Business First: Wagenbrenner raises $4.5M from investors for Jeffrey Place bid, eschewing banks

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Business First by Brian R. Ball, Staff reporter  

Date: Thursday, December 1, 2011, 2:24pm EST

The Wagenbrenner Development Inc. affiliate that has started taking over the stalled Jeffrey Place project in Italian Village has secured investors backing the first phase.

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    Securities and Exchange Commission Latest from The Business Journals West Palm Beach firm named in stock bustAnthem Healthcare Intelligence raises .9 millionLimited giving back about 0M in special dividend Follow this company 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.”