WEST ORANGE, N.J., Aug. 16, 2017 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (Nasdaq:LINC) announced today that its wholly-owned subsidiary, New England Institute of Technology at Palm Beach, Inc., has completed the sale of West Palm Beach, FL properties located at 2400 and 2410 Metrocentre Boulevard East, West Palm Beach, Florida to Tambone Companies, LLC. NEIT and Tambone Companies, LLC entered into a definitive agreement for Tambone to acquire the properties on March 14, 2017. The transaction generated net proceeds to Lincoln of $15.3 million after transaction costs. As a result, Lincoln expects to record a non-cash gain on the sale in the amount of $1.5 million.

The West Palm Beach facilities served as collateral for a short-term loan in the principal amount of $8.0 million obtained by Lincoln from its lender, Sterling National Bank, on April 28, 2017. Lincoln has fully repaid the term loan from the proceeds generated from the property sale.

NEIT’s remaining campus located at 1126 53rd Court in Mangonia Park, FL, continues to operate. Lincoln expects to complete a teach out of all programs at the campus by September 2017.

About Lincoln Educational Services Corporation

Lincoln Educational Services Corporation is a provider of diversified career-oriented post-secondary education and helping to provide solutions to America’s skills gap. Lincoln offers recent high school graduates and working adults degree and diploma programs in the Transportation and Skilled Trades fields. Lincoln also offers skilled training programs through partnerships with a number of major corporations including Audi, Fiat Chrysler, Volkswagen, and BMW. Lincoln has provided the nation’s workforce with skilled technicians since its inception in 1946. For more information, go to www.lincolnedu.com.