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CRIIMI MAE FILES 7.5 MILLION SHARE EQUITY OFFERING

 ROCKVILLE, Md., Oct. 20 /PRNewswire/ -- CRIIMI MAE Inc. (NYSE: CMM), the largest real estate investment trust (REIT) specializing in government insured multifamily mortgages, filed a registration statement on Form S-3 with the Securities and Exchange Commission (SEC) for a public offering of 7.5 million shares of its common stock.
 The managing underwriters for the offering will be Donaldson, Lufkin & Jenrette Securities Corporation and CS First Boston.
 Of the 7.5 million shares being offered, it is anticipated that 6.375 million shares will be offered initially in the United States and Canada and 1.125 million shares will be offered initially outside of the United States and Canada.
 CRIIMI MAE has granted the U.S. underwriters a 30-day option to purchase up to 1.125 million additional shares to cover over-allotments. CRIIMI MAE currently has approximately 20 million shares outstanding.
 Based upon a proposed offering price of $12 per share, the net proceeds from the sale of shares are estimated to be $83.6 million, or $96.3 million if the U.S. underwriters exercise their over-allotment option.
 The company intends to use proceeds from the offering primarily to acquire additional government insured and guaranteed mortgages on multifamily housing.
 As of Sept. 30, 1993, CRIIMI MAE's portfolio consisted of 118 government insured multifamily mortgages. In addition, CRIIMI MAE owned approximately 67 percent of the outstanding common stock of CRI Liquidating REIT, Inc., which owned 68 government insured multifamily mortgages.
 The registration statement relating to the proposed offering of CRIIMI MAE's common stock, which was filed at the SEC, 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 the registration or qualification under the securities laws of any state.
 -0- 10/20/93
 /CONTACT: James T. Pastore, 301-231-0323, or Susan B. Railey, 301-468-3120, both for CRIIMI MAE/
 (CMM)


CO: CRIIMI MAE Inc. ST: Maryland IN: FIN SU: OFR

DC-DT -- DC008 -- 4365 10/20/93 08:16 EDT
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Publication:PR Newswire
Date:Oct 20, 1993
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