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The class A multifamily development is sponsored by GY Properties Basis Investment Group closes $43M bridge loan for Philadelphia multifamily
ISSUE HIGHLIGHTS Volume 38, Issue 6 June 2026
HILADELPHIA, PA — Basis Investment Group, LLC (Basis) , a national commercial real estate debt and equity in- vestment platform founded by CEO Tammy Jones , has provided a $43 million bridge loan to refinance the existing construction loan supporting the lease-up of the Residences at Pier 40. The subject property is a newly constructed, 195-unit class A multifamily development sponsored by GY Proper- ties on the Delaware River waterfront in Philadelphia’s Northern Liberties neighbor- hood. The Residences at Pier 40 is located at 933 North Penn St. in one of Philadel- phia’s strongest and most desirable rental submarkets. With nearly four decades in P
said Jones. “We’re proud to have partnered with GY Properties, an established and well-respected borrower with generations of expertise and success in the local mar- ket.” The property meets a growing demand for housing in the region, offering conve- nient access to Philadelphia’s Center City district, along with historic cultural and academic institutions, green space, transit, entertainment, and dining options. Resident amenities include private balconies in select units with waterfront and skyline views, in-unit washer/dryers, gour- met kitchens with stainless steel appliances and quartz countertops, along with cov- ered parking, fitness center, game room, and controlled building access. MAREJ
SPOTLIGHTS
CREATIVE FINANCE 3-4 THRIVING UNDER 30
5-7
DELAWARE
8-10
Residences at Pier 40
managed at 97% occupancy across its portfolio. “Our involvement in the Residences at Pier 40 offers a unique opportunity to in- vest in a class A asset with strong cash-flow potential in one of the region’s most sought-after submarkets,”
operation and $1 billion in assets under management, the property’s sponsor, GY Properties, a private real estate investment, develop- ment, and management firm, boasts a deep local expertise of the market with, 3,800 residential units owned and
Delaware’s Commercial Real Estate 2026 Update
Robert Filley, Haris Hanifi, Adrian Mendoza & Brian Hosey rep. seller, procure buyer Marcus & Millichap closes $42 Million sale of industrial assemblage in Manassas, VA
Jay L. White, MAI, CRE®
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UPCOMING CONFERENCES 5 th Annual Delaware Commercial Real Estate Forecast Conference July 9, 2026 For speaking & sponsorship info., please contact: Lea at 781-740-2900 or lea@marejournal.com
MANASSAS, VA — Mar- cus & Millichap announced the sale of two adjacent indus- trial properties in Manassas for $42 million. Located within Northern Virginia’s data center corridor, the properties comprise 14 acres of industrial-zoned land with long-term data center redevelopment potential. The transaction included the sale of Goode Business Center, a two- building, 135,000 s/f industrial storage and manufacturing
Haris Hanifi
Robert Filley
Manassas, VA Industrial Portfolio
senior managing director in- vestments with Marcus & Mil- lichap. “This transaction reflects the continued convergence of industrial real estate, power availability, land scarcity, and long-term data center demand.” Robert Filley, Haris Hanifi, and Adrian Mendoza of Mar- cus & Millichap, in association with Brian Hosey , the firm’s broker of record in Virginia, rep- resented the seller and procured the buyer. “What made this transac- tion unique was the strategic assemblage of the two adja-
cent parcels,” said Hanifi, as - sociate director investments with Marcus & Millichap. “The original 10-acre site alone had limitations, but by incorporating the neighboring four-acre parcel, the combined 14-acre site created a stronger long-term redevelopment op- portunity in one of the coun- try’s most competitive data center markets.” Located near major trans- portation corridors, the prop- erties offer strategic access to Northern VA’s industrial and data center market. MAREJ
Directory
Adrian Mendoza
Brian Hosey
Thriving Under 30.......................................................3-4 Creative Finance . ........................................................ 5-7 DelMarVa featuring Delaware...................................8-12 CIRC Delaware Chapter................................................12 New Jersey featuring Northern NJ...........................13-20 Pennsylvania featuring Northeastern PA.................21-23 Owners, Developers & Managers............................24-33 People on the Move.....................................................34 CRE Organization’s Events Calendar .............................. 35 www.marej.com
complex located on 10 acres at 12269 Livingston Rd., and Atlantic Building Supply, an 18,000 s/f industrial warehouse facility located on nearly four acres at 12249 Livingston Rd. “Northern Virginia remains the largest and most active data center market in the world, and infrastructure-sensitive industrial land in this corridor continues to attract significant interest,” said Robert Filley,
