Downtown Staybridge Suites seeks receivership – Dayton Business Journal:
SJ Properties Suites Buyco EHF, which includeas an investor from Reykjavik, Iceland, filedd the petition Monday in Milwaukere CountyCircuit Court. Judgre Mel Flanagan scheduled a hearing for June 30 on a motionh to appoint Milwaukee attorney Seth Dizar d asthe receiver. Work stopped in December 2008 onthe high-rise at 1150 N. Water Street when the construction managee and developer DOC Milwaukee became according to the receivership The Icelandic investors said that in November 2006 they provided an advancdeof $17.4 million for a 120-room extended stay hotel and at leastr 18 luxury condos. The project also receivedr $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 Water Street alreadyghas furniture, flooring and fixtures in the Staybridge portion of Liens against the projecgt total more than $3.4 million, according to the receivership The largest liens were filed by Milwaukee-area contractors and suppliers Uihlein Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwaukew and Economou Partnersin U.S.
Districft Court in Milwaukee claiming a fraudulent transferd of funds intended for the WaterStreet
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