1.25.06
AMC Delancey Group Closes $43,750,000 Refinancing of Gettysburg Village Factory Stores

Contact
Kathleen Pallas, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com

GETTYSBURG, PA, JANUARY 25, 2006 — AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, announced it has refinanced its premiere retail asset located in Gettysburg, Pa. The proceeds of the $43,750,000 refinancing are for the expansion at Gettysburg Village Factory Stores, a 260,000-square-foot, fully occupied shopping center. A ten-screen movie theater will open in early spring of 2006 and a multi-faceted 200,000-square-foot expansion to add new stores is currently underway at the center. In addition, a new TGI Fridays restaurant opened at the center in July 2005.

AMC Delancey’s Patrick Brala, Chief Financial Officer, and Brian Friedman, General Counsel, were responsible for closing this transaction. Matthew Texler of Meridian Capital Group LLC represented the borrower. Credit Suisse First Boston was the lender and was represented by Edward Petti.

“At AMC Delancey Group we are taking advantage of competitive market conditions, including very favorable interest rates, to refinance key properties throughout our portfolio,” Kenneth P. Balin, President and Chief Executive Officer commented. “We developed a structure with Column Financial that allowed us to use a portion of the proceeds to construct the 35,000-square-foot movie theater. Sovereign Bank had been our lender at Gettysburg since we acquired the property in June of 1999 and has been a great partner in the development, construction and leasing of Gettysburg Village. It is a testament to that partnership, as well as our world-class team of professionals at AMC Delancey Group that this property continues to experience such strong leasing and tenant retention success.”

Gettysburg Village, a unique center combining the charm of traditional Main Street America with seasonal entertainment for a complete family-friendly shopping destination, is located at Route 15 and Baltimore Street (Route 97) in historic Gettysburg, Pennsylvania. Owned by AMC Delancey Group, The Village’s 70 stores and Food Court offer values found nowhere else in the region and draw shoppers from throughout Pennsylvania and Maryland. AMC Delancey has an expanding portfolio of shopping centers currently in Pennsylvania, New Jersey and Delaware.

Visit the Gettysburg Village Web site at www.gettysburgvillage.com for a complete listing of all stores and upcoming events, or call (800) 868-7553 for additional information.

Founded in 1991, Meridian Capital Group LLC is one of the nation's largest mortgage brokers serving the multifamily and commercial real estate sectors. The company is based in New York City with additional offices in New Jersey, Pennsylvania, Maryland, Illinois, Florida, and California. Working with a wide variety of lenders, Meridian finances transactions ranging from $500,000 to more than $500 million for multifamily, co-op, office, retail, hotel, healthcare, self-storage, industrial, and construction properties. Nationally, Meridian reported more than 2,500 transactions and is on target to complete $16 billion in transactions in 2005.

Credit Suisse First Boston (CSFB) is a division of the Zurich-based Credit Suisse Group and operates in 69 locations in 33 countries across five continents. CSFB is a leading global investment bank serving institutional, corporate, government and individual clients. Its businesses include securities underwriting, sales and trading, investment banking, private equity, financial advisory services, investment research, venture capital, correspondent brokerage services and asset management. CSFB’s Real Estate and Securitization Group has a 20-year history in real estate and structured mortgage product and offers one of the most active sources of capital for mezzanine debt, subordinate mortgage financing and preferred equity investments. CSFB has been lead-manager of over 200 CMBS deals globally totaling more than $108 billion since 1987 and in 2005 originated $17.9 billion in real estate loans in the United States.

Founded by Kenneth P. Balin in 1992, AMC Delancey Group, Inc. is a leading real estate investment and development firm that aligns interests and co-invests with a growing number of real estate operating partners throughout the United States. Headquartered in Philadelphia, Pennsylvania, the Company's programmatic approach focuses first on the quality of potential operating partners, next on their investment strategies, and then on the specific properties proposed for acquisition. The Company's current investment programs include hotel, office, retail, multi-family, condominium, mixed use, and land development. AMC Delancey plans to expand these and future investment programs throughout the United States, with both existing and new operating partners, with investments targeted over the next several years in excess of one billion dollars. For more information on AMC Delancey Group, visit www.amcdelancey.com.