Document:

EX-10.11

FHLMC Loan No. 504133209

Kedron Village Apartments

GUARANTY

MULTISTATE

(for use in all Property jurisdictions except California)

REVISION DATE 05/06/2005

This Guaranty (“Guaranty”) is entered into to be effective as of June 27, 2008, by the
undersigned person(s) (the “Guarantor” jointly and severally if more than one), for the benefit of
CAPMARK BANK, a Utah industrial bank (the “Lender”).

RECITALS

A. G&E Apartment REIT Kedron Village, LLC, a Delaware limited liability company (the
"Borrower”) has requested that Lender make a loan to Borrower in the amount of $20,000,000.00 (the
"Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to Lender dated effective
as of the effective date of this Guaranty (the “Note”). The Note will be secured by a Multifamily
Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective date of the
Note (the “Security Instrument”), encumbering the Mortgaged Property described in the Security
Instrument.

B. As a condition to making the Loan to Borrower, Lender requires that the Guarantor execute
this Guaranty.

NOW, THEREFORE, in order to induce Lender to make the Loan to Borrower, and in consideration
thereof, Guarantor agrees as follows:

1. Defined Terms. "Indebtedness,” “Loan Documents” and "Property Jurisdiction” and other
capitalized terms used but not defined in this Guaranty shall have the meanings assigned to them in
the Security Instrument.

2. Scope of Guaranty.

(a) Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender:

	 	(i)	 	the full and prompt payment when due, whether
at the Maturity Date or earlier, by reason of acceleration or
otherwise, and at all times thereafter, of each of the following:

	 	(A)	 	a portion of the Indebtedness
equal to zero percent (-0-%) of the original principal balance
of the Note (the “Base Guaranty”); and

	 	(B)	 	in addition to the Base Guaranty,
all other amounts for which Borrower is personally liable under
Sections 9(c), 9(d) and 9(f) of the Note; and

	 	(C)	 	all costs and expenses, including
reasonable Attorneys’ Fees and Costs incurred by Lender in
enforcing its rights under this Guaranty; and

	 	(ii)	 	the full and prompt payment and performance
when due of all of Borrower’s obligations under Section 18 of the
Security Instrument.

(b) If the Base Guaranty stated in Section 2(a)(i)(A) is 100 percent of the original principal
balance of the Note, then (i) the Base Guaranty shall mean and include the full and complete
guaranty of payment of the entire Indebtedness and the performance of all Borrower’s obligations
under the Loan Documents; and (ii) for so long as the Base Guaranty remains in effect (there being
no limit to the duration of the Base Guaranty unless otherwise expressly provided in this
Guaranty), the obligations guaranteed pursuant to Sections 2(a)(i)(B), 2(a)(i)(C) and Section 3
shall be part of, and not in addition to or in limitation of, the Base Guaranty.

If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100 percent of the original
principal balance of the Note, then this Section 2(b) shall be completely inapplicable and shall be
treated as if not a part of this Guaranty.

(c) If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower
with respect to the Indebtedness and all amounts received by Lender from the enforcement of its
rights under the Security Instrument and the other Loan Documents (except this Guaranty) shall be
applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has
personal liability.

3. Additional Guaranty Relating to Bankruptcy.

(a) Notwithstanding any limitation on liability provided for elsewhere in this Guaranty,
Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and
prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or
otherwise, and at all times thereafter, the entire Indebtedness, in the event that:

	 	(i)	 	Borrower voluntarily files for bankruptcy
protection under the United States Bankruptcy Code; or

	 	(ii)	 	Borrower voluntarily becomes subject to any
reorganization, receivership, insolvency proceeding, or other similar
proceeding pursuant to any other federal or state law affecting debtor
and creditor rights; or

	 	(iii)	 	an order of relief is entered against Borrower
pursuant to the United States Bankruptcy Code or other federal or state
law affecting debtor and creditor rights in any involuntary bankruptcy
proceeding initiated or joined in by a “Related Party.”

(b) For purposes of this Section, the term “Related Party” means:

	 	(i)	 	Borrower or Guarantor; and

	 	(ii)	 	any person or entity that holds, directly or
indirectly, any ownership interest in or right to manage Borrower or
Guarantor, including without limitation, any shareholder, member or
partner of Borrower or Guarantor; and

	 	(iii)	 	any person or entity in which any ownership
interest (direct or indirect) or right to manage is held by Borrower,
Guarantor or any partner, shareholder or member of, or any other person
or entity holding an interest in, Borrower or Guarantor; and

	 	(iv)	 	any other creditor of Borrower that is related
by blood, marriage or adoption to Borrower, Guarantor or any partner,
shareholder or member of, or any other person or entity holding an
interest in, Borrower or Guarantor.

