Officials with the Irem Temple Restoration Project closed on a $2 million line of credit from Wayne Bank on Wednesday that will allow them to complete exterior renovations and open the venue next year.

“In the next few weeks, we’ll be bidding out all the exterior work — repairing the gazebos at the top of the minarets, the carpentry work and the roofing on all four minaret towers,” Christian Wielage, board president of the Irem Temple Restoration Project, said after he and board treasurer Dale Parmenteri signed closing documents at the bank’s new Forty Fort branch.

Parmenteri said the project already was awarded state Redevelopment Assistance Capital Program grants to cover the cost of restoration and related work, but the state releases the money as reimbursement after Irem officials provide documentation for work that was completed and materials that were used.

“Now, with this bridge loan, we have the ability to not only finalize our RACP application so that we can start getting reimbursed, but also pay for the work immediately and not have to worry about reimbursement cycles and things like that,” Wielage said.

Parmenteri said the interim construction loan carries a 7% interest rate and has a two-year term.

So, the restoration project will draw down money from the line as credit as needed to pay contractors and will then use the grant money from the state to pay on the line of credit, which will result in reduced interest payments to the bank.

“This also gives us everything we need to cover all the soft costs, to get all the architectural and engineering documents done, get all our historic tax credit i’s dotted and t’s crossed,” Wielage said.

Parmenteri said he expects restoration and construction work will begin in the spring and continue through the rest of the year.

The $12 million project entails shoring up the building exterior, leveling out the stadium-seating floor to a flat venue, renovating 6,000 square feet of usable space, with another 2,500 square feet on the stage, to accommodate national touring acts, about half of whom only book non-seating venues, as well as events ranging from flea markets and vendor shows to wedding receptions.

The lower level of the historic building, which is located at 62 N. Franklin St. in Downtown Wilkes-Barre, will be turned into an interactive local history museum.

“We hope to be working on the interior in the second half of the year,” Parmenteri said.

Completion of the project ultimately will depend on “how (easily) the grant money flows and how the financing flows,” Parmenteri said.

Officials hope to open the main-floor venue in the first quarter of 2026 and the museum by July 4 to coincide with the nation’s commemoration and celebration of the 250th anniversary of the signing of the Declaration of Independence, Parmenteri said, noting that project officials will be booking 2026 entertainment later this year.

Wayne Bank officials were excited to be play a part in the project.

“We’re a community bank, and we want to be a part of this community, we want to be part of Luzerne County, and we think that this is a perfect partnership to do that with,” Deborah Kennedy, vice president and Pennsylvania Retail Banking Market manager, said.

“We’re very excited about it,” added John Karavis, commercial Lender in Luzerne County. “I think that it’s going to be a huge benefit to the community, and it has historical value as well.”