By R.J. DeLuke
Peregrine Senior Living in Clifton Park has a new landlord, but the organization will not only continue to do business as usual, but has plans to expand.
Peregrine serves people with Alzheimer’s and dementia.
The 52-bed facility at 1 Emma Lane, off Route 146, recently sold for $9.65 million. Peregrine Senior Living, based in Syracuse, had been leasing the property from HCP, a real estate investment trust in Irvine, Calif. HCP sold the property to ValStone Partners, a private equity firm in Baltimore.
Stephen Bowman, president of Peregrine Senior Living, said the transaction basically results in a transfer of real estate from one landlord to another.
He said HCP made a business decision to liquidate its assets on the east coast. Meanwhile ValStone Partners got involved as it decided to enhance its holdings in New York state.
The same parties also conducted a similar transaction involving a memory care residence in Orchard Park, near Buffalo.
Peregrine Senior Living has managed the Clifton Park residence for about 10 years. The company operates 15 properties in five states.
Bowman said Peregrine has been at 100 percent occupancy, which “is almost unheard of … There are not enough memory care beds to serve the needs of the Capital District.”
Peregrine has a 64-bed facility in Colonie that is already at 50 percent capacity and is looking to open another that will have 100 beds. Those are further indications that there is an unmet need in that area of senior care.
He said there are some 55 million Americans with dementia and Alzheimer’s and “that is expected to go up by 30 percent as baby boomers retire and need health care associated with the aging process.”
Peregrine Senior Living wants to add 12 to 14 beds in Clifton Park and is currently going through the process to get the necessary permissions. No problems are anticipated.
“We’re pretty excited about our expansion in Clifton Park and our presence in Albany County,” said Bowman.
In Clifton Park, he said they hope to break ground on the addition in the late fall.
Bowman said when it comes to dementia and Alzheimer’s, there is a focus on trying to find a cure, but less attention on the type of care that should be provided to people with the disease.
There are high-income people who can pay privately for the services and low-income people who can get assistance. But there is a much larger group in the middle who can’t afford private pay and do not qualify for Medicaid. Those people need attention.
There is also a difference in how people are treated. Bowman said Peregrine is in the vanguard.
“Our program at Peregrine is 180 degrees different than most of the industry,” he said.
He said one method of care is the custodial model, where patients are kept “safe, well fed and hydrated.” Other models distribute drugs to keep patients sound. “When those models fail, it basically becomes an institutionalized model of care.”
Peregrine pays attention to “the comfort and stimulation of our patients,” he said.
“We value integrity, dignity, and commitment to quality … You’ll see a chapel, a train set, different things to stimulate the long-term memory.”
The company’s philosophy moves away from an institutional model and toward a more dynamic and revitalizing environment which fosters intellectual, spiritual, and emotional growth. It also provides various services for family members of the residents with memory loss issues.
Its phone number is (518) 371-2200 and its website is www.peregrineseniorliving.com/clifton-park-memory-care.