Octagon Finance supports 66,000 s/f
renovation with $8.95 million loan

Manhattan, NY The Apollo Theater, a cultural beacon and historic landmark in Harlem since 1914, is undergoing a transformative $64 million rehabilitation aimed at preserving its legacy while preparing the venue for the future. The 66,000 s/f project will modernize the Apollo’s infrastructure, expand its programming capabilities, and enhance the overall visitor experience — all while honoring the theater’s profound place in African American cultural history.

As part of the financing package, Octagon Finance is providing an $8.95 million Historic Tax Credit (HTC) bridge loan, complementing a funding strategy that includes federal and state HTC equity, private investment, public grants, and philanthropic support from institutions including J.P. Morgan, National Trust Community Investment Corp. (NTCIC), and other New York City agencies.

Key project components include the restoration of the Apollo’s historic façade — featuring masonry repair, sheet metal cornice restoration, and refurbishment of original windows — and the replacement of the neon signage with energy-efficient LED lighting. The renovation also involves modernization of the theater’s mechanical, lighting, and sound systems to support high-caliber productions; construction of new restroom facilities and ADA accessibility upgrades; and a redesigned lobby that will feature a new café and retail space. Backstage areas, including offices, dressing rooms, and sound stages, will be upgraded to support expanded operations, and the entire project emphasizes sustainability, with a goal of achieving LEED Silver certification.

The Apollo’s renovation will also increase capacity and flexibility, with 1,680 seats across multiple performance spaces. The improvements will not only allow the theater to host a broader range of productions and community events but also drive economic development and job creation in Harlem. The revitalized venue is expected to continue drawing over 200,000 visitors annually.

Construction is being phased to maintain operational continuity and comply with strict preservation standards. A kickoff celebrationwas held June 30, with project completion expected by mid-2026.

“We are proud to support the Apollo Theater’s transformational renovation through Historic Tax Credit bridge financing,” said Zach Bubrosky of Octagon Finance, “This project reflects the kind of mission-aligned investment we seek — where cultural preservation, community impact, and thoughtful capital structuring come together.”