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LARGEST MULTIFAMILY MORTGAGE REIT SHORTENS NAME TO CRIIMI MAE INC. AND EXPANDS MORTGAGE BASE

 ROCKVILLE, Md., July 1 /PRNewswire/ -- The largest REIT specializing in multifamily mortgages has a new, shorter name, a new state incorporation and an expanded mortgage base.
 Beginning today, CRIIMI MAE Inc. (NYSE: CMM) will be the official name of the company which -- since November 1989 -- has operated under the name CRI Insured Mortgage Association, Inc.
 The name change takes place at the same time CRIIMI MAE reincorporates in Maryland, a change designed to eliminate the company's payment of franchise taxes to Delaware.
 Both changes were approved by shareholders during the annual meeting on May 11.
 Since first quarter-end on March 31, 1993, CRIIMI MAE has expanded its assets by more than 10 percent and has made commitments to invest an equivalent amount of additional funds in federally insured and guaranteed multifamily mortgages.
 This investment activity comes at a time when interest rates continue to be at "very attractive levels for CRIIMI MAE," said Chairman William B. Dockser.
 To finance these investments, CRIIMI MAE arranged a new $350 million multi-year credit facility in April.
 Since then, the company has used $50 million of the facility to replace a portion of its existing commercial paper facility and invested approximately $67.6 million in federally insured and guaranteed multifamily mortgages. In addition to that investment level, CRIIMI MAE has committed to invest another approximately $79.6 million in insured and guaranteed mortgages.
 During the first half of 1993, CRIIMI MAE boosted its quarterly dividend -- paying dividends of 28 cents per share for the first two quarters after having paid 27 cents per share for 12 consecutive quarters.
 CRIIMI MAE's adviser is an affiliate of CRI, Inc., the real estate investment firm based in the Washington area.
 -0- 7/1/93
 /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:

DC-KD -- DC006 -- 7528 07/01/93 08:31 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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