GETTYSBURG, PA-Philadelphia-based AMC Delancey Group Inc. obtained refinancing of nearly $43.8 million on Gettysburg Village Factory Stores, its 260,000-sf shopping center. The funding is for a 200,000-sf expansion, currently under way that includes a 7,000-sf TGI Friday's, which opened this past summer, and a 35,000-sf, 10-screen movie theater that will open this spring.
Credit Suisse First Boston is the lender, represented by Edward Petti. Matthew Texler of New York City-based Meridian Capital Group represented the borrower in conjunction with Patrick Brala and Brian Friedman, CFO and general counsel, respectively, of AMC Delancey.
Without disclosing the terms of the loan, Kenneth Balin, president and CEO, says, "we're taking advantage of competitive market conditions, including very favorable rates, to refinance key properties throughout our portfolio." He says his company developed a structure with Column Financial, a CSFB subsidiary based in Atlanta, "that allowed us to use a portion of the proceeds to construct the theater."
The existing center, located at Route 15 and Baltimore Street here is fully leased by more than 70 stores and eateries. It is a Main Street-style venue that hosts entertainment events. While it is primarily occupied by outlet and discount retailers, in March 2005, when the expansion was first announced, Michael Wachs, an AMC Delancey VP, told GlobeSt.com it would add "some more traditional, lifestyle merchants" while maintaining a balance between both types of stores.
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