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The Bon Morro, LLC, owner of The Bon in Boston’s Fenway, filed Chapter 11 on Nov. 2, 2025, after a dispute with its landlord over refinancing consent. Despite 95% occupancy, a $165M senior loan and leasehold restrictions created timing pressure. The case highlights how consent-dependent refinancing under ground leases can drive distress even in well-leased assets.

Hasen Construction LLC, led by Brandon Chasen, rose quickly in Baltimore’s adaptive-reuse market by converting aging offices into housing, including the $11 million One Calvert Plaza project. But rapid expansion built on high leverage and short-term debt unraveled as rates rose and liquidity dried up, leading to defaults and bankruptcy. Weak governance and minimal reserves exposed deeper structural flaws, showing that in real estate, vision without structure is risky.

Independent directors safeguard bankruptcy remoteness across CMBS, ABS, project finance, CTL, and private credit. They protect cash flows, meet rating agency standards, and bolster lender confidence. SPE Specialists provides experienced directors who ensure structures remain compliant, credible, and resilient.