An abandoned construction site illustrates the financial distress faced by developers in Baltimore.
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.
In Baltimore, Brandon Chasen, a well-known local real estate developer, has officially filed for Chapter 7 bankruptcy, signaling significant financial distress. The bankruptcy petition was submitted on June 16 by legal representatives for three creditors: Sandy Spring Bank, Ferguson Enterprises LLC, and Southland Insulators of Maryland Inc. U.S. Bankruptcy Judge Nancy V. Alquist approved the request on the same week, facilitating Chasen’s exit from the business via liquidation.
Under the terms of the bankruptcy, Brandon Chasen is required to provide detailed disclosures about his assets and liabilities by August 13. His attorney, Adam Freiman, confirmed that Chasen would proceed voluntarily with this process, citing “overwhelming debt” as the primary reason. Despite the financial difficulties, Freiman emphasized that Chasen remains committed to repaying creditors and handling the process with dignity.
Brandon Chasen has previously garnered recognition as an entrepreneur dedicated to revitalizing neglected properties in Baltimore, contributing notably to the city’s housing market. However, recent circumstances have taken a toll on his business operations. External pressures such as the COVID-19 pandemic and infrastructure setbacks—including the collapse of the Francis Scott Key Bridge—have disrupted supply chains and increased construction material costs, hampering ongoing projects. Additionally, rising interest rates on commercial loans further deepened the company’s financial problems.
To contain losses, Chasen decided to halt salary and benefits for himself and his staff when it became evident that the company could no longer sustain operations. Despite these measures, the financial strain continued to escalate, leading to several lawsuits from lenders and contractors over unpaid bills and overdue loan accounts.
Numerous projects have come to a halt or faced delays, including plans for a $100 million national expansion that has been scaled back. Notable stalled projects involve the renovation of an old warehouse in Fells Point and the construction of the One Calvert Plaza skyscraper. Earlier this year, Chasen Construction LLC, the company’s construction division, filed for Chapter 11 bankruptcy with liabilities exceeding $39.5 million and no remaining assets.
The company defaulted on an almost $34 million construction loan for a luxury apartment project. Tensions escalated with lenders such as Sandy Spring Bank, especially after attempts to transfer assets like a Gulfstream G200 jet to a trustee were viewed as attempts to avoid loan obligations. City authorities also reported unpaid water bills and taxes totaling at least $345,000.
Chasen maintains holdings of apartment complexes in Baltimore, Virginia Beach, and Florida. However, tenants have reported communication issues regarding lease renewals and rent payments, with some properties managed by third-party firms such as Bay Property Management. These developments point to widespread operational challenges within the company.
The bankruptcy proceeding marks a significant turning point for Brandon Chasen and his business ventures. While the formal process is underway, there is little indication that the developer will resume operations soon. The broader implications for Baltimore’s real estate scene remain to be seen, as creditors and stakeholders await the final resolution of outstanding debts and legal matters.
Brandon Chasen filed for bankruptcy due to overwhelming debt stemming from project delays, rising costs, legal disputes, unpaid loans, and financial pressures amplified by external factors such as the pandemic and infrastructure issues.
Chasen Construction LLC has reported having zero assets and over $39.5 million in liabilities, leading to its own Chapter 11 bankruptcy filing earlier this year.
The bankruptcy likely halts or delays ongoing projects and prevents further development until creditors and courts resolve outstanding debts and legal issues.
Yes, Chasen and his companies have faced multiple lawsuits from lenders and contractors due to unpaid bills and loan defaults, which contributed to the overall financial crisis.
| Aspect | Details |
|---|---|
| Type of Bankruptcy | Chapter 7 liquidation |
| Filing Date | June 16, 2024 |
| Major Creditors | Sandy Spring Bank, Ferguson Enterprises LLC, Southland Insulators of Maryland Inc. |
| Assets and Liabilities | Assets unknown at filing; Liabilities include unpaid loans and debts exceeding $39.5 million (Chasen Construction). |
| Projects Affected | Stalled: Meyer Seed warehouse, One Calvert Plaza, and others |
| Legal Actions | Multiple lawsuits over unpaid bills; defaulted loans |
| Company Status | Chasen Cos. aims to settle debts; asset liquidation process underway |
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