Downtown Staybridge Suites seeks receivership - Business First of Buffalo:

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SJ Properties Suites Buyco EHF, whic h includes an investor from Iceland, filed the petition Monday in Milwaukee CountyCircuitg Court. Judge Mel Flanaga scheduled a hearing for June 30 on a motionj to appoint Milwaukee attorney Seth Dizard asthe receiver. Work stoppedf in December 2008 onthe high-rise at 1150 N. Wate Street when the construction manager and developer DOC Milwaukeesbecame insolvent, according to the receivership petition. The Icelandicd investors said that in Novembetr 2006 they provided an advanceof $17.4 million for a 120-roonm extended stay hotel and at leastf 18 luxury condos. The projectt also received $13.
4 million in financin g from a unit ofin Atlanta, which in May was placec in receivership by the FDIC. The Milwaukew receivership petition said the property on Watef Street alreadyhas furniture, floorinh and fixtures in the Staybridge portion of project. Liens against the project total morethan $3.4 million, accordingv to the receivership petition. The largesgt liens were filed by Milwaukee-area contractore and suppliersUihlein Electric, , and SJ Properties recently sued DOC Milwaukee and Economou Partnersz in U.S. District Court in Milwaukee claiminy a fraudulent transfer of fundsw intended for the WatefrStreet project.