03.12.07
AMC Delancey Group and Traditions Development Corporation Secure $18 Million for “Traditions of Hershey” Senior Housing Facility

Citizens Bank Becomes Financing Partner for Independent Senior Living Facility in South Londonderry, Pa.

Contact
Michael J. LaCosta, Vice President
Beckerman Public Relations
(908) 781-6420, michaelj@beckermanpr.com

PHILADELPHIA (March 12, 2007) – AMC Delancey Group, Inc., a Philadelphia-based national real estate investment company, and Traditions Development Corporation, a leading regional development organization that specializes in senior residential housing development, announced they have partnered with Citizens Bank in the financing for Traditions of Hershey, a 120-unit independent senior living apartment facility in South Londonderry Township, Pa.

Citizens Bank is providing a letter of credit for project financing through approximately $18 million in 30-year, tax-exempt, variable rate demand bonds that are being issued by the Pennsylvania Economic Development Financing Authority.

Traditions of Hershey, currently under construction and scheduled to open in 2008, will offer an abundance of services and activities for its residents, allowing them to get everything they need within the complex. Some amenities include a fitness center; pre-scheduled transportation for doctor visits and other such occasions; lunch and dinner, with breakfast upon request; and a variety of other amenities and services.

Kenneth P. Balin, president and CEO of AMC Delancey Group, said, “Our partnership with Traditions Development Corporation, as well as our 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 committed to Traditions of Hershey based on the expertise of the management teams, as well as the lack of quality independent senior housing product currently on the market. AMC Delancey and Traditions Development Corporation see Traditions of Hershey as the first of many similar independent senior living facilities throughout Pennsylvania, New Jersey, Delaware, Virginia and Maryland.”

About Traditions Development Corporation
Traditions Development Corporation 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.

About AMC Delancey Group
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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