Terms of the loan are undisclosed, but Kenneth P. Balin, AMC's president and CEO, says "we were able to take advantage of competitive market conditions and refinance these two important assets."
Mulberry Court contains 16 residential units and 4,000 sf of commercial space. It is a former 1906 candy factory, located just doors away from the historic Betsy Ross House. It was redeveloped for residential use in the mid-1980s, and AMC acquired it in 1993.
Towne House contains 300 apartment units and 60 extended stay suites. Located just blocks from the state capital, it is home to numerous government officials and includes a fitness center, coffee shop, conference facility and on-site laundry. Rental rates for studio apartments range from $495 to $535 a month; one-bedroom units of from 650 sf to 960 sf rent for between $630 and $760 a month, and two-bedroom units of from 1,000 sf to 1,150 sf rent for from $760 to $850 a month.
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