(c) If Borrower, Guarantor or any Related Party has solicited creditors to initiate or
participate in any proceeding referred to in this Section, regardless of whether any of the
creditors solicited actually initiates or participates in the proceeding, then such proceeding
shall be considered as having been initiated by a Related Party.

4. Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this
Guaranty shall survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed
in lieu of foreclosure, and any release of record of the Security Instrument, and, in addition, the
obligations of Guarantor relating to Borrower’s obligations under Section 18 of the Security
Instrument shall survive any repayment or discharge of the Indebtedness. Notwithstanding the
foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged
Property, Guarantor shall have no obligation under this Guaranty relating to Borrower’s obligations
under Section 18 of the Security Instrument after the date of the release of record of the lien of
the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date
or by voluntary prepayment in full.

5. Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty
constitute an unconditional guaranty of payment and performance and not merely a guaranty of
collection.

6. No Demand by Lender Necessary; Waivers by Guarantor. The obligations of Guarantor under
this Guaranty shall be performed without demand by Lender and shall be unconditional regardless of
the genuineness, validity, regularity or enforceability of the Note, the Security Instrument, or
any other Loan Document, and without regard to any other circumstance which might otherwise
constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor.
Guarantor hereby waives, to the fullest extent permitted by applicable law:

(a) the benefit of all principles or provisions of law, statutory or otherwise, which are or
might be in conflict with the terms of this Guaranty and agrees that Guarantor’s obligations shall
not be affected by any circumstances, whether or not referred to in this Guaranty, which might
otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a
mortgagor;

(b) the benefits of any right of discharge under any and all statutes or other laws relating
to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor,
a borrower or a mortgagor under such statutes or laws;

(c) diligence in collecting the Indebtedness, presentment, demand for payment, protest, all
notices with respect to the Note and this Guaranty which may be required by statute, rule of law or
otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including, but not
limited to, notice of acceptance, notice of any amendment of the Loan Documents, notice of the
occurrence of any default or Event of Default, notice of intent to accelerate, notice of
acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the
incurring by Borrower of any obligation or indebtedness;

(d) all rights to cause a marshalling of the Borrower’s assets or to require Lender to:

	 	(i)	 	proceed against Borrower or any other guarantor
of Borrower’s payment or performance under the Loan Documents (an
“Other Guarantor”);

	 	(ii)	 	proceed against any general partner of Borrower
or any Other Guarantor if Borrower or any Other Guarantor is a
partnership;

	 	(iii)	 	proceed against or exhaust any collateral held
by Lender to secure the repayment of the Indebtedness; or

	 	(iv)	 	pursue any other remedy it may now or hereafter
have against Borrower, or, if Borrower is a partnership, any general
partner of Borrower;

(e) any right to object to the timing, manner or conduct of Lender’s enforcement of its rights
under any of the Loan Documents; and

(f) any right to revoke this Guaranty as to any future advances by Lender under the terms of
the Security Instrument to protect Lender’s interest in the Mortgaged Property.

7. Modification of Loan Documents. At any time or from time to time and any number of times,
without notice to Guarantor and without affecting the liability of Guarantor, Lender may:

(a) extend the time for payment of the principal of or interest on the Indebtedness or renew
the Indebtedness in whole or in part;

(b) extend the time for Borrower’s performance of or compliance with any covenant or agreement
contained in the Note, the Security Instrument or any other Loan Document, whether presently
existing or hereinafter entered into, or waive such performance or compliance;

(c) accelerate the Maturity Date of the Indebtedness as provided in the Note, the Security
Instrument, or any other Loan Document;

(d) with Borrower, modify or amend the Note, the Security Instrument, or any other Loan
Document in any respect, including, but not limited to, an increase in the principal amount; and/or

(e) modify, exchange, surrender or otherwise deal with any security for the Indebtedness or
accept additional security that is pledged or mortgaged for the Indebtedness.

8. Joint and Several Liability. The obligations of Guarantor (and each party named as a
Guarantor in this Guaranty) and any Other Guarantor shall be joint and several. Lender, in its
sole and absolute discretion, may:

(a) bring suit against Guarantor, or any one or more of the parties named as a Guarantor in
this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them;

(b) compromise or settle with Guarantor, any one or more of the parties named as a Guarantor
in this Guaranty, or any Other Guarantor, for such consideration as Lender may deem proper;

(c) release one or more of the parties named as a Guarantor in this Guaranty, or any Other
Guarantor, from liability; and

(d) otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any
manner, and no such action shall impair the rights of Lender to collect from Guarantor any amount
guaranteed by Guarantor under this Guaranty.

9. Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held
by Guarantor now or in the future is and shall be subordinated to the Indebtedness and Guarantor
shall collect, enforce and receive any such indebtedness of Borrower as trustee for Lender, but
without reducing or affecting in any manner the liability of Guarantor under the other provisions
of this Guaranty.

10. Waiver of Subrogation. Guarantor shall have no right of, and hereby waives any claim for,
subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any
payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or
under any contract or statute, until the Indebtedness has been paid in full and there has expired
the maximum possible period thereafter during which any payment made by Borrower to Lender with
respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code.

11. Preference. If any payment by Borrower is held to constitute a preference under any
applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required
to refund any sums to Borrower, such refund shall not constitute a release of any liability of
Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s
obligations under this Guaranty shall not be discharged except by Guarantor’s performance of such
obligations and then only to the extent of such performance.

12. Financial Statements. Guarantor, from time to time upon written request by Lender, shall
deliver to Lender such financial statements as Lender may reasonably require.

13. Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon
any such assignment, all the terms and provisions of this Guaranty shall inure to the benefit of
such assignee to the extent so assigned. The terms used to designate any of the parties herein
shall be deemed to include the heirs, legal representatives, successors and assigns of such
parties, and the term “Lender” shall also include any lawful owner, holder or pledgee of the Note.
Reference in this Guaranty to “person” or “persons” shall be deemed to include individuals and
entities.

14. Complete and Final Agreement. This Guaranty and the other Loan Documents represent the
final agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements. There are no unwritten oral agreements between the
parties. All prior or contemporaneous agreements, understandings, representations, and statements,
oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor
acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither
this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or terminated
except by a writing signed by the party against which the enforcement of the waiver, modification,
amendment, discharge, or termination is sought, and then only to the extent set forth in that
writing.

15. Governing Law. This Guaranty shall be governed by and enforced in accordance with the
laws of the Property Jurisdiction, without giving effect to the choice of law principles of the
Property Jurisdiction that would require the application of the laws of a jurisdiction other than
the Property Jurisdiction.

16. Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation
to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal
courts and authorities with jurisdiction in the Property Jurisdiction shall have jurisdiction over
all controversies which shall arise under or in relation to this Guaranty. Guarantor irrevocably
consents to service, jurisdiction and venue of such courts for any such litigation and waives any
other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise.
However, nothing herein is intended to limit Lender’s right to bring any suit, action or proceeding
relating to matters arising under this Guaranty against Guarantor or any of Guarantor’s assets in
any court of any other jurisdiction.

17. Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a
direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a
material financial benefit from the making of the Loan.

18. STATE-SPECIFIC PROVISIONS: Guarantor waives the benefit of O.C.G.A. Section 10-7-24.

19. Residence; Community Property Provision.

(a) Guarantor represents and warrants that his/her state of residence is N/A.

(b) Guarantor warrants and represents that s/he is: N/A

[     ] single

[     ] married

20. GUARANTOR AND LENDER EACH (A) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY
ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER
THAT IS TRIABLE OF RIGHT BY A JURY AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH
ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL
BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT
LEGAL COUNSEL.

ATTACHED EXHIBIT. The following Exhibit is attached to this Guaranty:

	 	 	 
	Exhibit A

	 	Modifications to Guaranty

IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has caused this
Guaranty to be signed and delivered under seal by its duly authorized representative. Guarantor
intends that this Guaranty shall be deemed to be signed and delivered as a sealed instrument.

1

	 	 	 	GRUBB
& ELLIS APARTMENT REIT, INC., a Maryland
corporation

By: /s/ Gus G. Remppies (SEAL)

	 	 	Name: Gus G. Remppies

Authorized Signatory

Signed, sealed and delivered in

the presence of:

/s/ Scott Weber

Print Name: Scott Weber, Unofficial Witness

/s/ Robin M. Broughton

Notary Public, City of

Richmond, Virginia

Date: 6-25-08

My Commission Expires: 7-31-2010

2

Name and Address of Guarantor:

	 	 	 	 	 
	Name:
	 	Grubb & Ellis Apartment REIT, Inc.
	Address:
	 	c/o Grubb & Ellis Realty Investors, LLC
	 
	 	1606 Santa Rosa Road, Suite 109
	 
	 	Richmond, Virginia  23229

3EX-10.12

THIRD AMENDMENT TO AND WAIVER OF LOAN AGREEMENT

THIS THIRD AMENDMENT TO AND WAIVER OF LOAN AGREEMENT (this “Amendment”), executed and
delivered as of June 26, 2008, is between GRUBB & ELLIS APARTMENT REIT, INC. (formerly known as NNN
Apartment REIT, Inc.), a Maryland corporation (the “Company”), and WACHOVIA BANK, NATIONAL
ASSOCIATION, a national banking association (the “Lender”).

