Baltimore Property Condemned Amid Developer Bankruptcy and Insurance Lender Actions

Baltimore housing authorities have declared a 10-unit apartment building at 8 E. Eager St. in the Mount Vernon neighborhood as "unsafe and dangerous," leading to its condemnation and impending demolition. This building is part of a portfolio previously owned by real estate developer Brandon Chasen, who is currently navigating significant financial challenges including bankruptcy proceedings. The property, acquired by an LLC controlled by Chasen in late 2023, has seen ownership rights for rental income transferred to Protective Life Insurance Co. due to outstanding debts owed by Chasen Cos. to the lender. Chasen Cos., once recognized for rapid growth, has faced a financial decline since mid-2023, with multiple lawsuits alleging nonpayment and a Chapter 11 reorganization bankruptcy earlier this year, while Chasen has also filed for Chapter 7 liquidation. This condemnation follows an earlier similar incident involving Chasen Cos.' former headquarters, reflecting ongoing instability affecting hundreds of housing units in Baltimore, including unfinished construction projects and financial disputes that have impacted investors and small businesses. These developments highlight the risks and regulatory challenges for lenders, property managers, and municipal authorities in handling distressed real estate assets within urban residential markets. The case underscores the wider implications for real estate financing, asset management, and compliance monitoring in the context of developer financial insolvency.