Bonnis Properties defaulted on a $56.4 million loan tied to a Downtown LA building, now called The Winfield and operated as a short-term rental hotel by Sonder.
Ladder Capital's loan refinanced construction debt and aided in leasing the property, which was previously an office building converted into 125 apartments.
Sonder, a startup operating The Winfield, has tried to increase cash reserves by shedding master leases after reporting $108 million negative cash flow in 2023.
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