Converse Mill
Former Textile Mill Transformed Into Vibrant Apartment Living
Once one of the largest textile mills in the US, the 125-year-old mill is now a vibrant apartment living community.
Historic Tax Credits
$3.5 Million
Federal HTCs
Historic Tax Credits
$2 Million
State HTCs
Total Project Cost
$23 Million
Impact
Iconic Historic Preservation
History
A Bank in Brooklyn
The domed original headquarters of the Williamsburgh Savings Bank at 175 Broadway was designed by George B. Post and opened to the public in 1875. A renowned New York City architect, Post would later go on to design the New York Stock Exchange and Cornelius Vanderbilt II Mansion, the largest residence in the country when it was constructed.
Located at Broadway and Driggs Avenue in Williamsburg, Brooklyn, this architectural marvel served the banking needs of its community for more than 100 years. The building’s exterior was protected by the New York City Landmarks Preservation Commission in 1966, and it was added to the National Register of Historic Places in 1980.
Revitalization Effort
Modernized for Public Use
Despite its landmark status, the bank was neglected and sat in disrepair over the years. The project’s ultimate goal was to bring the building back to it to its full former glory by meticulously restoring the complete interior and exterior, employing skilled craftsmen and dedicated artisans for the large undertaking. After three years, the restoration was completed and the building reopened as an event venue.
The venue, now known as Weylin, serves as a community hub and hosts a variety of events from weddings and galas to performances, art shows and experiential activations.
NTCIC & Progress
Project Financing
The restoration of the Williamsburgh Savings Bank was supported by NTCIC through an equity investment in the $3.5 million federal Historic Tax Credits and $2 million State Historic Tax Credits generated by the project.
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Robbins Dancing Educational Hub
Historic Dance Hall Serves Community Once Again
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Converse Mill
Former Textile Mill Transformed Into Vibrant Apartment Living
Once one of the largest textile mills in the US, the 125-year-old mill is now a vibrant apartment living community.
InterContinental Hotel Indianapolis
Historic Office Building Converted to 5-Star Hotel
This historic office building underwent a drastic redevelopment, taking an underutilized office building and transforming it into a 5-Star hotel.
Robbins Dancing Educational Hub
Historic Dance Hall Serves Community Once Again
The redevelopment of a local landmark, once home to a dance academy with royal ties, as well as the famous Odell’s nightclub.
Want to Discuss Your Next Project? Talk With Our Team Today.
We bring clear insight, deep experience, and strategic focus to every project—whether you're structuring complex capital or shaping long-term, legacy-driven development.
Program
Irvin Henderson Main Street Revitalization Fund
New Markets Tax Credits
$1.75 Million
Total Project Cost
$8.5 Million
Project Partner
Westminster Economic Development Initiative, Inc. (WEDi)
Impact
Small Business Support
History
Prohibition Roots, Modern Revival
The former Illinois Alcohol Company Building at 1432 Niagara Street in Buffalo was constructed in 1920 to serve as the Bison City Storage Company warehouse. However, the building’s design proved well suited for an illegal bootlegging ring led by the Illinois Alcohol Company during the Prohibition Era from 1925 to 1929. Taking advantage of the privacy provided by the building’s non-descript appearance, the Illinois Alcohol Company conducted an extensive bootlegging operation in the building for several years.
Once authorities discovered this illegal operation, the building was taken over and occupied by the Niagara Filter Corporation, continuing its affiliation with the brewing industry. This company initially produced non-alcoholic beer but switched to the production of brewing equipment when Prohibition laws were lifted in 1933. It remained in operation through the 1950s and was used for various purposes over the years before eventually falling into underutilization and disrepair.
Revitalization Efforts
A Growing Community Market
The West Side Bazaar, created by WEDI in 2011, is a food and retail business incubator supporting entrepreneurs who lack access to traditional financing. Having outgrown its 3,200-square-foot space and facing a waiting list of over 120 entrepreneurs, the Bazaar relocated to the revitalized Illinois Alcohol Company Building.
This expansion provided more room, new resources, and flexible spaces, enabling the Bazaar to serve more customers, host community events, and strengthen its role as a multicultural hub. The move ensured long-term growth and sustainability for diverse small businesses.
Community Impact
Community, Culture, and Growth
The historic Illinois Alcohol Company Building revitalization will support an estimated 190 construction jobs, nearly all of which will pay a living wage or higher. Once complete, the expanded West Side Bazaar will create and retain 42 accessible jobs and support 60% more businesses annually, growing from 12 tenant spaces to 23 tenant spaces annually.
The larger community spaces will provide access to hard-to-find food and other items important to immigrant cultures to an estimated 120,000 customers annually. Over a five-year period, the Bazaar can be expected to add nearly $34 million to the regional economy, with less than 30% attributed to one-time construction expenditures.
Job Creation
232 construction and permanent full-time equivalent (FTE) positions created and retained.
New Business Support
Growing from 12 tenant spaces to 23 annually, a 60% increase.
Customer Support
The larger community space will support an estimated 120,000 customers annually.
Economic Growth
Adds nearly $34 million to the regional economy over a 5-year period.
NTCIC & Progress
Financing the Project
NTCIC’s $1.75 million New Markets Tax Credit (NMTC) allocation helped make the relocation and expansion of the Bazaar financially feasible and will allow the Bazaar to provide equitable incubation space for low-income and minority business owners through subsidized and scaled rental rates and will create affordable and accessible event and community space for the community. Additional financing was made possible through equity investments from Monarch Private Capital.