RECITALS:

A. Pursuant to that certain Loan Agreement between the Company and the Lender dated as of
November 1, 2007, as amended by that certain First Amendment to and Waiver of Loan Agreement dated
as of December 21, 2007 and by that certain Second Amendment to and Waiver of Loan Agreement dated
as of March 31, 2008 (as so amended, the “Loan Agreement”), the Lender made available to
the Company a revolving line of credit in an outstanding aggregate principal amount not to exceed
$16,250,000.00, as evidenced by that certain Amended and Restated Promissory Note dated as of March
31, 2008 made by the Company and payable to the order of the Lender (the “Note”).

B. The Company has notified the Lender that it intends to acquire (the “Proposed
Acquisition”), through its subsidiary Grubb & Ellis Apartment REIT Holdings, LP (formerly known
as NNN Apartment REIT Holdings, L.P.), (i) a multi-family property known as Creekside Crossing
Apartments, located in Lithonia, Georgia, which property will be owned by G&E Apartment REIT
Creekside Crossing, LLC, a Delaware limited liability company (the “Creekside Crossing_Property
Owner”), and (ii) a multi-family property known as Kedron Village Apartments, located in
Peachtree City, Georgia, which property will be owned by G&E Apartment REIT Kedron Village, LLC, a
Delaware limited liability company (the “Kedron Village Property Owner” and, together with
the Creekside Crossing Property Owner, the “New Property Owners”). The Company has
requested an Advance under the Loan Agreement to finance, in part, the Proposed Acquisition, which
Advance shall require the temporary increase of the aggregate principal amount available under the
Loan Agreement. The Lender has agreed to make such Advance, to agree to such temporary increase,
and to continue to make available to the Company the credit facilities provided for in the Loan
Agreement, on the terms and conditions stated herein.

C. Capitalized terms not otherwise defined herein shall have such meaning as assigned to them
in the Loan Agreement.

AGREEMENT:

NOW, THEREFORE, in consideration of the mutual promises herein contained and for other
valuable consideration, the parties hereto agree as follows:

Section 1. Amendments to Loan Agreement.

(a) Paragraphs 1(a) and 1(b) of the Loan Agreement are hereby deleted in their entireties and
the following paragraphs are hereby substituted in lieu thereof:

“1(a) Loan. Subject to the conditions set forth herein, so long as no
Event of Default has occurred and is continuing, Lender may elect, in Lender’s sole
and absolute discretion, to advance to the Company, from time to time from the date
hereof until the day immediately preceding the Maturity Date, an aggregate principal
amount up to the Aggregate Availability (collectively, the “Loan” and each, an
“Advance”). If the Lender, in its sole and absolute discretion, refuses to fund a
requested Advance, the Lender shall use its best efforts to provide notice thereof
to the Company. So long as no Event of Default has occurred and is continuing,
amounts repaid by the Company prior to the Maturity Date may, in Lender’s sole and
absolute discretion, be reborrowed by the Company, provided that (i) the
aggregate principal amount outstanding at any time shall not exceed the Aggregate
Availability, and (ii) neither the Arboleda Advance Overage nor the Creekside and
Kedron Advance Overage, once repaid in accordance with the terms hereof, may be
reborrowed. In the event that in connection with any Advance made hereunder, the
Company has not commenced repayment of such Advance within three (3) months
following the applicable Advance Date by a principal amount of at least $500,000,
such amount to consist of Equity Proceeds, such failure to repay such Advance in
such amount shall constitute an Event of Default hereunder.

1(b) Interest Rate. The Loan shall bear interest as follows: (i) the
outstanding principal amount of that portion of the Loan consisting of the Creekside
and Kedron Advance Overage shall bear interest at a fixed rate equal to eighteen
percent (18%) per annum, and (ii) the remaining outstanding principal amount of the
Loan shall bear interest at the Applicable LIBOR Rate, except as otherwise provided
herein.”

