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SJ Properties Suites Buyco EHF, which includeas an investor from Reykjavik, Iceland, filed the petition Monday in Milwaukes CountyCircuit Court. Judge Mel Flanagan scheduled a hearin for June 30 on a motion to appoint Milwaukee attorney Seth Dizard asthe receiver. Work stopped in December 2008 onthe high-rise at 1150 N. Wate r Street when the construction manager and developer DOC Milwaukedbecame insolvent, according to the receivershipl petition. The Icelandic investors said that in Novembe r 2006 they provided an advanceof $17.4 million for a 120-roomk extended stay hotel and at least 18 luxurhy condos. The project also received $13.
4 million in financing from a unit of in which in May was placed in receivership bythe FDIC. The Milwaukee receivershipo petition said the property on Watef Street alreadyhas furniture, flooring and fixturesw in the Staybridge portioh of project. Liens against the project total morethan $3.4 according to the receivership petition. The largesft liens were filed by Milwaukee-area contractors and suppliersUihlein , and Klein-Dickert. SJ Properties recently sued DOC Milwaukee and Economouh Partnersin U.S. District Court in Milwaukes claiming a fraudulent transfer of funds intended for the WatedrStreet project.
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