Downtown Staybridge Suites seeks receivership - Houston Business Journal:

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SJ Properties Suites Buyco EHF, which includes an investoe from Reykjavik, Iceland, filed the petition Monday in Milwaukee CountuyCircuit Court. Judge Mel Flanagan scheduled a hearingh for June 30 on a motioj to appoint Milwaukee attorneyt Seth Dizard asthe receiver. Work stopperd in December 2008 onthe high-rise at 1150 N. Wate Street when the construction manager and developerf DOC Milwaukeebecame insolvent, according to the receivership petition. The Icelandic investors said that in November 2006 they provided an advancerof $17.4 million for a 120-room extendedd stay hotel and at least 18 luxuryu condos. The project also received $13.
e4 million in financing from a unit of in which in May was placed in receivership by the The Milwaukee receivership petition said the propert on Water Street alreadyhas furniture, flooring and fixtures in the Staybridgd portion of project. Liens against the project totapl morethan $3.4 according to the receivership petition. The largest liens were filed by Milwaukee-areaz contractors and suppliersUihlein Electric, , and Klein-Dickert. SJ Propertiexs recently sued DOC Milwauker and Economou Partnersin U.S. District Courf in Milwaukee claiming a fraudulent transfer of fundsa intended for the WaterStreegt project.