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.

Bankruptcy offers a financial reset for those overwhelmed by debt. The two main types, Chapter 7 and Chapter 11, serve different needs. Chapter 7 liquidates non-exempt assets to clear most debts quickly, while Chapter 11 allows businesses to reorganize and continue operating under court oversight. Knowing which fits your situation is key to regaining financial stability.

KRCM Astoria Portfolio Corp., owner of three multifamily buildings in Astoria, Queens, filed for Chapter 11 bankruptcy on October 8, 2025. The single-asset real estate case reflects tightening refinancing conditions and valuation pressures across New York’s outer-borough markets. At SPE Specialists, we track such filings to assess regional stress and advise on restructuring strategies as smaller operators navigate rising costs and limited credit access.

When lenders require a bankruptcy-remote structure in a structured finance transaction, the inclusion of an independent director isn’t optional, it’s essential. But how exactly are these directors appointed? And what qualifies someone to take on this critical role?

In structured finance, the role of an independent director isn’t about daily oversight or executive leadership, it’s about control at critical moments. Their job and responsibilities center on protecting the bankruptcy-remote status of a Special Purpose Entity (“SPE”), especially when the stakes are highest.

A NYC multifamily developer just combined dozen of entities and 5,000 units into a Chapter 11 bankruptcy filing - exactly what bankruptcy...