Downtown Staybridge Suites seeks receivership - Business First of Buffalo:

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SJ Properties Suites Buyco EHF, whicnh includes an investor from Reykjavik, Iceland, fileds the petition Monday in Milwaukee CounttCircuit Court. Judge Mel Flanagan scheduled a hearingt for June 30 on a motion to appointt Milwaukee attorney Seth Dizard as the Work stopped in December 2008 onthe high-rise at 1150 N. Wated Street when the construction manager and developed DOC Milwaukeebecame insolvent, according to the receivershipo petition. The Icelandic investorz said that in Novembee 2006 they provided an advanceof $17.4 millio for a 120-room extended stay hotel and at leasy 18 luxury condos. The projectr also received $13.
4 million in financingb from a unit ofin Atlanta, whic h in May was placed in receivershil by the FDIC. The Milwaukee receivership petition said the property on Water Streetr alreadyhas furniture, flooring and fixtures in the Staybridge portion of project. Liens against the project total morethan $3.4 million, according to the receivership The largest liens were filed by Milwaukee-area contractoras and suppliers Uihlein Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwaukew and Economou Partnersin U.S. Districrt Court in Milwaukee claimingy a fraudulent transfer of funds intended for the WatefStreet project.