Artis secures $41M construction loan for 136-unit senior living complex
The 5-story Lakeview facility is slated for completion by the end of the year
Artis Senior Living has secured a $40.6 million construction loan from MB Financial for the 136-unit assisted-living and memory care facility it’s building in Lakeview.
The Virginia-based company bought a set of adjoining vacant parcels at 3535 North Ashland Avenue in 2012 for $3.71 million, according to county property records. The lot had once been home to a Ford dealership, Curbed reported.
Construction on the five-story building got underway in July 2017, and it’s set to be completed this December ahead of tenant move-ins in May, a company spokesperson told The Real Deal.
Artis operates 16 senior living facilities across nine states. The Lakeview location will be its 17th — and its first in Chicago.
Last month, Clark Street Real Estate said it wants to develop a 10-story, 265-unit senior living facility in the Six Corners Shopping District in Portage Park.