8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

               Date of Report: (Date of Earliest Event Reported):
                       December 6, 2004 (December 3, 2004)





                                 CRIIMI MAE INC.
             (Exact name of registrant as specified in its charter)

         Maryland                       1-10360                  52-1622022
(State or other jurisdiction          (Commission             (I.R.S. Employer
     of incorporation)                File Number)           Identification No.)







                              11200 Rockville Pike
                            Rockville, Maryland 20852
   (Address of principal executive offices, including zip code, of Registrant)

                                 (301) 816-2300
              (Registrant's telephone number, including area code)



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Item 8.01.  Other Events.

     Attached  as an  exhibit  to this  Current  Report  on Form  8-K is a press
release  issued by CRIIMI MAE Inc.  on December  3, 2004.  The above  referenced
press release is incorporated by reference herein.


Item 9.01.  Financial Statements, Pro Forma Financial Information and Exhibits.

(c)  Exhibits. The following exhibits are filed with this report:

     Exhibit 99 - Press Release dated December 3, 2004.



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                                   SIGNATURE

     Pursuant to the  requirements  of the  Securities  Exchange Act of 1934, as
amended,  the  Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.



                                                    CRIIMI MAE Inc.



Dated: December 6, 2004                            By:/s/Mark A. Libera
                                                      -------------------------
                                                      Mark A. Libera
                                                      Vice President
                                                      Acting General Counsel

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                                  EXHIBIT INDEX

Exhibit
No.                                Description
- --------------------------------------------------------------------------------

*    99   Press Release dated December 3, 2004

*    Filed herewith.

EX-99

                                                                EXHIBIT 99

                  Susan B. Railey
                  For shareholders and securities brokers
                  (301) 468-3120
                  James T. Pastore
                  For news media
                  (202) 546-6451               FOR IMMEDIATE RELEASE


       CRIIMI MAE Announces BREF Transfer of Investment to BREF Affiliate

Rockville, MD, December 3, 2004 - - 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,
TSX: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: www.criimimaeinc.com.
Shareholders and securities brokers should contact Shareholder Services at (301)
816-2300, e-mail shareholder@criimimaeinc.com, and news media should contact
James Pastore, Pastore Communications Group LLC, at (202) 546-6451, e-mail
pastore@ix.netcom.com.

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.

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