EXTON, PA — Citadel Credit Union recently closed a $50 million commercial real estate loan for Philadelphia’s 2000 Market Street office tower, the largest commercial loan in the credit union’s history and a test of its ability to lead larger transactions while bringing other financial institutions into the financing after closing.
The loan was made to 2000 Market LLC, the ownership entity for the 29-story, approximately 665,000-square-foot Class A office building in Center City.
Citadel funded $36 million at closing. The remaining $14 million will become available as the ownership group reaches leasing milestones and completes tenant improvements tied to higher occupancy.
The structure gives the lender a role in financing the property’s lease-up while linking a portion of the $50 million commitment to progress at the building.
Citadel originated and closed the loan before arranging secondary participations, rather than making its closing contingent on other lenders participating simultaneously. Rhyze Solutions served as lender’s agent, provided underwriting guidance and began marketing portions of the loan to other financial institutions after closing.
Those participations are expected to reduce the amount of the loan Citadel ultimately retains.
“This financing is an important proof point for how Citadel is evolving as a commercial lender,” Chief Lending Officer Michael Desimone said. “By sourcing and leading the transaction, we demonstrated that we can close complex opportunities at greater scale.”
The financing follows the property’s $45.5 million acquisition in August 2025 by a joint venture between New York-based CSB Holdings LLC and Maryland-based Tide Realty Capital. The ownership group has since invested in the building and pursued additional tenants as part of its strategy for the Market West property.
The $50 million loan commitment exceeds the property’s stated 2025 acquisition price, although $14 million of the financing is conditional on leasing milestones and tenant improvements.
Citadel has previously completed two transactions with CSB Holdings, making the 2000 Market financing its third with the company.
Aaron Loeb, founder and president of Tide Realty Capital, said Citadel structured the financing around the property’s next phase. The lender worked with the ownership group as it pursued its lease-up strategy.
Chris Hansen, Citadel’s commercial relationship manager, led the transaction for the credit union, working with the owners, Two50 Capital Group and Rhyze Solutions.
Two50 Capital, led by Adrian Edery and Sara Frankel, served as commercial financing broker.
The transaction also extends Citadel’s expansion in Philadelphia beyond its consumer banking operations, giving the Exton-based credit union a larger role in financing commercial real estate in the city.
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