CRIIMI MAE Announces BREF Transfer of Investment to BREF Affiliate

CRIIMI MAE Announces BREF Transfer of Investment to BREF
Affiliate 


ROCKVILLE, Md., Dec. 3  /PRNewswire-FirstCall/ -- CRIIMI MAE Inc. (NYSE:CMM)
today announced that the equity and subordinated debt purchased in January 2003
by Brascan Real Estate Financial Partners LLC, a subsidiary of Brascan
Corporation (NYSE:BNN) (TSE:BNN.LV.A), ("Brascan") has been transferred by
Brascan to its newly formed commercial real estate investment fund, BREF One
LLC, Series A ("BREF One").

BREF One, a $600 million fund managed by Barry Blattman, Chairman and CEO of
CRIIMI MAE, acquired the 1,212,617 shares of CRIIMI MAE common stock, warrants
to purchase 336,835 shares of common stock and $30 million of senior
subordinated secured debt of the Company formerly held by Brascan.

Mr. Blattman explained that the formation of BREF One and the transfer of
CRIIMI MAE's equity and debt to BREF One were anticipated at the time of the
Company's recapitalization in January 2003 when Brascan originally acquired its
interest.

This transaction was reflected in a recent SEC filing by Mr. Blattman.

CRIIMI MAE Inc. is a commercial mortgage company structured as a REIT. CRIIMI
MAE owns and manages a significant portfolio of commercial mortgage- related
assets.

For further information, see the Company's Web site:
http://www.criimimaeinc.com/.  Shareholders and securities brokers should
contact Shareholder Services at [phone], e-mail , and news media should
contact James Pastore, Pastore Communications Group LLC, at [phone],
e-mail .

Note: Forward-looking statements or statements that contain the words
"believe," "anticipate," "expect," "contemplate," "may," "will" and similar
projections contained in this release involve a variety of risks and
uncertainties. These risks and uncertainties are set forth from time to time in
the Company's SEC reports, including its Annual Report on Form 10-K for the
most recent year and Quarterly Report on Form 10-Q for the most recent quarter.
 Such statements are subject to these risks and uncertainties, which could
cause actual results to differ materially from those anticipated. CRIIMI MAE
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events. 

DATASOURCE: CRIIMI MAE



CONTACT:  For shareholders and securities brokers: Susan B. Railey of

CRIIMI MAE, [phone] or for news media: James T. Pastore,

[phone], for CRIIMI MAE



Web site:  http://www.criimimaeinc.com/

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