Big Rock, Greenbrier Break Ground on Winsberg in Boynton Beach
Sitework starts within a month of the bond closing, a fast handoff for a nonprofit senior-living deal that took four years to finance.
Green Cay Life Plan Village Inc. is moving crews onto its 15-acre site at 6509 Flavor Pict Road in unincorporated Boynton Beach, with sitework for The Winsberg at Green Cay set to begin by the end of September. The nonprofit borrower closed roughly $380.65 million in financing on September 2 through the Palm Beach County Health Facilities Authority, and general contractor Moss & Associates now has the 17-story, 220-unit continuing care retirement community on a 26-month construction clock in the South Florida market.
Why it matters
A tax-exempt bond issuer moving a nonprofit CCRC borrower from closing to sitework inside a month is a real signal, not a formality. Entrance-fee senior communities depend on presale thresholds and construction lenders that have stayed cautious about the category since 2022, and a fast mobilization after a $380.65 million raise tells other Florida life-plan sponsors that appetite for this structure has returned at scale. Big Rock Partners and Greenbrier Development, the operating partners behind the nonprofit borrower, spent four years assembling this capital stack before reaching this point, and the short gap between bond closing and groundbreaking suggests the financing was fully baked rather than provisional.
The numbers
The Winsberg will total about 500,000 square feet across 220 units: 189 independent living residences, 16 memory care units and 15 assisted living units, in floor plans ranging from 920 to 2,450 square feet. Moss & Associates is targeting a 26-month build, putting substantial completion in late 2028. The project sits on the same 15-acre Flavor Pict Road parcel Green Cay Life Plan Village purchased in 2022 for $18.65 million.
What’s next
Watch for the first vertical construction milestones once sitework wraps, and for presale activity on the independent-living units, since entrance-fee CCRCs typically need a minimum presale threshold cleared before construction lenders release the bulk of bond proceeds. A clean mobilization on this scale of nonprofit senior-housing debt is also worth tracking against the next Florida CCRC sponsor that tries to price a comparable deal.