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Kevin Cavenaugh is just sitting back and watching the money roll in. By noon on Wednesday, the first day the founder of Guerrilla Development made a special offering for small investors, he predicted he would raise $100,000 by the end of the day.

The investment offering is to help fund development of the Fair-Haired Dumbbell, an open office building at the Burnside Bridgehead on which Cavenaugh plans to start construction soon.

Cavenaugh was able to make the offering thanks to approval this week from the Securities and Exchange Commission to make what is called a Regulation A offering, he said. Under that offering, through the real estate crowdfunding site CrowdStreet, investors can put up as little as $3,000 to invest in Cavenaugh鈥檚 building.

More common funding collected through CrowdStreet are the SEC鈥檚 Regulation D offerings, where investors must be accredited and must put up a minimum of $10,000.

Cavenaugh said he sees the crowdfunding not so much as the need for more money as it is a way to let smaller investors get involved in real estate development.

鈥淲e are specifically opening up the deals to the everyday investor who never gets the chance to be involved in owning real estate at a true equity level,鈥� he said. 鈥淥ften real estate deals are often made on the 17th fairway of some country club. But we want teachers and librarians to get involved.鈥�

Cavenaugh鈥檚 design for the Fair-Haired Dumbbell, which won a city competition, features two six-story, cantilevered office buildings slightly angled away from each other and joined at every floor level by eight-foot-wide, 30-feet-long open sky bridges. Both buildings, totaling 56,000 square feet, will have ground floor retail and be completely covered with an original design by an artist to be selected later this year.

Cavenaugh said he hopes to raise $1.5 million from Reg A contributors. Another $12.5 million will come from a construction loan from M&T Bank in Lake Oswego. He said $1.5 million will come from Guerrilla Development in the form of 鈥渟weat equity.

Another $2.5 million will be raised from a later Reg D offering if needed.

Cavenaugh said Reg A investors can expect about an 8 percent return on their investment in three to five years, and they鈥檒l be among the first to be paid back.

鈥淭hose investors who come in as Reg A investors will get paid back right after the bank and before everyone else,鈥� he said. 鈥淭he cool part is that it鈥檚 true equity in a real estate asset.鈥�

More details on the investment opportunity are .

Cavenaugh said he鈥檚 having a good time watching the numbers roll up on the crowdfunding site, all from people he has not had contact with before. He said he researched other Reg A investments which appear to be for much larger projects for specific purposes.

鈥淭his is pretty groundbreaking,鈥� he said. 鈥淭he SEC wouldn鈥檛 tell me who else is doing it but the other Reg A (funding) was for assisted living facilities, not for one building that is artful and iconic.鈥