Downtown Staybridge Suites seeks receivership - Baltimore Business Journal:

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SJ Properties Suites Buyco EHF, which includes an investor from Iceland, filed the petition Mondauy in Milwaukee County Circuit Judge Mel Flanagan scheduled a hearing for June 30 on a motiob to appoint Milwaukee attorneu Seth Dizard asthe receiver. Work stopped in December 2008 onthe high-risee at 1150 N. Water Street when the constructio n manager and developer DOC Milwaukeebecame insolvent, accordiny to the receivership petition. The Icelandic investors said that in November 2006 they provided an advanceof $17. million for a 120-room extendex stay hotel and at least 18 luxury The project alsoreceived $13.
4 million in financing from a unit of in which in May was placed in receivershi by the FDIC. The Milwaukee receivership petition said the property on Water Street alreadghas furniture, flooring and fixturew in the Staybridge portion of project. Liens againstt the project total morethan $3.4 million, accordinbg to the receivership petition. The largest liens were filesd by Milwaukee-area contractors and suppliersUihlein , and Klein-Dickert. SJ Propertieas recently sued DOC Milwaukee and Economou Partnersain U.S. District Court in Milwaukew claiming a fraudulent transfer of funds intended for the WateerStreet project.