once it became evident that the business was no longer sustainable.

Previous Achievements and Public Challenges

Chasen was once recognized as a key figure in Baltimore’s real estate scene, known for rehabilitating neglected properties and revitalizing neighborhoods. Notably, his firm owned a substantial portion of multifamily housing in Baltimore’s Fells Point district, accounting for approximately 10% of available units as of 2024. Plans for a national expansion of Chasen Cos., estimated at $100 million, have been scaled back amid ongoing financial pressures.

Despite his past success, Chasen faced numerous legal battles and lawsuits. The company has been embroiled in lawsuits from lenders and contractors over unpaid bills and defaulted loans. Major projects, including the historic Meyer Seed Co. warehouse and the One Calvert Plaza skyscraper, have stalled or been postponed. Earlier this year, Chasen’s construction arm, Chasen Construction LLC, filed for Chapter 11 bankruptcy, reporting assets worth zero and liabilities exceeding $39.5 million.

Legal and Financial Complications

Chasen Cos. defaulted on a nearly $34 million construction loan for a luxury apartment development, further intensifying financial strain. Tensions intensified when Chasen attempted to transfer a Gulfstream G200 jet to a trustee, allegedly without addressing outstanding loan payments, prompting disputes with creditors such as Sandy Spring Bank. The company also owes at least $345,000 in unpaid water bills and taxes to Baltimore city authorities.

Moreover, tenants in properties managed by Bay Property Management reported challenges in communication regarding lease renewals and rent payments, reflecting the company’s broader operational struggles. The firm owns residential properties in Baltimore, as well as assets in Virginia Beach and Florida. However, a U.S. Trustee noted the absence of company representatives from key creditor meetings, signaling ongoing management issues.

Future Outlook and Company’s Direction

Freiman indicated that Chasen aims to navigate the bankruptcy process with dignity and intends to learn from this experience. While Chasen Cos. has experienced significant setbacks, the developer remains committed to repaying creditors and attempting future ventures with lessons learned from recent difficulties.

Summary of Key Points

• Bankruptcy Filing: Chasen filed for Chapter 7 on June 16, 2024, approved by Judge Alquist.
• Debt and Financial Struggles: Overwhelming debt, unpaid loans, and legal disputes.
• Major Projects and Assets: Defaulted on loans, stalled developments, owned properties in multiple states.
• Legal Challenges: Lawsuits from lenders, unpaid bills, and disputes with creditors.
• Company Status: Two bankruptcy cases, assets reported as zero for Chasen Construction LLC.
• Community Impact: Challenges faced by tenants and local property management efforts.

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Additional Resources

• The Baltimore Banner: Brandon Chasen Bankruptcy
• Baltimore Sun: Brandon Chasen Companies Bankruptcy
• MSN: Firms file to push Baltimore developer Brandon Chasen into bankruptcy
• Wikipedia: Bankruptcy
• Encyclopedia Britannica: Bankruptcy

Author: HERE Houston Tx