Center City Office Owners Secure $50M For Lease-Up Effort: The Philadelphia Deal Sheet

The joint venture that bought a 56-year-old Market West office tower last year has obtained a new loan to help keep its leasing momentum going.

CSB Holdings and Tide Realty Capital borrowed $50M from Citadel Credit Union for the 2000 Market St. building, the Philadelphia Business Journal reported. The loan is the largest ever made by Exton-based Citadel.

The building is 75% occupied, up from 67% when the partnership bought it in August 2025 for $45.5M. 

The JV has netted 65K SF worth of new leases in the building over the past year and now has $10M worth of construction underway there.

CONSTRUCTION AND DEVELOPMENT

Patriot Development Associates has proposed a 118-unit mixed-use building slated to replace a former Rite Aid on 23rd and Walnut streets in Center City, The Philadelphia Inquirer reported. The project would also include 2,700 SF of retail and 46 underground parking spaces.

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Pet food company Spot & Tango is investing $20M to expand the 67K SF Upper Macungie Township production facility it purchased in 2022. The construction will allow the firm to expand its Lehigh Valley workforce by 50% to 150.

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Borgata Hotel Casino & Spa in Atlantic City is plotting a $107M renovation of its original tower, NJBiz reported. The work slated to begin Sept. 13 will cover 2,000 rooms and common spaces, including the main lobby.

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The Michaels Organization is seeking approvals to build 120 affordable senior housing units at 600-602 Centennial Blvd. in Voorhees, 70and73 reported. The developer already has a long waitlist for its new 81-unit senior complex at 1223 Haddonfield-Berlin Road in Cherry Hill.

THIS AND THAT

The Philadelphia Industrial Development Corp. will break ground on a memorial honoring the Marine Corps at 10 a.m. Sept. 9. The monument at 4500 S. Broad St. is set to be unveiled Nov. 8.