February roundups show lending returning, selectively, to Fifth Avenue and conversion plays

February 2026 lending roundups compiled by market watchers indicate a cautious resumption of commercial lending in New York, concentrated on the most legible assets.

Deal flow appears to favor Fifth Avenue properties and projects tied to conversions — for example, office-to-residential or office-to-mixed‑use work — where collateral and exit plans are clearer to underwriters and capital providers.

That selective return of financing stands in contrast to broader segments of the commercial market, which roundups show remain constrained and subject to tighter underwriting and higher spreads.

Reporting for this brief is drawn from the February 2026 lending roundups published on richardplehn.com; coverage here limits itself to the patterns those roundups document rather than projecting wider market shifts.