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Inside Cover A — May 2026 — M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ....Carlo L. Batts, MAI, Rittenhouse Appraisals and The Reduxx Group; Chandler Echols, Cost Recovery Solutions; Jay L. White, MAI, CRE, Apex Realty Advisory Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 38, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage
Navigating CRE Inheritance Chandler Echols Cost Recovery Solutions
W hen commercial investment prop- erty is transferred through an estate, one of the most significant tax advan- tages available to heirs is the “basis step-up.” Under- standing how this provision maximizes your immediate tax savings and how coupling it with an engineering-based cost segregation study can sig- nificantly improve your long- term financial performance is critical if you are inheriting income-producing real estate. What is a “Basis Step-up”? To understand the value of a basis step-up, it helps to look at how the IRS balances two critical tax factors for property owners: the burden of capital gains taxes on appreciation, and the benefit of annual depreciation deductions for building wear and tear. Normally, tax depreciation is strictly locked into your original purchase price, mean- ing that even if the market booms, your annual write-offs
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Example: If a property pur- chased decades ago for $1 million has appreciated to $3 million at inheritance, the $2 million in historical capital gains is wiped away. The heirs can immediately leverage the full $3 million valuation to generate larger annual tax benefits and boost after-tax cash flow. Basis Step-Up & Cost Segregation A cost segregation study allows property owners to break down a building into its individual components. Instead of depreciating the en- tire structure over a standard 27.5- or 39-year timeline, an engineering-based study iden- tifies elements—such as land improvements, decorative finishes, cabinetry, specialty continued on page 10
cannot grow, and those de- ductions eventually run out. Additionally, if you sell, you owe capital gains taxes on any appreciation in property value, plus tax recapture on the depreciation you claimed over the years. An estate transfer shifts this tax framework: • Capital Gains Erasure: The IRS discards the original owner’s historical purchase price, allowing for a basis step-up to the property’s fair market value as of the date of death. This structural reset typically frees any inher- ited appreciation from capital gains tax liability. • Depreciation Reset: The property’s previous deprecia- tion history is wiped clean. Heirs can claim new deductions using the updated valuation.
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
M id A tlantic Real Estate Journal — Thriving Under 30 — June 2026 — 3
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T hriving U nder 30
Sheldon Gross Realty’s assistant VP discusses mentorship and growth Earning the first commission and beyond: Josh Glussky’s commercial real estate journey
S
heldon Gross Realty’s Josh Glussky has been with the company since 2023 and was recently promot- ed to assistant vice president. We spoke with him recently about getting started in the commercial real estate field. What follows is an excerpt of our exchange. What accomplishments from the past year are you most pleased with? That’s an easy one – it’s the ongoing success of my team. Every transaction we close has its own dynamic, its own story. I’m proud that I’m consistently able to play my part – in different ways with each deal – to help the agency thrive and continue growing. When it comes to net- working, what’s your go- to strategy? I emphasize connecting with other brokers and sales- people beyond handshakes during showings and discus- sions during negotiations. I’m talking about things like dinners, happy hours, and golfing. Particularly with my younger colleagues, we’re go- ing to be working together in this industry for a long while. We might as well get to know each other because we’ll all benefit from that familiarity. As a young leader in the CRE field, how do you help inspire others? I’m completely open to dis- cussing my career with any- one who has questions and is thinking about getting into commercial real estate. I’m even happy to share about those awkward times when I was just getting started and was still learning the basics. There’s no doubt it’s a challenging, demanding field – but, from my perspective, it’s really worth it. It’s a field you have to love, or there’s no point being in it. As for advice, if someone asks, I always encourage them to think hard about what makes them happy. You need to figure out what will motivate you to get up and out of bed every day. What’s been the most significant challenge in your career … and how did you overcome it? Everyone’s story is differ- ent. For me, the biggest chal- lenge was simply earning my first check – it actually took me 18 months to finally hit my stride.