(b) Paragraph 2(a) of the Loan Agreement is hereby amended by deleting the last sentence of
such Section in its entirety and substituting the following sentence in lieu thereof:

“It is hereby acknowledged and agreed that notwithstanding the foregoing, (i) the
proceeds of the Loan made available to the Company pursuant to the Myrtles and
Heights Advance shall finance those required acquisition costs on the Properties
acquired thereby which are in excess of the costs funded through each Property Loan
related thereto in the approximate principal amount of fifty-six percent (56%) of
each Property’s appraised value; provided that the sum of such Property Loan
proceeds and any proceeds disbursed hereunder pursuant to the Myrtles and Heights
Advance shall not exceed seventy-four percent (74%) of each such Property’s
appraised value; and (ii) the above percentages shall not apply to (A) the proceeds
of the Loan made available to the Company pursuant to the Arboleda Advance, or to
the Arboleda Property Loan, or (B) the proceeds of the Loan made available to the
Company pursuant to the Creekside and Kedron Advance, or to the Creekside Property
Loan or the Kedron Property Loan.”

(c) Paragraph 2(k)(6) of the Loan Agreement is hereby deleted in its entirety and the
following paragraph is hereby substituted in lieu thereof:

"(6) Each prepayment or repayment of principal shall be applied as
follows: (i) to the outstanding amount of the Creekside and Kedron Advance
Overage, until the Creekside and Kedron Advance Overage has been repaid in
full, any excess principal being applied to the Advance then outstanding
which was made on the earliest date as among all remaining outstanding
Advances; (ii) then, to the Advance then outstanding which was made on the
earliest date as among all outstanding Advances, until such Advance is paid
in full, any excess principal being applied to the Advance then outstanding
which was made on the earliest date as among all remaining outstanding
Advances; (iii) and continuing on in like manner until all outstanding
Advances have been paid in full.”

(d) Paragraph 7(c) of the Loan Agreement is hereby amended by adding the following proviso to
the end thereof immediately preceding the period at the end of the sentence:

; provided, that notwithstanding the foregoing prohibition, the Pledgor
shall be permitted to incur Indebtedness in the form of an unsecured loan in the
maximum principal amount of $10,000,000.00 from NNN Realty Advisors, Inc. a Delaware
corporation (the “NNN Advisor Loan”) so long as (i) the NNN Advisor
Loan remains at all times unsecured, (ii) the NNN Advisor Loan is expressly
subordinated by the terms of its constituent documents to the Loan, the terms of
such subordination to be reasonably acceptable to the Lender, and (iii) at any time
at which any principal amount is outstanding under the Loan, the Pledgor shall not
make any repayment of any principal amount outstanding under the NNN Advisor Loan,
whether from Equity Proceeds or from any other source of funding”

(e) The following paragraph is hereby added as a new Paragraph 9(k) to the Loan Agreement:

“9(k) Acknowledgments and Agreements Regarding Creekside Property Loan and
Kedron Property Loan and Pledge of Equity interests in G&E Apartment REIT Creekside
Crossing, LLC and G&E Apartment REIT Kedron Village, LLC. The parties hereto
agree and acknowledge that: (i) the Creekside Property Loan is being made to G&E
Apartment REIT Creekside Crossing, LLC by Capmark Bank, (ii) Capmark Bank intends to
sell the Creekside Property Loan to Freddie Mac, who will become the lender
thereunder, (iii) the Kedron Property Loan is being made to G&E Apartment REIT
Kedron Village, LLC by Capmark Bank, (iv) Capmark Bank intends to sell the Kedron
Property Loan to Freddie Mac, who will become the lender thereunder, (v) pursuant to
the Pledge Agreement, the Pledgor has pledged in favor of the Lender all right,
title and interest in the “Class B Interest” the Pledgor owns in each of G&E
Apartment REIT Creekside Crossing, LLC and G&E Apartment REIT Kedron Village, LLC
(as the term “Class B Interest” is defined in the operating agreement of each such
limited liability company), (vi) the “Class B Interest” so pledged constitutes a
forty-nine percent (49%) interest in each of G&E Apartment REIT Creekside Crossing,
LLC and G&E Apartment REIT Kedron Village, LLC, and (vii) Freddie Mac, as the lender
under each of the Creekside Property Loan and the Kedron Property Loan, has not
agreed to permit the pledge by the Pledgor of any interest in either G&E Apartment
REIT Creekside Crossing, LLC or G&E Apartment REIT Kedron Village, LLC, other than
the pledge of the “Class B Interest” in each such limited liability company.”

(f) Paragraph 10 of the Loan Agreement is hereby amended by amending and restating the
following defined terms in their entirety:

"Aggregate Availability” shall mean, as of any date of determination,
(a) from the date of the making of the Creekside and Kedron Advance until the
Creekside and Kedron Advance Overage has been repaid in full, the sum of (i)
$10,000,000.00 and (ii) the outstanding principal amount of the Creekside and Kedron
Advance Overage (provided, that the sum of (i) and (ii) shall not exceed
$16,000,000.00 at any time), and (b) after such time as the Creekside and Kedron
Advance Overage has been repaid in full, the lesser of (i) $10,000,000.00 and (ii)
the difference of (A) ninety percent (90%) of the aggregate Appraised Value for all
the Properties (other than the Arboleda Property, the Creekside Property and the
Kedron Property) as of such date, minus (B) the aggregate outstanding
principal amount of the Property Loans (other than the Arboleda Property Loan, the
Creekside Property Loan and the Kedron Property Loan) as of such date.

