01.03.05
AMC DELANCEY REINVESTS PROCEEDS INTO HISTORIC ASSET IN PHILADELPHIA, PA

Contact
Stephanie W. Singer, Beckerman Public Relations
(908) 781-6420, Stephanie@beckermanpr.com

PHILADELPHIA, PA, JANUARY 3, 2005 – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, announced it has refinanced one of its assets in its office portfolio in Philadelphia, Pennsylvania. The refinancing, totaling $5.5 million, was for the Cast Iron Building located at 718 Arch Street.

Patrick Brala, Vice President and Chief Financial Officer at AMC Delancey, and Brian Sunday, Financial Analyst at AMC Delancey, were responsible for closing this transaction. Robert Jacoby, of ICAP Realty Advisors, served as loan broker. Wells Fargo Commercial Mortgage was the lender in the transaction, and Doug Mazer was their lending officer leading the assignment.

The 105,000-square foot historic Cast Iron Building serves as AMC Delancey’s corporate headquarters. The Cast Iron Building is 100 percent occupied, and The Reinvestment Fund is the largest tenant in the building, occupying 30 percent of the facility.

“AMC Delancey bought The Cast Iron Building in 1996 at a time when many were concerned about the future of the downtown Philadelphia market. In addition, the property was located adjacent to the site of the proposed $60 million Federal Detention Center,” said Kenneth P. Balin, president and CEO of AMC Delancey Group. “As a result, many people were afraid to buy the property at the time, but AMC Delancey wasn’t and the investment has proved to be extremely worthwhile for our investors. We are happy to take advantage of competitive market conditions by refinancing this important asset. We are also investing in modern elevators to bring the building up to an even higher level of operation.”

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.