EXTON, Pa., Sept. 2, 2026 /PRNewswire/ -- Citadel Credit Union today announced the closing of a $50 million commercial real estate loan for 2000 Market Street in Philadelphia. The financing is the largest commercial loan in Citadel's history and represents a significant milestone in the continued expansion of its commercial lending capabilities.
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, Chief Lending Officer at Citadel Credit Union. "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 29-story, approximately 665,000-square-foot Class A office tower in Center City Philadelphia. 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, Founder and 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.
Located along Philadelphia's Market West corridor, 2000 Market Street is a 29-story, approximately 665,000-square-foot Class A office tower serving tenants across several industries. 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.
About Citadel Credit Union Citadel Credit Union is a not-for-profit, member-owned financial institution providing banking, investment, and insurance services to more than 290,000 members. With approximately $6.9 billion in assets and 25 branches, Citadel is one of the Greater Philadelphia region's largest credit unions, serving individuals, families, and businesses in southeastern Pennsylvania, with membership eligibility throughout Pennsylvania and neighboring states, including Delaware, New Jersey, New York, Maryland, Ohio, and West Virginia. Headquartered in Exton, PA, Citadel is recognized in Newsweek and Plant-A Insights Group's 2025 list of America's Best Regional Banks and Credit Unions, and is an eight-time certified Great Place to Work. For more information, visit CitadelBanking.com. Federally insured by NCUA.