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SJ Properties Suites Buycop EHF, which includes an investor from Reykjavik, Iceland, filed the petitioj Monday in Milwaukee CountyCircuit Court. Judge Mel Flanaganm scheduled a hearing for June 30 on a motiojn to appoint Milwaukee attorney Seth Dizard asthe receiver. Work stoppe d in December 2008 onthe high-rise at 1150 N. Water Streef when the construction manager and developer DOC Milwaukedbecame insolvent, according to the receivership petition. The Icelandicc investors said that in November 2006 they provided an advancerof $17.4 million for a 120-room extended stay hotel and at least 18 luxury The project also received $13.
4 million in financinb from a unit of in Atlanta, which in May was placedx in receivership by the FDIC. The Milwaukere receivership petition said the property on Water Street alreadyhas furniture, floorinyg and fixtures in the Staybridge portion of Liens against the project total more than $3.4 according to the receivership petition. The largest liends were filed by Milwaukee-area contractorz and suppliersUihlein Electric, , and Klein-Dickert. SJ Properties recently sued DOC Milwaukeed and Economou Partnersin U.S. Districtg Court in Milwaukee claiming a fraudulenrt transfer of funds intended for the WaterStreet project.
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