EXTON, Penn. — Citadel Credit Union has closed a $50 million commercial real estate loan on a 29-story Philadelphia office tower, the largest commercial loan in the credit union’s history and a transaction it says demonstrates its growing ability to originate and lead larger, more complex deals.
The financing was provided to 2000 Market LLC, the ownership entity for 2000 Market Street, an approximately 665,000-square-foot Class A office building in Center City Philadelphia, according to Citadel.
Citadel said it funded $36 million at closing, with another $14 million available as the ownership group meets leasing milestones and completes tenant improvements associated with increased occupancy.
The $6.9 billion-asset credit union said the transaction represents a milestone in the expansion of its commercial lending business.
Citadel Led Loan Through Closing
Citadel sourced and originated the loan and led it through closing before secondary loan participations were structured, according to the credit union.
That allowed Citadel to complete the financing directly rather than making the closing contingent on commitments from participating lenders.
Rhyze Solutions served as lender’s agent and provided underwriting guidance intended to position portions of the loan for sale in the secondary participation market. Following the closing, Rhyze began marketing participations to other financial institutions, which Citadel said is expected to reduce the credit union’s retained exposure.
‘Important Proof Point’
“This financing is an important proof point for how Citadel is evolving as a commercial lender,” Chief Lending Officer Michael Desimone said in a statement. “By sourcing and leading the transaction, we demonstrated that we can close complex opportunities at greater scale while retaining the local knowledge and responsiveness that differentiate Citadel.”
Chris Hansen, Citadel’s commercial relationship manager, led the transaction for the credit union and worked with the ownership group, Two50 Capital Group and Rhyze Solutions.
“Completing this transaction required a clear understanding of the ownership group’s business plan and close coordination among everyone involved,” Hansen said. “We developed a financing solution that supports the property’s current needs and future lease-up and led it through closing.”
Building Acquired for $45.5 Million
A joint venture between New York-based CSB Holdings LLC and Maryland-based Tide Realty Capital acquired 2000 Market Street for $45.5 million in August 2025, according to Citadel.
Citadel said the financing represents its third transaction with CSB Holdings.
Since acquiring the property, the ownership group has continued investing in the building as part of a strategy to attract tenants and strengthen its competitive position in Philadelphia’s Market West office corridor, according to the credit union.
Aaron Loeb, founder and president of Tide Realty Capital, said Citadel understood the ownership group’s plans for the property and was able to structure financing around its next phase.
“Their responsiveness and ability to structure a solution around the property’s next phase made them an ideal lending partner,” Loeb said.
Two50 Capital Group, led by Adrian Edery and Sara Frankel, served as commercial financing broker on the transaction.
Part of Broader Philadelphia Expansion
Citadel said the loan also reflects its broader expansion in Philadelphia beyond consumer financial services and community partnerships.
The credit union said 2000 Market Street serves tenants across several industries.
Citadel, headquartered in Exton, has approximately $6.9 billion in assets, 25 branches and more than 290,000 members. The credit union provides consumer and business financial services in southeastern Pennsylvania.
