Grubb & Ellis Co. owed $27.3 million on its loan from Kojaian Capital, LLC and was obligated to pay back $6 million of that through March 2005. In addition, the company's $4-million credit line from Kojaian Funding, LLC came due July 15.

In addition to the $25-million loan from Deutsche Bank, the company tapped its cash reserves for $7.6 million to pay off Kojaian. The remaining $15 million from Deutsche Bank is a line of credit. The new loan and credit line comes with a three-year term, and is interest-only for the first two years.

"We believe that this new credit facility, which extends the term of the credit by two and one half years, is the result of Grubb & Ellis' improved financial condition and provides the company with the ability to invest our cash flow into our core transaction and management services businesses," says executive vice president and chief financial officer Brian Parker.