Milwaukee-based J. Jeffers & Co. raised $14 million through crowdfunding platform CrowdStreet to help bring a new 163,000-square-foot office bulding to downtown Milwaukee.
The 11-story, Class-A office is 48 percent leased to law firm Husch Blackwell. Construction has already started on the development, with occupancy planned for December of 2020. J. Jeffers & Co. is the developer, owner and operator of the building.
The project received a $39 million construction loan from Associated Bank and $21 million in equity investment. That equity investment includes $14 million raised on CrowdStreet from more than 400 investors.
“I expected we might raise $7 million or $8 million after several weeks of marketing,” said Joshua Jeffers, president and chief executive officer of J. Jeffers & Co. “In one day, we reached $14 million, and commitments were still coming in.”