Grubb & Ellis Co., a commercial real estate services firm with a Boise affiliate, has closed an $18 million credit facility with Colony Capital LLC. Plans for the credit line were announced March 30.
A lending affiliate of Colony Capital provided the financing. Grubb has drawn the initial $9 million tranche and expects the second $9 million to become available after May 15.
Colony was granted an exclusive period to evaluate a potential larger strategic transaction with Santa Ana, Calif.-based Grubb. Colony’s 60-day evaluation period began March 30. If Grubb and Colony enter a definitive agreement for a transaction, Grubb would retain the right to solicit competing strategic transactions for 25 business days.
Grubb & Ellis Idaho Commercial Group is based in downtown Boise. Tim Reid, principal in the firm, referred an inquiry to corporate spokeswoman Janice McDill.
McDill told the Idaho Business Review the financing agreement has no impact on the company’s affiliates, which are independently owned and operated.