HOUSTON – A major institutional investor says it remains open to buying Houston properties.
“We have not redlined any property type and we have not redlined Houston,” says Pam Boneham, managing director of Cornerstone Real Estate Advisors, a subsidiary of Massachusetts Mutual Life Insurance Co.
Boneham told the recent RealShare conference that Cornerstone will be sure to carefully underwrite Houston investments, but there is no blanket redline position held by the firm. The company owns multifamily and retail properties in Houston.
Financing for new multifamily and office construction has been difficult to obtain since oil prices collapsed last fall.
Realty News Report was a media sponsor of the RealShare event.