NEW YORK CITY—More than $1.7 billion dollars in mortgage capital flowed into the New York City marketplace during the month of February, according to data obtained from Off-Market Radar, a firm that provides data to principals and decision-makers on commercial real estate assets priced above $2 million. Off-Market RADAR tracks foreclosures, loan sales, mortgages, deeds and other transactions in New York City, South Florida, Orlando, Jacksonville and Tampa Bay.

More than half of that $1.7 billion figure—$800 million— went to multifamily transactions in the five boroughs of New York City in February. Hotels came in second, accounting for $360 million, while office properties received a total of $150 million in financing. Surprisingly, vacant land attracted nearly $140 million in debt capital as developers are successfully obtaining financing for new projects across the city. Continuing the trend, multifamily developments took the lion’s share of construction financing, with nearly $120 million in product having some type of residential component.

The largest NYC transaction in February was a $265 million loan from Citibank to fund the buyout of the tenant-in-common interests in the Park Central Condominium conversion located at 870 Seventh Ave., now operated as the Park Central Hotel. The second-largest loan was a $160 million mortgage taken out by Alexico Management Group from German American Capital Corp., which is secured by the leasehold interest of Upper East Side properties at 992 and 1000 Madison Ave.

Rounding out the top three was a $71.5 million loan to fund Friedman Management’s 28-story residential tower project, billed as 113 Nassau. The New York State Housing Finance Agency provided the funding.

Skewed by the huge hotel loan, the hospitality property sector took the top spot in average loan size at just over $51 million, with land in second place at $13.7 million and multifamily in third with $12.7 million, says McCarthy. In total, 129 loans have been secured over the past four weeks averaging $13.4 million.