Line a 9" loaf pan with parchment and spray the uncovered sides with cooking spray.
Combine the milk and water and whisk in the yeast and honey. Let stand until the mixture gets puffy, about 5 - 8 minutes.
Meanwhile, whisk together all the dry ingredients and add them to the bowl of a stand mixture fit with the paddle attachment. Add the yeast mixture, remaining wet ingredients and beat for 2 minutes, scraping down the bowl as necessary.
Transfer the dough to the prepared loaf pan and let rise in a warm spot for 20 - 30 minutes, until the loaf has doubled in size.
While the loaf is rising, preheat the oven to 350 degrees F. Bake in the center of the oven for 35 - 40 minutes until the top is golden brown and sounds hollow when you tap on the top.
Let cool in the pan for 5 minutes, then transfer to a wire rack and cool completely before slicing.
Store in a cool dry place for 2 days. Wrap extra slices in tinfoil in a plastic bag before freezing.