Business First by Brian R. Ball, Staff reporter
Date: Thursday, December 1, 2011, 2:24pm EST
Jeffrey New Day LLC in early November revealed its interest in the property when it closed on nearly 6 acres along East First Avenue. At the same time, it filed a foreclosure lawsuit against the owner of an adjacent 23 acres after buying a mortgage that had financed the land’s acquisition in late 2000.
Wagenbrenner President Mark Wagenbrenner said he expects to file a plan for a multifamily project on the 6 acres in December or January.
The developer has taken a cautious financial strategy with that initial foray into the Jeffrey Place redevelopment. Jeffrey New Day revealed in a Securities and Exchange Commission filing this month that it had raised $4.5 million from undisclosed investors.
“What it really comes down to is the availability of capital,” Wagenbrenner said, noting that raising the money from investors means he didn’t have to put a mortgage on the property.
“It’s money to get us through expenses,” Wagenbrenner said of the investment’s purpose. “Finally, we are in a position to move the site forward.”
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