12.22.06
Perfect Match: AMC Delancey Partners with the P.E.D.F.A and Citizens Bank on "Traditions of Hershey"

PHILADELPHIA, PA (December 22, 2006) -  “Traditions of Hershey” is expected to be a perfect housing match for South Londonderry Township, Pennsylvania, area seniors looking to stay active and live independently. That match is now one step closer to realty, as AMC Delancey Traditions of Hershey Partners, L.P. has closed an $18 million financing on the project by partnering with the Pennsylvania Economic Development Financing Authority and Citizens Bank.

Financing for the project was provided through approximately $18 million in 30-year, tax-exempt, variable rate demand bonds that are being issued by the Pennsylvania Economic Development Financing Authority. Citizens Bank provided the letter of credit for “Traditions of Hershey” and is just the first of many possible projects with Citizens Bank, as the organization has committed to partnering with AMC Delancey and Traditions Development Corporation on similar independent senior living facilities throughout Pennsylvania, New Jersey, Delaware, Virginia and Maryland.

AMC Delancey Group and Traditions Development Corporation, a leading regional development organization that specializes in senior residential housing development, are partnering on “Traditions of Hershey.” Located on a 7.7-acre parcel of land in South Londonderry Township, Pennsylvania, “Traditions of Hershey” will offer an abundance of services and activities for its residents, allowing them to get everything they need within the complex. Some amenities include multiple movie theaters, a fitness center, meals and food as often as the residents’ desire, and transportation that will take residents to and from desired locations.

Jeff Nugent, Vice President of Commercial Real Estate Lending at Citizens Bank, said, “Citizens Bank enthusiastically supports this outstanding project due to the quality of the partners involved in the development. AMC Delancey and Traditions Development Corporation are two leading companies that Citizens Bank knows will develop and manage a superior product. Due to their combined history of success, Citizens Bank has aligned itself to work with them on similar type deals in the future.”

Kenneth P. Balin, president and CEO of AMC Delancey Group, added, “Our partnership with Traditions Development Corporation, as well as our long-term committed relationship with Citizens Bank, is making this project a reality for an extremely important demographic group looking for this type of housing option. Citizens Bank and Traditions Development committed to “Traditions of Hershey,” and future projects, based on the expertise of the management teams, as well as the lack of quality independent senior housing product currently on the market.”

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