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 Files for Bankruptcy Amid Mounting Debt and Legal Issues
Baltimore, MD — In a significant development for the local real estate scene, Brandon Chasen, a prominent Baltimore-based developer, has agreed to submit to bankruptcy proceedings as his company faces overwhelming debt, legal challenges, and financial setbacks. The move marks a critical turning point in Chasen’s business operations, which previously played a major role in Baltimore’s housing and commercial markets.
Bankruptcy Filing and Court Approval
On June 16, legal representatives for three creditors—Sandy Spring Bank, Ferguson Enterprises LLC, and Southland Insulators of Maryland Inc.—filed a petition for Chapter 7 liquidation bankruptcy against Chasen. The request was officially granted by U.S. Bankruptcy Judge Nancy V. Alquist on the following Wednesday. Under this process, Chasen is required to disclose detailed information regarding his assets and liabilities by August 13.
Chasen’s attorney, Adam Freiman, disclosed that his client has decided to proceed voluntarily with the bankruptcy rather than contesting it. Freiman stated that this decision was driven by “overwhelming debt” and emphasized Chasen’s commitment to honoring his creditors. The bankruptcy aims to facilitate the orderly liquidation of Chasen’s assets to satisfy outstanding debts.
Financial Troubles and Details of Debt
The financial decline of Chasen’s companies is detailed and substantial. Chasen Cos., once a leading developer in Baltimore, reported facing a series of financial and legal hurdles. Among the most significant issues is a default on nearly $34 million in construction loans for a luxury apartment project, which contributed heavily to the firm’s insolvency.
Furthermore, Chasen Cos. reported liabilities exceeding $39.5 million in relation to its construction arm, Chasen Construction LLC, which itself filed for Chapter 11 bankruptcy earlier this year. This subsidiary reported having no assets remaining and owing money to multiple lenders and contractors.
The company’s financial difficulties were exacerbated by external pressures such as the COVID-19 pandemic and the collapse of the Francis Scott Key Bridge, which led to supply chain disruptions and increased material costs. Rising interest rates on commercial loans further strained finances, pushing the company toward insolvency.
Legal Disputes and Project Delays
In addition to financial issues, Chasen’s businesses also faced numerous legal challenges. Legal actions from lenders and contractors for unpaid bills and late loan payments have been numerous, with some projects stalled significantly. Notably, the old Meyer Seed Co. warehouse and One Calvert Plaza skyscraper remain incomplete or delayed due to insufficient funding.
There have also been conflicts with lenders, including Sandy Spring Bank, which raised issues after Chasen attempted to transfer a Gulfstream G200 jet to a trustee—actions viewed as attempts to shield assets from creditor claims. The firm is also behind on local taxes and city water bills totaling at least $345,000.
Impact on Local Properties and Business Operations
Prior to these developments, Chasen was recognized as a key figure in revitalizing Baltimore properties. The company owned multiple apartment complexes in Baltimore, as well as properties in Virginia Beach and Florida. In 2024, analyses indicated that Chasen owned approximately 10% of the available multifamily units in Baltimore’s Fells Point neighborhood.
Chasen had ambitious plans to expand nationally with a $100 million growth strategy, which has now been scaled back in light of current financial challenges. Tenant communications regarding lease renewals and rent payments have reportedly become difficult, with some properties managed by third-party firms such as Bay Property Management.
Recent Developments and Future Outlook
Earlier this year, Chasen Cos.’ construction division, Chasen Construction LLC, filed for Chapter 11 bankruptcy, highlighting the severity of the company’s financial distress. Without assets and burdened with debts, the company’s recovery prospects remain uncertain.
According to a U.S. Trustee, there was no attendance by company representatives for a recent creditors’ conference call concerning the Chasen Construction case, further emphasizing the ongoing challenges faced by the company.
While Chasen has publicly indicated a desire to approach the bankruptcy process with dignity and to learn from past mistakes, the implications for the Baltimore real estate market and creditors remain significant. The case underscores the difficulties faced by developers amid economic uncertainties, rising costs, and legal pressures.
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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: STAFF HERE INDIANAPOLIS WRITER
INDIANAPOLIS STAFF WRITER The INDIANAPOLIS STAFF WRITER represents the experienced team at HEREIndianapolis.com, your go-to source for actionable local news and information in Indianapolis, Marion County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Indianapolis 500, Indy Jazz Fest, and the Indiana State Fair. Our coverage extends to key organizations like the Indy Chamber and Visit Indy, plus leading businesses in motorsports and healthcare that power the local economy such as Indianapolis Motor Speedway and IU Health. As part of the broader HERE network, we provide comprehensive, credible insights into Indiana's dynamic landscape.