Josh Glussky Assistant Vice President Years with company/firm: 3 Years in field: 3 Years in real estate industry: 3 Real estate organizations/affiliations: IOREBA — Treasurer, 2025–2026; President, 2028–2029
“Every transaction we close has its own dynamic, its own story. I’m proud that I’m consistently able to play my part – in different ways with each deal.”
do best, and how you’re going to focus your time. You’ve got to allocate time for showings, travel, working in the office, meetings – it’s a lot. I’m not sure anyone ever really be- comes perfect at managing time … but at least I’m get- ting better and better at it. Looking ahead, is there a particular goal in the CRE field you’re focused
on achieving? I don’t have a single, spe- cific goal. I simply want to be the best possible version of myself. I want to be an excellent resource for own- ers, tenants, and my fellow brokers. Putting it another way, if someone needs comps or wants to discuss a chal- lenge, I’d like to be the guy they call. MAREJ
every day, and you’re prob- ably going to be asleep for at least a quarter of that time. So you have to decide what you do best, what you don’t
More broadly, time man- agement is an ongoing chal- lenge for me – and it’s a very common one in this field. There are only 24 hours in
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4 — June 2026 — Thriving Under 30 — M id A tlantic Real Estate Journal
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T hriving U nder 30 Introducing Edward DeSimone and Jeff Perkins Matthews ™ celebrates emerging leaders in commercial real estate
Edward DeSimone First Vice President & Director Years with company/firm: 6.8 Years in field: 6.8 Years in real estate industry: 7.2 Real estate organizations/affiliations: ICSC
Jeff Perkins Market Leader Years with company/firm: 4.6 Years in field: 4.6 Years in real estate industry: 4.6
What is your most notable project, deal, or transaction? One transaction that stands out is the $37.1 million sale of a 14-property Jiffy Lube portfolio across Georgia and South Carolina. The client was a quick lube operator look - ing to acquire both the business and the real estate simultaneously, a complex structure made even more challenging by a high cost-of-capital environment. To make the deal work, we executed a simultaneous sale-leaseback at closing, which effectively funded the business acquisition and eliminated the need for a large bank loan at a higher interest rate. It was a creative capital solution that required all parties working in lockstep, and getting it across the finish line was one of the most rewarding deals of my career. Who or what has been the strongest influence in your career? The col- leagues around me have shaped me more than anything else. In this business, you are only as good as the people you surround yourself with, and I have been fortunate to work alongside some truly driven and knowledgeable professionals throughout my career. Matthews ™ has a culture that attracts a certain type of person, someone who is hungry, competitive, and genuinely passionate about the work. That energy is contagious. Whether it was learning how to structure a complex deal, navigate a difficult negotiation, or simply carry myself with clients, so much of what I know came from watching and working alongside the people around me. Commercial real estate is not an industry you can learn from a textbook. You learn it by doing, and you learn it faster when the people around you hold a high standard. That culture at Matthews has pushed me to continually improve and set the bar for what I expect of myself every day. continued on page 36
What is your most notable project, deal, or transaction? The next deal is the best deal. Every deal I’ve sold has its own unique story and set of challenges. The most memorable is certainly the first property I sold 10 months into my career. It showed a proof of concept and was a direct result of my personal efforts. Furthermore, the landlord with whom we successfully executed the sale remains a close client to this day. However, I do believe that in order to sustain success in this industry, you must celebrate the win, then you get back to work to find that next opportunity. Who or what has been the strongest influence in your career? Matthews ™ ‘s leadership has shaped who I am as both a broker and a leader. I have been fortunate to have people who genuinely invested in my develop - ment and took the time to show me what it means to operate at a high level in this industry. DeWitt Goss, Market Leader of the New York office, and Keegan Mulcahy, First Vice President and Market Leader, were instrumen - tal in building my foundation as an agent. Hutt Cooke, Managing Director of the Nashville office, showed me what it looks like to lead with integrity and purpose. David Harrington, President Bill Pedersen, Regional President of the East, and Kyle Matthews, CEO and Chairman, have set the standard for what this firm stands for and what we are all working toward. Each of these individu - als left a mark on how I approach the business, how I treat clients, and how I now work to develop the next generation of talent at Matthews. Tell us how and when you began your career in the profession you are in today and why you chose the field/profession you are in today?
