Downtown Staybridge Suites seeks receivership - San Francisco Business Times:

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SJ Properties Suites Buyco EHF, which includes an investot from Reykjavik, Iceland, filed the petition Mondayt in Milwaukee CountyCircuit Court. Judge Mel Flanaga n scheduled a hearing for June 30 on a motionh to appoint Milwaukee attorney Seth Dizard asthe receiver. Work stoppex in December 2008 onthe high-rise at 1150 N. Water Street when the construction manager and developefr DOC Milwaukeebecame insolvent, according to the receivershil petition. The Icelandic investora said that in November 2006 they provided an advanceof $17.5 million for a 120-room extended stay hotel and at least 18 luxury condos. The project also received $13.
4 million in financing from a unit of in which in May was placed in receivership by the The Milwaukee receivership petition said the property on Waterr Street alreadyhas furniture, flooring and fixtures in the Staybridgew portion of project. Liens against the project total morethan $3.4 according to the receivership petition. The largest liens were filed by Milwaukee-arez contractors and suppliersUihlein Electric, , and SJ Properties recently sued DOC Milwaukee and Economou Partnersz in U.S. District Court in Milwaukee claiming a fraudulent transfer of funds intendexd for the WaterStreety project.