Dive Brief:

• After falling into receivership, Chasen Cos.’ One Calvert Plaza office tower conversion to apartments in Baltimore is being marketed for sale by Lanham, Maryland-based commercial real estate services firm NAI Michael, according to a sales brochure shared with Multifamily Dive.
• Black Dog Receiver LLC, the Circuit Court for Baltimore City receiver for 201 East Baltimore Street LLC, contracted NAI Michael to market the property, where the conversion is about 70% complete. 
• Baltimore-based Chasen went into default on a $34 million loan for the building in June 2024.  

Dive Insight:

One Calvert Plaza was initially constructed in 1901 as Baltimore’s first high-rise office building, according to the NAI Michael brochure.

Chasen bought the historic 15-story building for $11.1 million in 2022 with plans to convert it into apartments. The property comes to the market with fully approved architectural plans and construction drawings.

Chasen Cos. was late to make payments on a nearly $34 million loan from the Maryland-based Sandy Spring Bank every month from January until June 2024, according to the Baltimore Banner. 

Multiple suppliers, including Patriot Steel Fabrication, a plumbing company, the city of Baltimore and a lighting firm, allege that Chasen owes them money, according to the Banner.  Additionally, Green Apple Cleaning won a court ruling in July after claiming the developer owed it $22,000.

Chasen, founded in 2017, built a business model by buying old warehouse, retail and office properties in Baltimore, gutting them and turning them into luxury apartments. 

By 2021 and 2022, Chasen’s growth had skyrocketed as it doubled in size to 609 units under development, becoming the No. 7 fastest-growing firm in the country, according to the Financial Times.

“Our bread and butter during the pandemic was acquiring class B assets at the lowest point that we’ve seen in the last 10 years,” CEO Brandon Chasen told Multifamily Dive in 2022. “They all struggled with collections for the first time. So all those owners that have had buildings for 20 or 30 years were ready to sell. They had already made their money and wanted to get out.”

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