continued on page 36
M id A tlantic Real Estate Journal — Financial — Creative Finance — June 2026 — 5
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C reative F inance
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6 — June 2026 — Creative Finance — Financial — M id A tlantic Real Estate Journal
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C reative F inance
NGLEWOOD, NJ — Foreign nationals con- tinue to play a major Asset-based lending platform bypasses traditional banking hurdles Kennedy Funding opens doors to U.S. real estate for foreign national investors E
just to get an answer,” Wolfer said. “We evaluate it, decide, and execute. That’s what keeps transactions moving.” That speed has become a defining advantage. The firm regularly closes loans in a mat- ter of days, allowing foreign investors to compete more ef- fectively with domestic buyers. In one recent transaction, Kennedy Funding provided acquisition financing for a foreign national purchasing a 19-unit apartment building in Baltimore, stepping in after traditional options failed to meet the required timeline. “Timing is everything,” said Edwin Urrego , execu- tive loan officer at Kennedy Funding. “Foreign national borrowers aren’t lacking op- portunity—they’re lacking lenders who can move fast. We focus on the asset, the potential occupancy, and the equity. That’s what drives our decisions.”
global track record, but if you don’t fit a domestic lend - ing model, the deal stalls,” he said. “We take a practical view. If the real estate per- forms, we can structure a loan around it.” Kennedy Funding’s platform supports a wide range of com- mercial real estate transac- tions, including land, multi- family, and commercial assets, along with acquisitions, bridge financing, and more complex scenarios such as workouts and time-sensitive closings. Rather than replacing tradi- tional lenders, the firm serves as a critical alternative when conventional financing is not viable—or not fast enough. Key features of the firm’s foreign national lending plat- form include: • No requirement for U.S. credit history • Asset-based underwriting centered on property value • Loans starting at $1 million and scaling upward • Typical leverage up to 75% loan-to-value • Closings in as little as five days Kennedy Funding’s borrower base spans South America, Europe, Canada, and beyond, opportunity and provided the borrower with multiple development options.” Unlike conventional lenders that often focus heavily on bor- rower financial metrics, Ken - nedy Funding’s asset-based lending model emphasizes the underlying value and po- tential of the collateral. This approach allows the company to move quickly and provide financing solutions for bor- rowers facing time-sensitive opportunities or situations that may not fit traditional lending guidelines. “Opportunities like this don’t fit neatly into a con- ventional lending box,” said Kevin Wolfer , president and CEO of Kennedy Funding. “That’s where private lending can make a meaningful dif- ference. By taking a practical approach and understanding the unique characteristics of each transaction, we can provide borrowers with the capital they need when tradi- tional financing sources may not be an option.” The closing further rein- forces Kennedy Funding’s
reflecting the continued global interest in U.S. real estate and the need for lenders who understand how to execute across borders. “There’s a steady flow of international capital looking for opportunities here,” Wolfer said. “Those investors need partners who can act quickly and structure deals properly. That’s where we come in.” The firm has also become a trusted resource for brokers representing foreign national clients, particularly in compet- itive or distressed situations where certainty of execution is critical. At its core, the approach remains straightforward. “If the deal makes sense, we focus on the asset—not where the borrower is from,” Wolfer added. “That’s what keeps deals alive.” With global investment activity continuing and tra- ditional lending standards remaining tight, demand for flexible, asset-based financ - ing is expected to grow—po- sitioning Kennedy Funding as a key player for foreign nationals seeking a direct path to closing. MAREJ position as a leading lender for land loans and develop- ment properties throughout the U.S. and internationally. The company continues to provide bridge loans, ac- quisition financing, working capital loans, construction loans, and other creative lending solutions for borrow- ers seeking speed, flexibility, and certainty of execution. About Kennedy Funding Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, develop- ment, workouts, bankrupt- cies, and foreclosures. Ken- nedy Funding has closed more than $4 billion in loans to date. Their creative fi- nancing expertise provides funding up to 75% loan- to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Eu - rope, Canada, and Central and South America. MAREJ
“Foreign national borrowers are often turned away for rea- sons unrelated to the strength of the deal,” said Kevin Wolf- er , CEO and president of Ken - nedy Funding. “We focus on the asset and the equity—not whether someone checks every conventional box.” Instead of relying on conven- tional underwriting criteria, Kennedy Funding evaluates the fundamentals of the transac- tion: property value, equity, and overall deal viability. That shift in perspective has made the firm a consistent financing source for foreign nationals competing in fast-moving U.S. markets. Across the industry, inter- national investors continue to face familiar hurdles—lim- ited access to domestic bank- ing relationships, restrictive guidelines, and approval pro- cesses that stretch for weeks or months. In competitive situations, delays alone can cost borrowers the deal. Kennedy Funding eliminates those barriers by deploying its own resources and making decisions internally—without committees or syndication.
