10 — June 2026 — Delaware — DelMarVa — M id A tlantic Real Estate Journal
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D elaware
Governor Meyer joins ground- breaking for Lafayette Place
ILMINGTON, DE — A Delaware- founded financial W Creating 49 new jobs at Iron Hill Corporate Center GradBridge chooses DE for HQ and next stage of growth
MILFORD, DE — Gover- nor Matt Meyer joined state and local leaders, housing advocates and community part- ners in Milford to celebrate the groundbreaking of Lafayette Place, a new affordable housing development that will expand access to quality housing and create new opportunities for DE families. Developed by Interfaith Community Housing of Dela- ware , Lafayette Place will bring much-needed affordable homeownership opportunities to Milford at a time when commu- nities across the state continue to face rising housing costs, limited inventory and growing demand for attainable housing. The development is expected to begin with 36 affordable homes, with the potential to grow to as many as 95 units or townhomes as the project advances. Lafayette Place has also received a $2.5 million HUD Congressional Directed Spending grant to support criti- cal infrastructure work, includ- ing roads, grading, utilities and site preparation. The project reflects DE’s plumbing and electrical sys- tems, parking areas, and cer- tain equipment —that qualify for rapid 5-, 7-, or 15-year tax recovery periods. A study becomes especially important following a basis step-up because the newly adjusted basis creates a fresh opportunity to maximize accel- erated depreciation benefits. Even if the previous owner completed a cost segregation study years ago, the inherited property generally requires a completely new analysis. Heirs cannot simply copy and paste old allocation percentages from a prior study. Asset values change over time due to inflation, mar - ket conditions, renovations, and physical depreciation. Building components and land improvements may represent different relative values than they did when the original study was performed. Why an Updated Study is Required Additionally, because the total depreciable basis has changed, a fresh, audit-ready engineering study ensures that asset allocations are defensible, accurate, and optimized based on present-day market values. The Catch: Is Bonus Depreciation Available? While a step-up in basis of- fers clear financial advantages,
ried, benefit-eligible roles, and nearly all will pay more than $110,000 annually. GradBridge’s location in New - ark, which includes investment of up to $250,000 to update and fit out the new space, is a deliberate and long-term com- mitment to Delaware. It also is a strategic fit for Governor Matt Meyer’s agenda to grow the statewide innovation economy – particularly in sectors such as fintech – by attracting and re - taining high-growth, high-wage companies with technology and inventiveness at their core. “Delaware is proving once again that it is the best place for high-growth companies to launch, scale and succeed,” said Governor Matt Meyer . “GradBridge’s expansion in Newark brings nearly 50 high- quality jobs to our state and reinforces Delaware’s reputa- tion as a leader in financial innovation. This investment is a win for our workforce, our economy and the future of fin - tech in Delaware.” Intentionally capital-light, GradBridge is a regulated financial technology company operating within a sponsor bank framework and an orig- inate-and-sell structure that supports scalability, disciplined risk management and efficient capital deployment. It is backed by Acorn Investment Part- ners , a portfolio company of funds managed by Oaktree
Capital Management L.P. , which provides capital stability and a consistent liquidity that supports the company’s ability to grow. Key operating partners include CampusDoor, Hatch Bank, Nelnet/Firstmark and Gestalt . GradBridge is led by an experienced management team with deep backgrounds in student lending, consumer credit, customer experience, compliance, finance, analyt - ics and operations as well as startup execution experience and large-scale financial ser - vices leadership. This includes prior roles at Sallie Mae and Navient, which are institu- tions with significant Dela- ware and regional presence. Delaware Prosperity Part- nership has engaged with GradBridge’s leadership team as the company has built out its business plan, pursued its headquarters strategy and con- sidered strategic markets for future growth. DPP supported the company’s request to the state Council on Development Finance for a Jobs Performance Grant of up to $780,000 and a Capital Expenditure Grant of up to $7,500 from the Delaware Strategic Fund. Distribution of these monies is dependent on the company meeting commitments as outlined to the CDF, which reviewed and approved Grad- Bridge’s request for total grant funding of up to $787,500. MAREJ
