Saturday, August 11, 2012

Downtown Staybridge Suites seeks receivership - The Business Journal of Milwaukee:

ejyceh.wordpress.com
SJ Properties Suites Buyco EHF, whichh includes an investor from Iceland, filed the petitiom Monday in Milwaukee CountyCircuit Court. Judge Mel Flanagajn scheduled a hearing for June 30 on a motion to appointy Milwaukee attorney Seth Dizard asthe receiver. Work stoppes in December 2008 onthe high-riswe at 1150 N. Water Street when the constructiojn manager and developer DOC Milwaukeebecame insolvent, according to the receivership petition. The Icelandix investors said that in November 2006 they provided an advancdof $17.4 million for a 120-room extended stay hotel and at leasty 18 luxury condos. The project also received $13.
4 million in financing from a unit of in which in May was placed in receivershiop bythe FDIC. The Milwaukee receivership petition said the property on Water Street alreadyhas furniture, floorintg and fixtures in the Staybridge portion of Liens against the project total more than $3.4 million, accordinbg to the receivership petition. The largest liens were filed by Milwaukee-area contractors and supplierasUihlein Electric, , and Klein-Dickert. SJ Propertiesx recently sued DOC Milwaukeer and Economou Partnersin U.S. District Court in Milwaukee claiming a fraudulent transfer of fundsx intended for the WaterStreet project.

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