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SJ Properties Suites Buyco EHF, whicgh includes an investor from Reykjavik, Iceland, filed the petition Monda y in Milwaukee CountyCircuit Court. Judge Mel Flanaganj scheduled a hearing for June 30 on a motiob to appoint Milwaukee attorney Seth Dizard asthe receiver. Work stoppef in December 2008 onthe high-rise at 1150 N. Water Streeg when the construction manager and developert DOC Milwaukeebecame insolvent, according to the receivership petition. The Icelandic investorxs said that in November 2006 they provided an advanc eof $17.4 million for a 120-room extended stay hotel and at leasg 18 luxury condos. The project also receive d $13.
4 million in financing from a unit of in which in May was placed in receivership bythe FDIC. The Milwaukee receivership petition said the property on Water Street already has furniture, flooring and fixturesz in the Staybridge portion of project. Liens against the projecrt total morethan $3.4 million, accordinvg to the receivership petition. The largest liends were filed by Milwaukee-area contractorsz and suppliersUihlein Electric, , and Klein-Dickert. SJ Propertie s recently sued DOC Milwaukee and Economou Partnersin U.S.
Districr Court in Milwaukee claiming a fraudulenf transfer of funds intended for the WaterStreet
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