role in the U.S. real es- tate market, yet securing financing re - mains a per- sistent chal- lenge. Even experienced investors
Edwin Urrego
with strong equity often find themselves blocked—not be- cause of the deal, but because they don’t meet the rigid re- quirements of banks and other traditional lenders. Without U.S. credit history or a domestic financial foot - print, foreign national borrow- ers are frequently sidelined. Add in lengthy underwriting timelines and institutional lay- ers, and many time-sensitive opportunities fall apart before they reach the closing table. Kennedy Funding is ad- dressing that gap. As a direct private lender with more than $4 billion in closed loans, the firm takes a different approach—one that centers on the asset rather than the borrower’s geography. ENGLEWOOD, NJ — Medford Oregon, the eighth most populous city in Or - egon, has faced many of the same challenges as other cities around the U.S. have encountered: A challeng- ing economy, increasing unemployment and cooling healthcare jobs. So it’s not surprising that conventional lenders may balk at real estate loans. For Kennedy Funding , opportunities like this are exactly where its asset-based lending approach excels. Kennedy Funding, one of the nation’s leading direct private lenders, has closed a $2.7 million land loan to pro - vide working capital to Haya Enterprises LLC, secured by a 34.61-acre mixed-use de - velopment property located at the southeast corner of North Phoenix Road and Coal Mine Road in Medford. Situated in Jackson Coun - ty, the site offers significant long-term development po- tential due to its strategic lo- cation and favorable zoning. Approximately 10.10 acres
“We’re not sending deals through layers of approvals Urrego added that many international investors bring significant experience and capital but encounter unnec- essary friction when entering the U.S. market. “You can have a strong Kennedy Funding closes $2.7M Oregon land loan for mixed-use development site
34.61-acre mixed-use development property located at the southeast corner of North Phoenix Road and Coal Mine Road in Medford, OR.
are zoned community com- mercial, permitting office, retail, and multifamily devel- opment, while the remaining 24.51 acres are zoned single- family residential. The property’s mixed-use characteristics provide mul- tiple development options and position it to benefit from future growth throughout the Medford market. The property is located across from Centennial Golf Club and enjoys convenient access to Interstate 5, Or -
egon Route 99, downtown Medford, and Rogue Valley International Airport. “This is the type of loan Kennedy Funding special- izes in,” said Jared Lev- itt , loan officer at Kennedy Funding. “When traditional lenders can’t deliver, we can often find a way forward by focusing on the value of the real estate. In this case, the site’s combination of commercial and residen- tial development potential gave us confidence in the
M id A tlantic Real Estate Journal — Financial — Creative Finance — June 2026 — 7
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C reative F inance
$2,700,000 Closed Working Capital Haya Enterprises LLC Medford, Oregon
This deal had plenty for us to sink our teeth into—a $2.7 million working capital loan secured by a 34.61-acre mixed-use development property. While traditional lenders get stuck focusing on the borrower’s financials, we look to the value of the real estate to keep deals moving upstream.
