B
altimore developer Chasen Cos. is ending the year with a slew of legal troubles. First National Bank of Pennsylvania has moved to foreclose on one of its properties, a development that was supposed to be completed by the end of the year. The bank claims the company defaulted on a $28 million loan for the building at 1400 Aliceanna St., where contractors are also suing Chasen Cos. for over $1.3 million in unpaid work.

    The company's financial struggles extend beyond Fells Point and Harbor East, where it has several major developments stalled. Earlier this fall, Sandy Spring Bank moved to foreclose on the historic One Calvert Plaza building, alleging that Chasen Cos. failed to make payments on a nearly $34 million loan. The company's founder and CEO, Brandon Chasen, has not responded to requests for comment in months.

    Chasen Cos.' financial woes began earlier this year when contractors started filing lawsuits alleging unpaid work. Since then, several employees have left the company, and its website now promotes Chasen as a "noted entrepreneur" rather than a developer. The company's assets are at risk, including its 2,000 residential units in Baltimore and beyond.

    Experts say it's unlikely that Chasen Cos. will lose all of its assets, but the volume of legal challenges facing the company will make it difficult to pay outstanding debts. As of Wednesday, Chasen Cos. faced more than a dozen active court cases, including foreclosure filings and unpaid water bills at almost every site it owns in Baltimore.

    Chasen's personal belongings may also be at risk, according to court documents, which list his home address as a unit in the Porsche Design Tower Miami that rents for $32,500 per month. The company's business partner, Paul Davis, is also facing financial risks, with his Bethesda home and two cars listed as potential collateral.

    Chasen Cos.' troubles began when it tried to expand nationally but pulled back due to financial difficulties. The company has since focused on Baltimore, where it owns about 10% of the available multifamily properties in Fells Point alone. Despite its struggles, Chasen Cos. was once ranked as one of the country's fast-growing employers and had fostered relationships with high-profile investors, including Anthony "Tony" Bobulinski, an ex-business partner of Hunter Biden.