“Arboleda Advance Overage” means that portion of the outstanding
principal amount of the Loan which was in excess of $10,000,000.00 as a result of
the making of the Arboleda Advance; provided, that the Arboleda Advance
Overage, and the Arboleda Advance, have been repaid in full and the Arboleda Advance
Overage may not be reborrowed.

"Facility Interest Expense” shall mean, for any period, that portion of
Interest Expense attributable solely to interest due and payable on the credit
facility evidenced by the Loan Documents; provided, that for the purpose of this
definition, the principal amount outstanding under this Agreement at any time shall
be deemed to be the sum of (i) $10,000,000.00 plus (ii) the outstanding principal
amount, if any, of the Creekside and Kedron Advance Overage at such time.

"LIBOR Spread” shall mean five and fifty one hundredths percent
(5.50%).

“Property Owners” shall mean the collective reference to: Apartment
REIT Walker Ranch, L.P., Apartment REIT Hidden Lakes, L.P., Apartment REIT Park at
North Gate, L.P., Apartment REIT Residences at Braemar, LLC, Apartment REIT Bay
Point Resort, LLC, Apartment REIT Towne Crossing, L.P., Apartment REIT Villas of El
Dorado, LLC, G&E Apartment REIT The Myrtles at Olde Towne, LLC, G&E Apartment REIT
The Heights at Olde Towne, LLC, G&E Apartment REIT Arboleda, LLC, G&E Apartment REIT
Creekside Crossing, LLC, G&E Apartment REIT Kedron Village, LLC and to any other
Person which may become the fee owner of a Property on or after the date hereof.

(g) Paragraph 10 of the Loan Agreement is hereby amended by adding the following new
definitions in appropriate alphabetical order:

"Creekside and Kedron Advance” means that certain Advance in an
aggregate principal amount not to exceed $16,000,000.00 made to the Company on or
following June 26, 2008 to finance the acquisition of (i) a multi-family property
known as Creekside Crossing Apartments, located in Lithonia, Georgia, which Property
shall be owned by G&E Apartment REIT Creekside Crossing, LLC and (ii) a multi-family
property known as Kedron Village Apartments, located in Peachtree City, Georgia,
which Property shall be owned by G&E Apartment REIT Kedron Village, LLC.

"Creekside and Kedron Advance Overage” means that portion of the
outstanding principal amount of the Loan which is in excess of $10,000,000.00 as a
result of the making of the Creekside and Kedron Advance; provided that such
excess amount shall not exceed $6,000,000.00 at any time.

"Creekside Property” means that certain multi-family property known as
Creekside Crossing Apartments, located in Lithonia, Georgia, which Property shall be
owned by G&E Apartment REIT Creekside Crossing, LLC.

"Creekside Property Loan” means that certain first priority real
estate-secured loan made or to be made by a financial institution to G&E Apartment
REIT Creekside Crossing, LLC , which loan is secured by a first priority lien on the
Creekside Property.

“Kedron Property” means that certain multi-family property known as
Kedron Village Apartments, located in Peachtree City, Georgia, which Property shall
be owned by G&E Apartment REIT Kedron Village, LLC.

“Kedron Property Loan” means that certain first priority real
estate-secured loan made or to be made by a financial institution to G&E Apartment
REIT Kedron Village, LLC, which loan is secured by a first priority lien on the
Kedron Property.

Section 2. Waiver. Pursuant to Paragraph 9(b) of the Loan Agreement and solely with
respect to the Proposed Acquisition, the Lender hereby waives (a) the requirement set forth in
Paragraph 6(i)(i) of the Loan Agreement that Pledgor pledge of all of the Ownership Interests in
each of the New Property Owners in favor of Lender, and (b) the requirement set forth in Paragraph
6(i)(ii) of the Loan Agreement that the provisions of the Property Loan Documents to which each of
the New Property Owners is a party specifically permit and consent to the pledge of one hundred
percent (100%) of the Ownership Interests in such New Property Owner in favor of Lender;
provided, that not less than forty-nine (49%) of the Ownership Interests in each of the
New Property Owners shall be pledged in favor of Lender pursuant to and in accordance with the
terms of Paragraph 6(i) of the Loan Agreement, and all other provisions of Paragraph 6(i) of the
Loan Agreement shall apply. For avoidance of doubt, this waiver shall apply solely with respect
to the Proposed Acquisition and shall not apply to the acquisition of any Property or of any
Property Owner after the date of this Amendment.

