The Baltimore skyline, illustrating the contrast of revitalization and challenges in real estate.
Baltimore, MD, July 31, 2025
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.
On June 16, lawyers representing three creditors—Sandy Spring Bank, Ferguson Enterprises LLC, and Southland Insulators of Maryland Inc.—filed a petition for Chapter 7 liquidation bankruptcy on behalf of Brandon Chasen. The request was granted the following Wednesday by U.S. Bankruptcy Judge Nancy V. Alquist. Chasen is now required to disclose details of his assets and liabilities by August 13 as part of the bankruptcy process. His attorney, Adam Freiman, indicated that Chasen chose to proceed voluntarily with the bankruptcy rather than contest it, citing “overwhelming debt” as the primary reason.
The developer’s financial decline has been driven by multiple external pressures, including the COVID-19 pandemic, which disrupted supply chains and increased costs for construction materials. The collapse of the Francis Scott Key Bridge further complicated operations. Rising interest rates on commercial loans have also significantly impacted his company’s financial stability. As a result, Chasen’s company, Chasen Cos., ceased paying himself a salary or benefits in an effort to reduce losses.
Chasen has been recognized for revitalizing neglected properties within Baltimore, gaining local prominence. However, he has also faced unsubstantiated allegations of mismanagement and accusations of attempting to hide a Gulfstream G200 jet from creditors—claims dismissed as baseless by his attorney. Despite these rumors, Chasen states he remains committed to repaying his creditors and handling his bankruptcy proceedings with dignity.
Historically, Chasen Cos. was a key player in the Baltimore housing market, owning approximately 10% of available multifamily properties in Fells Point, based on a 2024 analysis. His plans for a $100 million national expansion have been scaled back due to financial issues. The company owns multiple properties including apartment complexes in Baltimore, Virginia Beach, and Florida. Several major projects, such as the old Meyer Seed Co. warehouse and the One Calvert Plaza skyscraper, have stalled amid the financial turmoil.
Chasen Cos. has faced numerous lawsuits from lenders and contractors due to unpaid bills and late loan payments. Recently, Chasen Construction LLC, the company’s construction division, filed for Chapter 11 bankruptcy. It reported having no assets and liabilities exceeding $39.5 million. One notable default involved a nearly $34 million construction loan for a luxury apartment project. Tensions also escalated when Chasen attempted to transfer a Gulfstream jet to a trustee without resolving loan arrears. Additionally, the firm is behind on city water bills and taxes totaling at least $345,000.
The company’s tenants report difficulties in communication regarding lease renewals and rent payments. Several properties, managed partly by Bay Property Management, have experienced tenant dissatisfaction. Financial distress is further evidenced by the absence of company representatives at a creditors’ conference call related to the Chasen Construction bankruptcy case, indicating internal organizational challenges.
As Brandon Chasen navigates the bankruptcy process, he has expressed a commitment to learning from recent experiences and applying these lessons to future ventures. While his business empire has faced significant setbacks, the resolution of his debts and legal issues remains ongoing, with the bankruptcy court managing the proceedings.
He faced overwhelming debt due to external economic pressures, rising interest rates, failed projects, unpaid loans, and legal challenges, which made it impossible to continue business operations without bankruptcy protection.
Chapter 7 bankruptcy involves the liquidation of a debtor’s assets to pay creditors. It typically results in the discharge of remaining debts and marks the end of the debtor’s business obligations under this chapter.
Major projects have stalled, and several properties are facing foreclosure or legal action. The company’s liabilities exceed its assets significantly, affecting property operations and management.
Chasen has indicated his intention to proceed with dignity, learn from current issues, and seek new opportunities once the bankruptcy proceedings conclude.
The outcome depends on the assets recovered during liquidation and the priorities set by the bankruptcy court. Given the scale of liabilities, full repayment may not be feasible.
| Feature | Details |
|---|---|
| Type of Bankruptcy | Chapter 7 liquidation |
| Filing Date | June 16, 2024 |
| Major Creditors | Sandy Spring Bank, Ferguson Enterprises LLC, Southland Insulators Inc. |
| Assets Reported | Empty or over $39.5 million liabilities |
| Key Defaults | Construction loans, unpaid taxes, water bills |
| Business Impact | Stalled projects, legal suits, property management issues |
| Future Outlook | Focus on debt resolution and future ventures post-bankruptcy |
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