Loren Data's SAM Daily™

SAMDAILY.US - ISSUE OF JUNE 19, 2021 SAM #7140
SPECIAL NOTICE

99 -- SOLE SOURCE JUSTIFICATION NOTICE - Betsy's Hotel, Loan No. 9000005451

Notice Date

6/17/2021 10:35:05 AM
 

Notice Type

Special Notice
 

NAICS

5411 —
 

Contracting Office

OFFICE OF ACQUISITION Washington DC 20527 USA
 

ZIP Code

20527
 

Response Due

7/1/2021 9:00:00 AM
 

Archive Date

07/07/2021
 

Point of Contact

Mit Pancholi
 

E-Mail Address

mital.pancholi@dfc.gov
(mital.pancholi@dfc.gov)
 

Description

Project Title. Betsy�s Hotel, Loan No. 9000005451. Background: Overseas Private Investment Corporation (�OPIC�) made a loan to Betsy�s Hotel (�Betsy�s) in Tblisi Georgia. By operation of law, on January 1, 2020, OPIC became the United States Development Finance Corporation (�DFC�). The Loan to Betsy�s is secured by a mortgage on the hotel property (the �Property�). The loan is now in default and DFC must determine the best method to exit the loan, including by sale or judicial foreclosure upon the Property. The vendor represented DFC at origination of this loan, and through monitoring of most of the 11-year life of the loan, always as a borrower-pay engagement. The loan has been in default for the past 18 months and matures later this year; management challenges have resulted in the borrower�s failure to organize a sale of the property in order to pay the DFC loan as and when due. Objectives: To analyze enforcement actions regarding the Property, if determined necessary, to represent DFC in enforcement proceedings with respect to DFC�s loan to Betsy�s and foreclosure proceedings on the Property. OGC is requesting the support of Georgian counsel to facilitate exit from a loan, either through consensual sale of the collateral. Project Description. Continuation of transactional legal services from borrower-pay engagement during origination and monitoring of the loan in order to sell collateral and exit the loan.
 

Web Link

SAM.gov Permalink
(https://beta.sam.gov/opp/b9c9e0981f9047358b4996872c208b27/view)
 

Place of Performance

Address: Washington, DC 20527, USA

Zip Code: 20527

Country: USA
 

Record

SN06034787-F 20210619/210618201529 (samdaily.us)
 

Source

SAM.gov Link to This Notice
(may not be valid after Archive Date)

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