Artis Senior Living of Wrigleyville, LLC has recently been granted a special warranty deed to build a senior living community at the property located at 3535 N. Ashland Ave., according to records from the Cook County Recorder of Deeds. The deed was granted on Nov. 30. Data on the Recorder of Deeds site was only available through Nov. 30.
The 45,000+ square foot site has previously been home to the Burt Weinman Ford dealership as well as a Christmas tree sales lot.
The deed was granted to Artis Senior Living for $3.71 million, according to the Recorder of Deeds.
Public records show that Artis Senior Living of Wrigleyville, LLC is based in McLean, Va. but attempts to contact the company were unsuccessful.
Cook County Treasurer records show that the property was owned by Ashland Addison THC, LLC in 2011. However, a lien was placed on the property on Nov. 27, 2012 by Lord Financial Advisors, and they then listed the property for short sale.
A short sale is defined as any sale of real estate that generates proceeds that are less than the amount owed on the property. A real estate short sale occurs when the lender and borrower decide that selling the property and absorbing a moderate loss is preferable to having the borrower default on the loan, according to various property investment sites.
A special warranty deed is a deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property. The grantor makes no warranty against defects existing before the time of his or her ownership, according to various property investment sites.
Synergy Property Holdings, LLC, based in Sunrise, Fla., granted the special warranty deed and did not comment on the future plans for the site.