Arba sells retirement home to Bent Philipson, Andrew Bronfeld

Bent Philipson of Philosophy Care Centers with 8333 West Okeechobee Road (Getty, Google Maps, Bent Philipson)

A pair of nursing home investors have snapped up a Hialeah Gardens facility for $43.2 million.

Bent Philipson and Andrew Bronfeld purchased Waterford’s Signature HealthCare Center at 8333 West Okeechobee Road from a subsidiary of the Los Angeles-based Arba Group, records show.

The deal for installing 214 units comes down to about $202,000 per unit.

Philipson has invested in South Florida facilities in the past. He is the founder of Long Island-based Philosophy Care Centers, a qualified nursing home consultant serving New York and New Jersey, according to the Philipson and Philosophy Care LinkedIn accounts. Bronfeld’s LinkedIn lists him as a Miami-based regional manager for senior care provider Ventura Services.

Bronfeld, through an affiliate, purchased a 20% interest in the Hialeah Gardens facility. Philipson used five entities to buy the property, with each of its affiliates buying a 2% to 39% stake in the retirement home, the records show. A seventh entity that acquired a 0.2% stake is led by Naomi Tessler of Brooklyn.

The buyers assumed a $19.5 million mortgage on the property from the seller and increased the amount to $59.8 million. Funding was reallocated to VNB New York.

The three-story building was completed in 1986 on a nearly 2-acre site overlooking a lake, property records show.

Arba Group, led by Ira Smedra and Jacob Wintner, paid $29.3 million for the facility in 2019, meaning it flipped it for a 47% gain in three years.

South Florida, along with the rest of the state, has always been a retirement mecca, with retirement homes being a coveted investment.

Philipson has bet heavily on the asset class.

Late last year, he bought a stake in Claridge House at 13900 Northeast Third Court near North Miami and in Regents Park in Aventura at 18905 Northeast 25th Avenue. Philipson purchased the properties for a combined $33.4 million, in partnership with CareRite Centers in Englewood Cliffs, New Jersey.

In 2020, Philipson paid $24 million for the North Dade Nursing And Rehab Center at 1207 and 1235 Northeast 135th Street in North Miami. This capped his two-year spree on six nursing homes for a total of $100 million.
Included in that spree was his $19.8 million purchase of South Dade Nursing and Rehabilitation Center at 17475 South Dixie Highway in Palmetto Bay and Golden Glades Nursing and Rehabilitation Center at 220 Sierra Drive in Miami.

For its part, CareRite also bolstered its portfolio last year, paying $35 million for the Coral Reef Subacute Care Center at 9869 Southwest 152nd Street in an unincorporated area of ​​southern Miami-Dade County.

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