Green Cay Life Plan Village Closes $381M for Boynton Beach CCRC
The 17-story Winsberg at Green Cay finally has its capital stack after four years, and the cost has outrun the unit count.
Green Cay Life Plan Village closed roughly $380.6 million in bond financing on September 2 for The Winsberg at Green Cay, a 17-story continuing care retirement community planned near Flavor Pict Road and South Jog Road in unincorporated Palm Beach County, in the Boynton Beach area. The nonprofit borrower has been assembling this deal since it first announced the project in 2022, and the closing means the long-delayed community finally has the capital to move toward construction.
Why it matters
Continuing care retirement communities carry a different risk profile than standalone assisted living, and lenders have treated the category cautiously since 2022 rate increases stalled several Florida CCRC starts. This closing is a signal that tax-exempt bond financing for entrance-fee senior communities is moving again in South Florida, even for a project that took four years to reach this point. Developers Big Rock Partners, based in Delray Beach, and Greenbrier Development, based in Dallas, are the operating partners behind the nonprofit borrower, and both firms specialize in the entrance-fee model that depends on presales of independent living units to support debt service. For a developer weighing a CCRC against a straight rental senior product, the size and duration of this capital raise is a reminder that the entrance-fee structure buys market durability at the cost of a much longer and more expensive path to groundbreaking.
The numbers
The community will include 189 independent-living residences, 15 assisted-living units and 16 memory-care units, totaling 220 units on the 15-acre site, plus parking garages. That is only a 9 percent increase over the 202 units Green Cay originally announced in 2022, when the project carried a $250 million price tag. The $380.6 million closing represents a 52 percent increase in project cost for essentially the same unit count, a gap that reflects four years of construction cost inflation and financing delay rather than added scope.
What’s next
Watch for a construction start date and a general contractor announcement, since the bond closing typically precedes a groundbreaking by several months on projects this size. Presale activity on the independent-living units will be the number to track next, since entrance-fee CCRCs need a minimum presale threshold before construction lenders release funds tied to the bond proceeds.