With over $4 Billion in closed loans, why would you go anywhere else?
Call 201-342-8500 or visit KennedyFunding.com
LAND, WORKING CAPITAL, ACQUISITIONS, BANKRUPTCIES, DISCOUNTED PAYOFFS, NOTE PURCHASES, WORKOUTS AND FORECLOSURES
8 — June 2026 — Delaware — DelMarVa — M id A tlantic Real Estate Journal
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D elaware
By Jay L. White, MAI, CRE ® , Apex Realty Advisory Delaware’s Commercial Real Estate 2026 Update
C
ommercial real es- tate is a $20 trillion industry and a force
est rates stabilization and as- set prices finding a floor, then the U.S./Iran war started
The Delaware real estate transaction market showed signs of stabilization in Q1
located throughout Delaware. Transaction volume and pric- ing trends continue to shape how the local market is evolv- ing. Capitalization rates of investment sales over the first five months of 2026 reflect rates from 4.88 to 8.62 percent, with a median of 6.75 percent. • Brookbend Apartments – is a 615-unit garden apart- ment complex built in 1969 and renovated in 2025 on 27.95 acres in Newark that sold in February for $90.25 million, or $146,748/unit. • Ascend by the Sea – is a 216-unit garden apartment
complex built in 2025 on 22.553 acres in Millville, Sussex Coun- ty that sold in March for $58.5 million, or $270,833/unit. • Chasemont Apartments – is an 83-unit garden apart- ment complex built in 1980 on 2.4 acres in Newark that sold in March for $10.15 million, or $122,289/unit. • Two Nursing Homes and an Assisted Living Facility – located in the Wilmington sub- urbs containing 371 beds that sold in March for almost $41 million, or $110,377 per bed. Signs of investment market recovery in Q1 2026 were disrupted by external forces tied to the Iran war. Grow- ing economic concerns sur- rounding inflation, interest rates, and geopolitical risk have impacted investor senti- ment. SitusAMC reports that investors favor cash as the preferred asset class due to heightened market insecurity and muted returns impacting the outlook of a recovery. Bloomberg reports that the era of ‘extend and pretend’ is ending as lenders are finally moving on from soured loans that have tied up the property market for years. Examples of this in the local market include the 23-story office at 1201 North Market Street in downtown Wilmington that sold via sheriff’s sale back to the lender in February for $32 million and three suburban office buildings containing 305,400 square feet in Bel - levue Corporate Center with $50.8 million outstanding debt heading to sheriff’s sale in June. With limited new build- ing deliveries due to rising construction and financing costs, the local market fun- damentals across the various sectors should remain stable to improve. However, higher operating expenses like real estate taxes, insurance pre- miums, and energy prices are putting downward pressure on NOIs. The higher cost of debt, inflation, geopolitical tensions and economic un- certainty will all remain as downside risks to the overall market outlook over the re- mainder of 2026. Capital re- mains active but disciplined as investors watch for the next Federal Reserve action. Jay L. White, MAI, CRE ® , is the founder of Apex Real- ty Advisory in Wilmington, Delaware. MAREJ
that shapes America’s e c onomi c fabric and culture. It is also a cycli- cal and capi- tal-intensive b u s i n e s s known for
“The Delaware real estate transaction market showed signs of stabilization in Q1 2026.”
in February, and economic uncertainty returned as did rising energy costs, inflation, and fluctuating capital mar - kets. Even with this, commer- cial real estate investment sales volume, availability of capital, and fundamentals of the commercial real estate market have remained solid.
