Exhibit 99.2

            Susan B. Railey
            For shareholders and securities brokers
            (301) 255-4740
            James T. Pastore
            For news media
            (202) 546-6451                     FOR IMMEDIATE RELEASE

       CRIIMI MAE Declares Preferred Dividend Payment for 2nd Quarter 2005

     ROCKVILLE,  MD, May 4, 2005 - CRIIMI MAE Inc.  (NYSE:CMM)  today  announced
that the Board of  Directors  has declared  the second  quarter  dividend on its
Series B Preferred Stock.  Holders of record of Series B Preferred Stock on June
17, 2005 will receive $0.68 per share on June 30, 2005.

     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, shareholders and securities brokers should contact
Susan Railey at (301) 255-4740, e-mail srailey@criimi.com, and news media should
contact James  Pastore,  Pastore  Communications  Group LLC, at (202)  546-6451,
e-mail pastore@ix.netcom.com


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