This project represents the eleventh and final investment supported by NTCIC’s current Irvin Henderson Main Street Revitalization Fund. This fund provides $2 – 4 million in innovative NMTCs for smaller-scale historic rehabilitation projects, maximizing the benefits of both credits within the transaction and helping offset the transaction costs by connecting projects to an experienced team of real estate professionals that understand the needs of small deal financing and provides the NMTC financing in a structure that has no origination or sponsor fees.
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New Granada
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Want to Discuss Your Next Project? Talk With Our Team Today.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
Historic Tax Credits
$14.8 Million
Federal & State HTCs
New Markets Tax Credits
$8 Million
Total Project Cost
$64.5 Million
Project Partner
The Apollo Theater Foundation, Inc.
Impact
Arts Education, Support & Access
History
A Historic Nightlife Destination is Born
The Apollo Theater opened in 1914 as Hurtig & Seamon’s New Burlesque Theater and was renamed the Apollo in 1934, branding itself as “America’s Finest Colored Theatre.” It became a cultural hub during Harlem’s shift to 125th Street and survived the Great Depression by merging with the Harlem Opera House. Its 1,700-seat capacity and central location made it a key nightlife destination, drawing up to a million attendees annually. The Apollo helped shape the trajectory of American music and popular culture, launching the careers of legendary artists and pioneering new genres.
Amateur Night helped discover stars like Sarah Vaughan, James Brown, and the Jackson 5. The Apollo was also vital to the development of bebop and R&B. Performers often viewed its passionate audience, especially those located in the “buzzard’s roost” in the balcony, as the ultimate test.
The theater thrived during the R&B and soul eras but declined in the 1970s, closing in 1976. After several failed revivals, Percy Sutton’s Inner City Broadcasting renovated and reopened it in the 1980s. The state took over in 1991, creating the Apollo Theater Foundation. The theater stabilized financially in the 2000s, and a major renovation in 2006 modernized the facility. In 2024, the Kennedy Center honored the Apollo for its lasting impact on American culture.
Revitalization Efforts
A New Era Begins
With this restoration, the use of the property will not change. The historic theater will continue to be used for Apollo Program events, namely Amateur Night at the Apollo and year-round ‘Apollo Presents’ programming, as well as facility rental events, which include events promoted through third parties and corporate rentals. The soundstage will continue to be utilized primarily for Apollo-promoted events and intimate cabaret-style theatrical entertainment. Apollo Program events will continue to be priced affordably for the community, while facility rental prices for private events are projected to provide an increased revenue stream.
Community Impact
Expanding Access to a Cultural Icon
Through the Sponsor’s Apollo Theater Academy, young adult creatives have the opportunities to develop as thought leaders, skilled technicians, and purveyors of artistic change. The planned renovation of the Apollo Theater will amplify this mission and deepen community impact across Harlem and New York City.
Cultural programming will rise as annual performances grow by 10%, from 161 to 177, bringing more residents and visitors into the landmark venue.
School tours will welcome more than 1,343 students, 86% of whom will be from low-income households, introducing them to the Apollo’s 90+-year legacy.
Education and workforce pipelines will expand substantially. The Apollo Theater Academy will increase its capacity to 125 high school students annually, while the High School Internship Program will grow by 50%, serving 75 students across three cohorts each year.
Expanded Programming
Annual performances are projected to grow by 10%
Commitment to Community
“Half Off Harlem” discount keeps performances affordable for neighbors.
Internship Opportunity
The High School Internship Program will grow by 50%.
Job Creation
28 new jobs created, lifting employment to 196 full-time jobs.
Environmental Impact
Aim for LEED Silver certification to ensure sustainable growth.
NTCIC & Progress
Financing the Project
The $64.5 million renovation of the iconic Apollo Theater was supported in part by NTCIC through an equity investment in the $14.8 million in state and federal Historic Tax Credits generated by the project, as well as an $8 million New Markets Tax Credit allocation.
Additional project financing was provided by J.P. Morgan through a combination of $25 million in bridge debt financing, a $4.9 million NMTC allocation, and acted as the NMTC investor for the project. Octagon Finance supported project financing through a $9 million
Historic Tax Credit bridge loan, and the New York City Economic Development Corporation (NYCEDC) provided $23 in NMTC allocation.
Additional funding includes $20.7 million in grant commitments from organizations such as the NYC Department of Cultural Affairs, a $10 million grant from Empire State Development, and a $5 million grant from SiriusXM.
Who Worked On This
Preservation is a Team Sport
NTCIC’s in-house experts bring depth across finance and compliance:
- Kathleen Galvan – Acquisitions Manager: Sourced project, performed preliminary underwriting, negotiated terms, and paired with investor.
- Carolyn Tom – Project Manager: Underwrote and closed the project.
- Maggie Ramold – Asset Manager: Construction monitoring, quarterly and annual reporting through compliance period.
Connect with Us
Curious About How Historic Tax Credit Investments Drive Real Impact?
Kandi Jackson leads tax credit investment activities with deep expertise in project finance, equity structuring, and compliance. When you speak with Kandi, expect clarity, honesty, and a clear roadmap for how your next investment can work in your portfolio.
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Want to Discuss Your Next Project? Talk With Our Team Today.
We bring clear insight, deep experience, and strategic focus to every project—whether you're structuring complex capital or shaping long-term, legacy-driven development.
