11.01.04
AMC Delancey Refinances Two Apartment Properties
in Philadelphia, and Harrisburg
Contact
Stephanie W. Singer, Beckerman Public Relations
(908) 781-6420, Stephanie@beckermanpr.com
PHILADELPHIA, PA, NOVEMBER 1, 2004 – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, announced it has refinanced two of its portfolio apartment buildings in Philadelphia and Harrisburg, Pennsylvania. The refinancing, totaling $11.8 million, was for the Towne House Apartments & Suites at 660 Boas Street in Harrisburg and the Mulberry Court Apartments at 225 Arch Street in Philadelphia.
Patrick Brala, Vice President and Chief Financial Officer at AMC Delancey, was responsible for closing these transactions. Matthew Texler represented Meridian Capital Group, which was the loan broker. Brooklyn, New York-based Independence Community Bank was the lender.
Located two blocks from the Capitol Building, the Towne House Apartments & Suites include 300 apartments and 60 extended stay suites and are occupied by numerous government officials. Situated several doors down from the Betsy Ross House in the heart of Old City Philadelphia, the Mulberry Court Apartments consist of 16 residential units and 4,000 square feet of commercial space.
“AMC Delancey is consistently focused on ensuring our interests are aligned with those of our investors,” said Kenneth P. Balin, president and CEO of AMC Delancey Group. “In the case of these two assets, we were able to take advantage of competitive market conditions and refinance these two important assets.”
Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a long-term investor in real estate that delivers superior risk-adjusted financial returns by aligning interests with leading local operating partners and investors throughout the east coast. Headquartered in Philadelphia, Pennsylvania, the Company targets long-term relationships with operating partners from New England to Florida. For more information on AMC Delancey Group, visit www.amcdelancey.com.
