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):  January 17, 2003
                                                    (January 14, 2003)



                              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)




Item 5.  Other Events

     Attached  as an  exhibit  to this  Current  Report  on Form  8-K is a press
release dated January 15, 2003, announcing that, on January 14, 2003, CRIIMI MAE
Inc. (the  "Company")  closed in escrow a  comprehensive  recapitalization  that
includes an equity  investment  in the Company's  common stock,  the issuance of
subordinated  debt  and  a  secured  financing  in  the  form  of  a  repurchase
transaction. The proceeds from the recapitalization, together with the Company's
available cash and liquid assets, will be used to retire the Company's remaining
$373 million in recourse  debt incurred in  connection  with its emergence  from
Chapter 11 in April, 2001.


Item 7.  Financial Statements and Exhibits.

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


         Exhibit 99.1 -- Press release issued by CRIIMI MAE Inc. on
                         January 15, 2003.







                                  SIGNATURE

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



                                    CRIIMI MAE Inc.




Dated: January 17, 2003            /s/David B. Iannarone
                                   --------------------------------------------
                                   David B. Iannarone, Executive Vice President






                               EXHIBIT INDEX

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

*99.1 -- Press release issued by CRIIMI MAE Inc. on January 15, 2003.


*Filed herewith.