Building that houses senior living facility sold for $9.5M

peregrine

The Clifton Park building that houses the local branch of Peregrine Senior Living is under new ownership, but residents will not see any changes in day-to-day activities or management, according to company officials.

The building was purchased in late June by ValStone Partners LLC, an investment firm based in Maryland, for $9.5 million.

Peregrine Senior Living President Stephen Bowman said that, while his company only leases the building, it is the primary operator of it.

The 24-hour care facility on Emma Lane will continue its normal operations, he said.

“Nothing will change for the residents and staff,” he said. “There will be no disruption to operations.”

Peregrine Senior Living provides intensive care for people suffering from dementia or Alzheimer’s disease. The facility has 48 rooms, and Peregrine is working on an expansion that will add 12 more.

Bowman said the goal is to start the expansion by the fall, but he pointed out it must first be approved by the town planning board. The expansion will not disrupt operations or necessitate changes to the facility’s programming, Bowman said.

The decision to expand the Clifton Park center, Bowman said, was a result of high occupancy and a shortage of senior centers that provide the specific mental health care Peregrine offers.

Most senior living facilities that focus on people with dementia or Alzheimer’s, Bowman said, work to help residents maintain their short-term memories via therapies and medications.

Peregrine, he said, focuses on maintaining residents’ earlier and long-term memories, and emphasizing meaningful experiences in their lives, such as marriages and anniversaries.

“It’s a difficult model of care to provide,” he said. “We think too little about what a meaningful model of care would be. This industry is built around saving short-term memory. The reality is, those memory-saving drugs don’t slow the disease.”

Bowman added Peregrine has been in the area for close to a decade and, since the Clifton Park center reaches people from Saratoga as well, there was an obvious need for the company to provide expanded programs and services.

“We know the need is there,” Bowman said.

Peregrine operates 15 properties in five states. The company is based in Syracuse.