Westmore Road Associates, an affiliate of Kenwood Management Company, LLC, announced today that it completed the refinance of its warehouse/recreation property at 1008 Westmore Avenue in Rockville, MD. American United Life Insurance Company, from Indianapolis, was the originator of the new 5-year loan.
Westmore Road Associates acquired the 55,000 square foot property in 2009 from Office Movers, a local commercial moving company, in a sale/leaseback. The building was originally designed and utilized as an indoor tennis facility. As a result, it contains unusually large column spacing and up to 45-foot clear heights.
Office Movers ultimately vacated the property, and it is currently leased to So Five as an indoor soccer facility. So Five operates 22 indoor soccer facilities across the country. At 1008 Westmore, So Five offers 8 indoor fields that feature teams of 5 on 5.
With this refinancing and cash out, 100% of Westmore’s initial equity from its investors has been returned.
Bill Singer, Principal from Kenwood Management, said, “We are extremely pleased to have completed this refinance with AUL. One of Kenwood’s goals as a private equity real estate investment company is to return investors’ equity as soon as possible. Thereafter, they will continue to receive regular distributions to further enhance their overall returns. At Westmore, we have achieved our investment goals.”
Kenwood Management Company, headquartered in Bethesda, MD, owns and operates a 1.4 million square foot commercial real estate portfolio across the Washington, D.C., and Baltimore markets. The portfolio includes office, flex, medical, and warehouse properties throughout the mid-Atlantic region.
Kenwood utilizes a private equity model in which its Sponsors invest 10–20% of equity into every new acquisition, with the balance provided by high-net-worth investors.
Kenwood’s commitment to excellence is demonstrated through its detailed approach to property management and proactive growth strategies. By adapting to market trends and maintaining strong relationships with both investors and tenants, the company continues to create sustainable value and deliver exceptional service.
For more information about Kenwood Management Company and to access the latest updates, visit www.kenwoodmgt.com.