Image via 2000 Market Street.
A $50 million financing deal for a 29-story office tower in Center City has set a new record for Citadel Credit Union — and demonstrated just how much its commercial-lending capabilities have grown.
Citadel’s $50 million commercial real estate loan for 2000 Market Street in Philadelphia is the largest commercial loan in Citadel’s history and represents a significant milestone in the continued expansion of its commercial-lending operation.
More than a record-setting transaction, the financing demonstrates Citadel’s ability to source, originate, and lead larger, more complex commercial real estate opportunities. Citadel led the transaction to closing before secondary participations were structured, demonstrating its capacity to close a loan of this scale directly rather than relying on simultaneous closings with partner lenders.
Rhyze Solutions served as the lender’s agent and provided underwriting guidance designed to position the loan for the secondary participation market.
“This financing is an important proof point for how Citadel is evolving as a commercial lender,” said Michael Desimone, Citadel’s Chief Lending Officer. “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.”
The $50 million loan was provided to 2000 Market LLC, the ownership entity for the 665,000-square-foot Class A office tower that serves tenants across several industries. Citadel funded $36 million at closing, with the remaining $14 million available as the ownership group achieves leasing milestones and completes tenant improvements associated with increased occupancy.
The transaction was led for Citadel by Chris Hansen, Commercial Relationship Manager, who worked closely with the ownership group, Two50 Capital Group, and Rhyze Solutions to advance the financing from initial discussions through closing.
“Completing this transaction required a clear understanding of the ownership group’s business plan and close coordination among everyone involved,” said Hansen. “We developed a financing solution that supports the property’s current needs and future lease-up and led it through closing.”
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. This marks Citadel’s third transaction with CSB Holdings, which has demonstrated a commitment to investing in and modernizing commercial real estate assets across Greater Philadelphia.
Since the acquisition, the ownership group has continued to invest in the property and advance a strategy focused on attracting tenants and strengthening the building’s position in the Market West office corridor.
“Citadel understood both our strategy and the potential of 2000 Market,” said Aaron Loeb, President of Tide Realty Capital. “Their responsiveness and ability to structure a solution around the property’s next phase made them an ideal lending partner.”
Two50 Capital Group, led by Adrian Edery and Sara Frankel, served as the commercial financing broker and helped the parties navigate the transaction’s complexity.
Rhyze Solutions served as the lender’s agent and provided underwriting guidance to position the loan for the secondary participation market. Following the closing, Rhyze began marketing positions to participating financial institutions, a process expected to reduce Citadel’s retained exposure.
The financing further supports Citadel’s broader Philadelphia expansion, demonstrating that its investment in the city extends beyond consumer banking and community partnerships to significant commercial opportunities.
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