Lincoln Educational Services entered into a secured term loan with Provident Bank to fund a portion of its purchase of the Melrose Park, IL campus property. The $15.04 million mortgage bears a 5.99% fixed rate for five years, then resets to the five-year Treasury plus 1.75% with a 5.00% floor, and matures on Jul 1, 2036. Monthly principal and interest payments of about $97,628 begin Aug 1, 2026. The loan is secured by the property and backed by guaranties from the company and its subsidiaries.
Agreement details:
- Agreement type: Secured term mortgage loan
- Counterparty: Provident Bank
- Signed / Effective: Jul 07 2026 / same
- Duration / Termination: Through Jul 1 2036
- Reason: Finance purchase of Melrose Park campus property
Original SEC Filing:
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