05.02.06
AMC DELANCEY GROUP PARTNERS WITH TRADITIONS DEVELOPMENT CORP. OF HERSHEY, PA TO DEVELOP SENIOR LIVING FACILITIES
Partnership Purchases 7.7-acre Land Parcel in South Londonderry Township, PA

Contact
Kathleen Rodriguez, Beckerman Public Relations
(908) 781-6420, Kathleen@beckermanpr.com
* A photo is available to accompany this release. Please contact Beckerman Public Relations.

PHILADELPHIA, PA, MAY 2, 2006 – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, has announced its partnership with Traditions Development Corporation, a leading regional development organization that specializes in senior residential housing development. The partnership plans to develop its first facility—“Traditions of Hershey,” a 120-unit independent senior living apartment facility—on a 7.7-acre parcel of land it recently acquired in South Londonderry Township, Pennsylvania.

Traditions Development Corporation is a partnership between Preferred Development Services, an experienced real estate developer, and Heritage Senior Living, which owns and operates a number of independent and assisted senior living facilities throughout central Pennsylvania.

“We are excited to announce our newest partnership with Traditions Development Corporation,” said Kenneth P. Balin, president and CEO of AMC Delancey Group. “This partnership further solidifies our growing market presence in the Pennsylvania region. As part of our company’s overall corporate strategy, we seek experienced local operating partners who have exceeded standards of excellence in their specific marketplace. We’re confident our partnership with Traditions Development Corporation will lead to many mutually successful projects.”

“We are pleased to form this joint venture with AMC Delancey Group,” said Michael McCormick, principal of Traditions Development Corporation. “AMC Delancey has a proven track record of forming successful partnerships with an extremely high caliber roster of venture partners. Finding a good partner is just as important as finding a good real estate investment and AMC Delancey met all of the requirements we look for in a partner. We look forward to achieving our mutual goals of producing high-quality, successful senior living facilities which exceed the needs of an important demographic.”

“Our partnership with AMC Delancey Group is based on an alignment of our company’s goals,” said David Lovitz, principal of Traditions Development Corporation. “Independent seniors have a strong desire to maintain their sense of autonomy without having the added responsibilities that come with owning and managing a home. With what we offer, we hope to satisfy two needs of the senior demographic—offer them an option for living independently without regular nursing or medical care, and also create a community living environment that fosters interaction among peers.”

While the partnership will initially focus on the development of Traditions of Hershey, that facility will be the first of many independent senior living facilities to be developed in Pennsylvania, New Jersey, Delaware, Virginia and Maryland. Based on the lack of quality product currently on the market, strength of demographic base looking for this product, and expertise of their development and management teams, AMC Delancey and Traditions Development are confident in the market’s underlying growth potential.

AMC Delancey’s partnerships encompass significant experience across various real estate products. One of AMC Delancey’s many joint venture partners is with Paramount Hotel Group, LLC. Together with Paramount, AMC Delancey owns and manages full-service hotels in key east coast markets. Other partnerships include Hudson Capital, with whom AMC Delancey is currently developing Antigua of St. Augustine— a $280 million project comprising condominiums, retail and commercial units on 132 acres of land in St. Augustine, Fla. Endurance Real Estate Group is another of AMC Delancey’s successful partnerships. Together the companies acquired the 378,000 square foot I-295 Industrial Center in Westville, N.J., and redeveloped it into separate office condos for sale.

TRADITIONS DEVELOPMENT CORP. Traditions Development Corp. includes the principals of Preferred Development, which specializes in the development of senior residential housing, and Heritage Senior Living, LLC, a property management firm specializing in the senior living industry. Preferred Development draws upon more ten years of industry of experience to assist numerous private developers and owners to start successful projects. The company has developed 40 senior care buildings in nine states with a total project cost of over $350 million. Heritage Senior Living currently manages ten facilities in Pennsylvania and Virginia. Heritage recruits and trains the staff for each facility and provides ongoing management of day-to-day operations. This includes marketing, financial management and regulatory compliance. Heritage also provides consultation on facility design and development.

AMC DELANCEY GROUP, INC. 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 .

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