Criimi Mae files plan to refinance floating-rate debt with fixed-rate CMOs.

ROCKVILLE, Md.--(BUSINESS WIRE)--July 19, 1995--CRIIMI MAE Financial Corp., a special-purpose, wholly-owned subsidiary of CRIIMI MAE Inc. (NYSE:CMM), the largest multifamily mortgage REIT, has filed a registration statement with the Securities and Exchange Commission to offer approximately $194 million of fixed-rate collateralized mortgage obligations (CMOs).

The net proceeds from these fixed-rate CMOs would be used primarily to refinance approximately $165 million of CRIIMI MAE's floating-rate corporate debt. The remaining net proceeds would be used for other corporate purposes, which could include investing in higher yielding subordinated securities backed by pools of multifamily and other commercial mortgages.

CRIIMI MAE chairman William B. Dockser said,"This refinancing is part of our effort to reduce the cost of CRIIMI MAE's corporate debt, provide a fixed rate on that debt and better match the maturities of the company's liabilities and its assets."

The CMOs would be collateralized by approximately $200 million of FHA-insured mortgages and GNMA-guaranteed securities held by CRIIMI MAE Financial Corp.

CRIIMI MAE is the largest multifamily mortgage REIT. Total consolidated assets at March 31, 1995 were approximately $925 million.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

CONTACT: James T. Pastore,

202/546-6451

or

Susan B. Railey,

301/468-3120