G&E Chair to Buy Credit Facility

Grubb & Ellis Co., Northbrook, Ill., has announced an agreement under which an entity affiliated with its chairman, C. Michael Kojaian, will acquire the company's outstanding $32 million senior credit facility.The terms of the agreement were not disclosed. The company also announced that another affiliated entity, Kojaian Funding LLC, recently provided Grubb & Ellis with $4 million of working capital. "The acquisition of the company's senior credit facility, coupled with the subordinated loan, strengthens and solidifies our capital structure and should allow Grubb & Ellis to take advantage of market opportunities," said Mr. Kojaian, who is also the controlling stockholder of the company. Grubb & Ellis can be found online at http://www.grubb-ellis.com.