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TEAM ANNOUNCES FINANCING OF 801 HOUSING PROJECTS

 TEAM ANNOUNCES FINANCING OF 801 HOUSING PROJECTS
 HOUSTON, June 19 /PRNewswire/ -- Team, Inc. (AMEX: TMI) today


announced that First America Capital Corporation, its wholly owned subsidiary, recently completed financing for development and construction of the four Federal 801 housing developments for the Department of the Army, Navy and Air Force, previously awarded to Universal Services Co., Inc., another Team subsidiary.
 Under the Section 801 housing program, residential housing developments are constructed by the private sector for lease to the U.S. Government for a 20-year term. Military personnel and their families will occupy all of the residences. Financing was completed through the sale by Dillon Read & Co., Inc. of certificates of participation in such government leases. Team announced the completion of this transaction since it uniquely combines into one financing all three branches of the armed services.
 Construction of 150 single-family residences is currently under way near Cannon Air Force Base, N.M., to be completed in December 1992. Construction has recently commenced on 250 single-family residences near Ft. Bragg, N.C., and the third project is expected to begin near the Pensacola Naval Air Station in Florida for 300 homes within the next few weeks. The fourth project, consisting of 200 homes near Ft. Stewart, Ga., will begin this summer.
 First America Capital has contracted with Metric Constructors, Inc., headquartered in Charlotte, N.C., to act as general contractor for all projects. Metric Constructors, Inc. is an affiliate of J.A. Jones Construction Company which ranks among the top construction firms in the nation. Metric serves the Southeast and Southwest in commercial, institutional, industrial, energy, heavy civil and marine construction.
 Team, Inc. is a national service company providing environmental engineering and monitoring services to America's industrial facilities and repair and maintenance and project management services to the public and private infrastructure. Headquartered in Houston, the company has 63 operating locations in 24 states and serves the international market through licensee arrangements in 13 countries.
 -0- 6/19/92
 /CONTACT: Russell G. Donham of Team, 713-659-3600/
 (TMI) CO: Team Inc. ST: Texas IN: SU: FNC


CK -- NY022 -- 1854 06/19/92 10:44 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
Words:354
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