Seven companies owned by Howard County real estate developer Sanford Bruce Jaffe have filed for Chapter 11 bankruptcy protection in the past seven months.
TSC/Mayfield LLC, which owns a chunk of land at Mayfield and Telegraph roads in Odenton, became the latest when it filed for Chapter 11 bankruptcy protection on March 19 with $2.8 million in debt. The seven companies have combined debt of almost $47 million, filings show.
Jaffe’s Sanford Cos. owns a cluster of limited liability companies, all based at 8600 Snowden River Parkway in Columbia. They own and have developed properties throughout the region, including in Howard, Prince George’s and Montgomery counties. It is not uncommon for real estate developers to form separate companies for each individual project in order to protect themselves from liability.
Chapter 11 protection allows a business to stay alive and pay creditors over time while it reorganizes its debt.