February 2026 lending roundups, as summarized in Richard Plehn’s April 5, 2026 commercial real estate note, suggest large New York commercial real estate loans are beginning to return, but selectively.

Those roundups point to the first flow of financing concentrating on the most legible, high-profile stories — notably certain Fifth Avenue assets and projects oriented toward conversion, rather than a broad return of credit across the market.

The coverage indicates lenders are prioritizing deals with clearer underwriting cases and visible market demand, which makes these assets stand out in a still-cautious capital environment.

The reporting is limited to the February roundups and the April summary; it does not indicate a full market recovery and suggests that broader lending activity remains uneven.

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