technology startup and private student lending platform has selected a property in Newark’s Iron Hill Corporate Center as the site for its headquarters and next stage of growth, where it will create 49 new high- paying jobs. GradBridge LLC, a venture- backed startup, is a second- look private student lending platform designed to serve the more than a million near- approval borrowers declined annually because they fall just outside traditional credit criteria. It selected the 9,321 s/f location on Prides Crossing after assessing multiple mar- kets, including Philadelphia. Company leaders determined that Delaware’s financial ser - vices legal framework, proxim- ity to financial services talent and presence of established institutions such as Barclays, JPMorgan Chase, WSFS and Sallie Mae made the state the best location for GradBridge’s executive leadership, finance, compliance, credit, data/ana- lytics and management opera- tions and long-term growth. The company had four per- manent full-time employees in Delaware at the end of 2025 and plans to create 49 new full-time positions in the state over the next five years. The positions will all be sala- FELTON, DE — Carson Development LLC celebrat- ed the grand opening of Reese Apartments, a 48-unit afford- able housing community in Felton, with a ribbon-cutting ceremony attended by Gov- ernor Matt Meyer , local leaders, community partners and residents. Originally breaking ground in 2024, the community reached full occupancy within six weeks, drawing more than 330 applications, underscoring the region’s ongoing housing shortage and strong demand for quality, attainable housing. Located at 130 Reese View Circle, the development offers a mix of one-, two-, and three- bedroom apartments designed for households across a range of income levels. Residences feature energy-efficient appli - ances, modern finishes, and access to amenities including
broader efforts to increase hous- ing supply, reduce barriers to de- velopment and support commu- nities where working families, seniors and longtime residents can continue to live. During the groundbreaking, Gov. Meyer emphasized that housing affordability is closely tied to DE’s economic future, including workforce growth, job access and long-term communi- ty stability. He also highlighted the JobsFirst Initiative, which is designed to help accelerate state permitting for critical projects, including housing developments that allow Delawareans to live closer to employment, services and opportunity. MAREJ it does come with an important limitation: bonus depreciation is not available for property received through an estate. Because the asset is transferred rather than acquired through a traditional purchase transac- tion, the IRS does not classify it as a qualifying acquisition eligible for immediate bonus depreciation benefits. U.S. Senator Lisa Blunt Rochester and Milford Mayor Todd Culotta carry shovels to the groundbreak- ing site for Lafayette Place. Photo By Jennifer Antonik However, even without bo- nus depreciation, the combi- nation of the new, elevated tax basis and accelerated cost segregation classifications still create valuable front-loaded tax savings for heirs. How Cost Recovery Solutions Can Help Understanding the relation- ship between basis step-ups and cost segregation is critical during estate planning and property transfers. It requires precise, defensible reporting —over-inflating asset classifica - tions can invite unwanted audit scrutiny, while failing to update your valuations leaves signifi - cant cash flow on the table. With more than two decades of experience, Cost Recovery Solutions provides the rigor- ous, engineering-based stud- ies required to validate your asset valuations. Chandler Echols is a se- nior engineering analyst at Cost Recovery Solu- tions with over 23 years of experience. MAREJ
continued from page 2 Navigating CRE inheritance
Reese Apartments grand opening marks 48 new affordable housing units, fully leased in six weeks
Governor Matt Meyer joins DSHA Director Matt Heckles, Carson De- velopment CEO Danielle Smith, Brett and Carson Smith from Carson Development, Robin Steininger from Gillis Gilkerson, Chris Tully from RBC, Delaware State Representative Lyndon Yearick and community partners during the ribbon-cutting ceremony for Reese Apartments.
a community room, walk- ing paths, playground, and planned on-site services. The Delaware State Housing Authority (DSHA), Kent County and financing partners through the Low-Income Housing Tax Credit (LIHTC) pro- gram have supported the project since its early stages, serving as key partners
throughout development. As part of the grand opening celebration, local community organizations were also on- site connecting residents with educational resources and support services Construction, led by general contracting and construction management firm Gillis Gilk- erson , was finished in March 2026. MAREJ
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