Crown Capital Holdings: $119M Fraud Conviction Triggers 10,000-Unit Affordable Housing Collapse

Crown Capital Holdings LLC filed for chapter 11 protection in May 2025. The affordable housing portfolio—comprising approximately 10,000 units across eight states—faced pressure from criminal proceedings involving its founder and near-term debt maturities. Court filings state that prepetition efforts to refinance and restructure capital were "severely impaired by the prosecution of Mark Silber and the nature of the allegations against him." Silber, the managing partner of Rhodium Capital Advisors, pleaded guilty to a $119 million mortgage fraud conspiracy in July 2024 and was subsequently sentenced to 30 months in federal prison. The filing came after the fraud conviction, with approximately $200 million in unsecured notes with near-term maturities and property conditions described by tenants as "no human being should live in."

Through CBRM Realty Inc., the company holds equity interests in approximately four dozen low-income housing projects collectively comprising upwards of 10,000 affordable housing units across Pennsylvania, Michigan, Ohio, Illinois, Alabama, Louisiana, Virginia, and other states. The case includes rolling dismissals as individual property-level entities transfer to secured lenders, ongoing litigation from creditors challenging corporate authority and property ownership, and municipal governments seeking relief from stay to address code enforcement issues. provides $21.9 million at 18% interest to fund property rehabilitation and operations.