2026 with sales volume total- ing $199.85 million for four property sales tracked that sold for greater than $10 million. This represents an increase of 414 percent over the same period in 2025. Below is a summary of the commercial real estate prop- erties selling for $10+ million
Jay L. White
both its strength and volatil- ity. 2026 started out strong with investors and capital re- turning to the market. Many saw promising signs of inter-
Jay L. White, MAI CRE® 101 Brandywine Boulevard Wilmington, DE 19803 P: 302-479-5300 www.apexrealtyadvisory.com
O UR Q UALIFICATIONS
O UR S ERVICES
• Real Estate Appraisal
o Expert valuation of commercial properties o We provide critical thinking and analysis of the commercial markets o Financial Analysis used to better evaluate development options o Appraisal reviews, arbitration, expert witness testimony, real estate tax appeals, loan workouts, and litigation support o Analysis of current market conditions and research into comparables for client internal asset management purposes o Retrospective for estate tax purposes as well as for future planning
• Certified General Real Appraisers serving Delaware, Maryland, and Pennsylvania with 35+ years of appraising experience • MAI designated real estate appraiser • CRE® Counselor of Real Estate o Awarded to real estate practitioners recognized for their expertise, experience, and ethics in providing advice
• Real Estate Consulting
• Feasibility and Market Studies
• Counseling Services
P ROPERTY T YPES
• Acquisition Due Diligence
• Retail • Office • Industrial • Institutional • Mixed-Use • Schools
• Multifamily • Land • Special Purpose • Hospitality • Self-Storage • Hospitals/Veterinary
• Estate Planning
• Real Estate Tax Appeal
o Appraisals to challenge tax assessments
M id A tlantic Real Estate Journal — DelMarVa — Delaware — June 2026 — 9
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D elaware
The project will add 12 patient beds and 14,000 s/f to the existing facility Anchor commences expansion project at PAM Health Rehabilitation Hospital in Dover, DE
OVER, DE — Dedi- cated to expanding access to specialized healthcare, Anchor Health Properties (Anchor) , a na- tional, full-service health- care real estate development, management, and investment company focused exclusively on medical outpatient build- ings and specialty healthcare facilities, has officially com - menced construction on an expansion of the PAM Health Rehabilitation Hospital in Dover. Located at 1240 McKee Rd., the project will add 12 patient beds and 14,000 s/f to the existing facility. Serving as developer in a fee-for-service capacity, Anchor is providing comprehensive de- sign and construction oversight for the project, working in close coordination with the building’s owner, Sila Realty Trust, Inc.. The facility, a 34 bed, 42,000 s/f inpatient rehabilitation hospital, represents a critical piece of healthcare infrastruc- ture for the region. As the only inpatient rehabilitation facility (IRF) in Kent County, the hos- pital offers vital services includ- ing physical, occupational, and speech therapies. The project aims to build upon the facility’s success since its 2019 opening and ensure it continues to meet the high demand for specialized care in the state. “We are pleased to be work- ing alongside Sila Realty Trust on this expansion,” shared Barry Travis , devel- opment director with Anchor Health Properties. “Our focus is on ensuring the project runs smoothly so that the hospi- tal can continue to meet the high demand for specialized services in Dover. We look forward to collaborating with the entire team to deliver a modern environment that sup- ports both the clinical staff and the patients they serve.” The hospital is currently fully leased to a joint venture between Bayhealth Medical Center, Inc., the second-largest health system in Delaware and a subsidiary of PAM Health, one of the nation’s premier pro- viders of post-acute healthcare. The project team includes regionally based firms with extensive healthcare facility experience, including Mula Group serving as the archi- tect, Warfel Construction serving as the general con- tractor, and Becker Mor- gan Group providing civil D
engineering services. The expansion is slated for com- pletion in early 2027. About Anchor Health Properties
cal outpatient box.” With more than $2B of completed develop- ment projects, nearly 9M s/f un- der management, and $3.2B in- vested in stabilized healthcare facilities, Anchor continues to create a better healthcare experience for patients and a competitive edge for our clients. Anchor maintains multiple of- fices nationwide and features more than 100 professionals in its ranks. Healthcare today calls not only for new and more efficient ways of delivering healthcare services, but also a different kind of healthcare real estate company. MAREJ
Anchor Health Properties is a full-service healthcare real estate development, manage- ment, and investment firm serving investors and health systems. Leveraging our collec- tive experience and resources, our nimble, and thoughtful team of professionals develop and deliver tailored, client- specific solutions to respond to today’s healthcare challenges – thinking outside the “medi- Expansion Project at PAM Health Rehabilitation Hospital in Dover, DE
10 — June 2026 — Delaware — DelMarVa — M id A tlantic Real Estate Journal
www.marej.com
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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