Combine lukewarm water, milk, and honey in a large bowl. Sprinkle yeast over the top and let sit for 5-10 minutes until foamy.
In a separate bowl, whisk together the whole wheat flour and salt. Add this mixture to the yeast mixture and stir until a shaggy dough forms.
Add the softened butter pieces to the dough and mix until mostly incorporated. Knead the dough on a lightly floured surface for 8-10 minutes until smooth and elastic.
Place the dough in a greased bowl, cover, and let rise in a warm place for 1-1.5 hours, or until doubled in size.
Punch down the dough, shape it into a loaf, and place it in a greased loaf pan. Cover and let rise for another 30-45 minutes.
Bake in a preheated oven at 375°F (190°C) for 30-35 minutes, until golden brown. Cool completely on a wire rack before slicing.