Section 3. Amendment to Schedules to Loan Agreement. Each of Schedule II and
Schedule 5(d) to the Loan Agreement are hereby amended and restated in their
entireties as set forth on Exhibit A to this Agreement.

Section 4. Conditions Precedent to Closing of Amendment. In addition to such other
requirements as may be set forth in the Loan Documents, the Lender’s obligation to close this
Amendment (the “Closing”), and to continue to make the Loan available, is subject to
satisfaction of the following conditions:

(a) Executed Documents. Delivery to the Lender of a duly executed counterpart
of (i) this Agreement from the Company, and (ii) the Pledge Agreement, as amended and
restated as of the date hereof, from the Pledgor.

(b) Officer’s Certificates. Delivery to the Lender of:

(1) a certificate of the Secretary or Assistant Secretary of the Company
certifying (i) that the Articles of Incorporation and Bylaws or Certificate of
Limited Partnership and Limited Partnership Agreement, as applicable, of each Credit
Party previously delivered to the Lender remain accurate and complete and in full
force and effect, (ii) that the Resolutions of each Credit Party previously
delivered to the Lender remain in full force and effect and authorize the execution
and delivery of this Amendment and the amended and restated Pledge Agreement, as
applicable, and the consummation of the transactions contemplated hereby and thereby
and (iii) as to such other items and conditions as the Lender may reasonably
request, and otherwise in form and content reasonably acceptable to the Lender; and

(2) a certificate in form and substance satisfactory to the Lender from a
Responsible Officer of the Company certifying that as of the date hereof and after
giving effect to the Advance requested in connection with the Proposed Acquisition,
each Credit Party is in compliance with the covenants set forth in Paragraphs 6 and
7 of the Loan Agreement.

(c) Good Standing Certificates. Delivery to the Lender of (i) a certificate of
the Secretary of State of the State of Maryland, certifying as of a recent date that the
Company is in good standing and (ii) a certificate of the State Corporation Commission of
the Commonwealth of Virginia, certifying as of a recent date that the Pledgor is in good
standing.

(d) Property Loan Documents and Organization Documents. Delivery to the Lender
of (i) the Property Loan Documents executed in connection with the acquisition of the
Property owned by each of the New Property Owners and (ii) the organizational documents of
each of the New Property Owners, in each case, which documents shall be on terms and
conditions reasonably satisfactory to the Lender.

(e) Opinion of Counsel. Delivery to the Lender of an opinion of counsel to the
Company and the Pledgor, in form and content reasonably satisfactory to the Lender.

(f) Payment of Fees, Costs and Expenses. Payment by the Company of (i) a fee
in connection with the increase in Aggregate Availability provided hereunder, such fee to be
in an amount equal to one-half of one percent (0.50%) of the Creekside and Kedron Advance
Overage as of the date of funding of the Creekside and Kedron Advance, which fee shall be
fully earned as of the date of Closing and shall be non-refundable, (ii) any and all other
fees, if any, due the Lender or otherwise due and payable under the terms of the Loan
Documents and (iii) all costs, expenses, and fees (including without limitation, the
Lender’s attorneys’ fees and expenses) associated with this Amendment or otherwise due and
payable.

(g) No Event of Default. No Event of Default shall exist under the Loan
Documents, nor would occur as a result of the execution and performance of this Amendment to
the Loan Agreement, as amended hereby.

(h) Representations and Warranties. The representations and warranties
contained in the Loan Documents shall be true and correct in all material respects as of the
date of Closing, except for those representation and warranties which relate to a specific
date, in which case such representations and warranties shall be true and correct in all
material respects as of such date.

(i) Additional Documentation. Delivery to Lender of such other documentation or
information as may reasonably be required by the Lender and its counsel.

Section 5. Representations, Warranties and Covenants. The Company hereby acknowledges
and agrees that:

(a) Loan Balance. As of the Closing date, the outstanding aggregate principal
amount of the Loan is $0.00.

(b) Myrtles and Heights Advance and Arboleda Advance. The Myrtles and Heights
Advance, the Arboleda Advance, and the Arboleda Advance Overage (as such term is defined in
the Loan Agreement prior to its modification pursuant to this Amendment) have been repaid in
full, and the Arboleda Advance Overage may not be reborrowed.

(c) Aggregate Availability. Following the funding of the requested Advance,
the aggregate principal amount outstanding under the Loan Documents shall not exceed the
Aggregate Availability.

