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Sun National Bank of New Jersey provided $8.4 million of debt for the purchase.
The property backs $81.5 million of debt that's securitized through Banc of America Commercial Mortgage Inc., 2005-5. O'Connor, of New York, is assuming the debt.
The property had been collateral for $50 million of debt that was securitized through JPMorgan Chase Commercial Mortgage Securities Corp., 2003-PM1.
The hotel buildings, which date from 1926, 1930 and 1935, are situated on 2.54 acres; price=$170.83/sf
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