Contact: Susan B. Railey                                 EXHIBIT 99.1
         (301) 468-3120
         Sharon Bramell                     FOR IMMEDIATE RELEASE
         (301) 231-0351


                      AIM 85 DECLARES MONTHLY DISTRIBUTION
                         FOR APRIL OF TWO CENTS PER UNIT



                           ---------------------------


     ROCKVILLE, MD, April 21, 2004 -- (AMEX/AII) The general partner of American
Insured Mortgage Investors - Series 85, L.P. (AIM 85) today declared the monthly
distribution  for April  2004 in the amount of two cents per unit  regular  cash
flow.  Holders of record on April 30, 2004 will  receive  this amount as part of
the second quarter distribution which will be paid on August 2, 2004.


     Record dates for the AIM 85  distributions  occur at the end of each month.
Distributions  are paid  approximately  one month after the end of each calendar
quarter and include the three amounts declared during the quarter.

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