PHILADELPHIA-AMC Delancey Group has formed Delancey Senior Living, an affiliated company that will focus on developing senior living residential communities. The locally based company has also promoted EVP Michael Wachs to president and COO; he will run both AMCD and DSL.

“With the launch of Delancey Senior Living, we felt this was the right time to make this change at the top of the company,” says Kenneth Balin, who founded AMCD in 1992, in a prepared release. Balin will retain the titles of chairman and CEO of AMCD and will remain active within the company. A spokesman tells the company is evaluating “whether or not to add additional senior-level executives” to the DSL team.

Wachs, who also served as AMCD’s chief investment officer before his promotion, says in the release that DSL “allows us to return to our roots in real estate operations.” The company, which opened its first independent senior living community in March, cites “significant experience tending to the needs and requirements of various types of guests and residents,” the spokesman tells “The common theme is that they all expect the highest level of customer service, whether it is hotel guests, senior living residents or even office and retail tenants. We have always treated people with respect, and that philosophy will carry over” into DSL properties.

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