PHILADELPHIA (September 8, 2008) – AMC Delancey Group, Inc., a leading national real estate investment and development firm, today announced the formation of Delancey Senior Living, an affiliated company launched for the purpose of pursuing development and investment opportunities in the senior housing sector.

The company also announced that Michael C. Wachs, previously executive vice president and chief investment officer, was promoted to president and chief operating officer. In his new role, Wachs will be responsible for executing the strategic vision of the new company as well as day-to-day management of AMC Delancey Group’s other investments and strategies.

“With the launch of Delancey Senior Living, we felt this was the right time to make this change at the top of the company,” stated Kenneth P. Balin, who founded AMC Delancey Group in 1992. “Michael has been my partner for 12 years and has been taking an increasingly active role in the leadership of the company. He has the respect not only of our team, but also of the investment community, which will be very important as we begin the process of raising funds for our senior living projects.”

Balin will retain the titles of chairman and chief executive officer of AMC Delancey Group, and will remain active in the company to establish the vision, mentor the team, and work closely with high-net-worth investors.

“Delancey Senior Living allows us to return to our roots in real estate operations,” stated Wachs, a 25-year industry veteran who worked in banking before joining AMC Delancey Group in 1996. “As we developed our Delancey Senior Living strategy, we were able to take advantage of our long history as an investor, developer and operator of diverse property types to address the unfulfilled needs of aging seniors. Our new business combines our expertise and understanding of real estate development with our sensitivity to how properties should be operated, which was sharpened through our focus on guest satisfaction in operating hotels and resorts".

“It has never been just about the building or real estate for us. While those are important, we feel the key to success lies in quality operations. As our guiding principles state, ‘our residents deserve our respect and will receive it.’ We select employees and partners with servants’ hearts to ensure we can deliver on that promise. We’re not just embarking on a new strategy, we’re setting the stage to establish a brand that will stand for outstanding service to our residents.”

Delancey Senior Living (www.delanceysl.com), an AMC Delancey Group company, is actively seeking land within 100 miles of Philadelphia to develop independent senior living communities, and plans to partner with service-focused operators or self-manage the communities in order to maintain control over the quality of the operations. While the company will initially focus on building new independent senior living rental apartments with services, it will also consider acquisitions as well as select opportunities in assisted living, memory care, continuing care retirement communities, and active adult communities.

AMC Delancey Group recently opened its first independent senior living community, Traditions of Hershey (Pa.), with Heritage Senior Living of Blue Bell, Pa. All future senior living investments will be undertaken through the Delancey Senior Living affiliate. The next community, also a partnership with Heritage, is expected to break ground in the Reading (Pa.) area in 2009.