(d) Reaffirmation of Representations, Warranties and Covenants. The Company
reaffirms and remakes as of the date hereof (taking into consideration the effects of the
transactions contemplated in this Amendment), each of the representations and warranties
contained in the Loan Agreement, as amended hereby, as being true and correct in all
respects. The Company agrees that until payment in full of all Obligations, the Company
shall comply with all covenants as set forth in the Loan Agreement, as amended hereby.

Section 6. Miscellaneous.

(a) Representations and Warranties Accurate; Compliance; No Material Adverse
Effect. Each of the representations and warranties of the Credit Parties contained in
the Loan Documents, as such Loan Documents may have been amended, modified, replaced,
restated, renewed or extended from time to time, including by this Amendment and by any
documents, instruments or agreements executed in connection with the Amendment, is true,
accurate and complete on and as of the date hereof with the same effect as though such
representations and warranties had been made on and as of the date hereof (except for
representations and warranties which relate to a specific date, in which case such
representations and warranties shall be true, accurate and complete as of such date). Each
Credit Party has performed in all material respects all its obligations under the Loan
Documents, as so amended, modified, replaced, restated, renewed or extended, required to be
performed by such Credit Party at or prior to the date hereof. Each Credit Party is in
compliance in all material respects with all the terms and provisions set forth in the Loan
Documents, as so amended, modified, replaced, restated, renewed or extended, on its part to
be observed and performed. No proceedings are pending or, to the Company’s knowledge,
threatened which might materially adversely affect the ability of the any Credit Party to
perform (a) its obligations under the Loan Documents, as amended, modified, replaced,
restated, renewed or extended as set forth above, or (b) its contractual obligations with
any other person or entity.

(b) No Event of Default. The Company hereby represents and warrants that as of
the effective date hereof, there exists no Event of Default, and no Credit Party has any
claim or cause of action against the Lender arising out of or relating in any way to the
Loan Agreement (as amended hereby) or the other Loan Documents, and each Credit Party hereby
waives and releases any and all claims or causes of action which such Credit Party may have
as of the effective date hereof against the Lender arising out of or relating in any way to
the Loan Agreement (as amended hereby) or the other Loan Documents.

(c) Limited Effect. Except as expressly provided herein, the Loan Agreement
and each other Loan Document shall continue to be, and shall remain, in full force and
effect. Except as expressly provided herein, this Amendment shall not be deemed (i) to be a
waiver of, or consent to, or a modification or amendment of, any other term or condition of
the Loan Agreement or any other Loan Document or (ii) to prejudice any right or rights which
the Lender may now have or may have in the future under or in connection with the Loan
Agreement or the other Loan Documents or any of the instruments or agreements referred to
therein, as the same may be amended or modified from time to time. References in the Loan
Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”,
“herein”, and “hereof”) and in any Loan Document to the “Loan Agreement” shall be deemed to
be references to the Loan Agreement as modified hereby.

(d) Counterparts. This Amendment may be executed in any number of counterparts
by the different parties hereto on separate counterparts, each of which counterparts when
executed and delivered shall be an original, but all of which together shall constitute one
and the same instrument. A complete set of counterparts shall be lodged with the Company
and the Lender.

(e) Governing Law. This Amendment and the rights and obligations of the
parties hereunder shall be construed in accordance with and governed by the laws of the
State of North Carolina.

(j) Electronic Transmission. A facsimile, telecopy or other reproduction of
this Amendment may be executed by one or more parties hereto, and an executed copy of this
Amendment may be delivered by one or more parties hereto by facsimile or similar
instantaneous electronic transmission device pursuant to which the signature of or on behalf
of such party can be seen, and such execution and delivery shall be considered valid,
binding and effective for all purposes. At the request of any party hereto, all parties
hereto agree to execute an original of this Amendment as well as any facsimile, telecopy or
other reproduction hereof.

(k) WAIVER OF JURY TRIAL. THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AMENDMENT AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION
HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF ANY PARTY RELATING HERETO OR THERETO. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE LENDER TO ENTER INTO THIS AMENDMENT.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

1

IN WITNESS WHEREOF, the undersigned have
executed this Amendment as of the day and year first above written.

COMPANY:

GRUBB & ELLIS APARTMENT REIT, INC. (formerly known as
NNN Apartment REIT, Inc.), a Maryland corporation

By: /s/ Gus G. Remppies

Name: Gus G. Remppies

Title: Chief Investment Officer

LENDER:

WACHOVIA BANK, NATIONAL ASSOCIATION, a national

banking association

By: /s/ Chris B. Troutman

Name: Chris Troutman

Title: Managing Director

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00144-of-00352.parquet"}]]