<PAGE>1




                     SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                  FORM 10-K

               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended                           December 31, 2000
                                                  -----------------------

Commission file number                                   33-94694
                                                    -----------------

                       CRIIMI MAE FINANCIAL CORPORATION
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in charter)

             Maryland                                    52-1931369
-------------------------------------              ----------------------
  (State or other jurisdiction of                     (I.R.S. Employer
   incorporation or organization)                    Identification No.)

11200 Rockville Pike, Rockville, Maryland                  20852
-----------------------------------------          ----------------------
(Address of principal executive offices)                (Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

                                      NONE
        -----------------------------------------------------------------
                                 (Title of Class)

            Securities registered pursuant to Section 12(g) of the Act:

                                       NONE
        -----------------------------------------------------------------
                                  (Title of class)



<PAGE>2

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

     Indicate by check mark if disclosure of delinquent  filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

As of March 30, 2001, 1,000 shares of common stock were outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE
       -----------------------------------------------------------------

         Form 10-K Parts                                   Document
         ---------------                                   --------

                                           I, II, III and IV Current Reports on
                                           Form 8-K filed with the Commission
                                           on January 12, 2000, February 11,
                                           2000, March 9, 2000, April 12, 2000,
                                           May 15, 2000, June 15, 2000, July 14,
                                           2000, August 14, 2000, September 15,
                                           2000, October 13, 2000, November 15,
                                           2000 and December 12, 2000.


<PAGE>3


                        CRIIMI MAE FINANCIAL CORPORATION

                        2000 ANNUAL REPORT ON FORM 10-K


                               TABLE OF CONTENTS

                                    PART I
                                    ------

                                                                       Page
                                                                       ----

Item 2.           Properties...........................................  4
Item 3.           Legal Proceedings....................................  4
Item 4.           Submission of Matters to a Vote
                    of Security Holders................................  4

                                     PART II
                                     -------
Item 5.           Market for the Registrant's Common Stock
                    and Related Stockholder Matters....................  4
Item 9.           Changes in and Disagreements with Accountants
                    on Accounting and Financial Disclosure.............  4

                                     PART III
                                     --------
Item 13.          Certain Relationships and Related
                    Transactions.......................................  5


                                       PART IV
                                       -------


Item 14.          Exhibits, Financial Statement Schedules, and
                    Reports on Form 8-K................................  5

Signatures          ...................................................  6


<PAGE>4

                                      PART I

ITEM 2.   PROPERTIES

     The information  required by item 2 is incorporated  herein by reference to
the Current  Reports on Form 8-K filed with the  Commission on January 12, 2000,
February 11, 2000,  March 9, 2000,  April 12, 2000, May 15, 2000, June 15, 2000,
July 14, 2000, August 14, 2000,  September 15, 2000, October 13, 2000,  November
15, 2000 and  December  12, 2000 and to the  Accountant's  Report and the Annual
Compliance Statement filed in response to Item 14 of this Form 10-K.

ITEM 3.  LEGAL PROCEEDINGS

         Not applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     No matters were submitted to the security holders to be voted on during the
fourth quarter of 2000.

                                      PART II

ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND
          RELATED STOCKHOLDER MATTERS

     The Registrant's 1,000 shares of authorized Common Stock are held by CRIIMI
MAE Inc. (CRIIMI MAE), are not traded and have no trading market.

     As of December 31, 2000 Collateralized Mortgage Obligations (Bonds), with a
face  value  of  $117,729,663  and a fair  market  value of  $118,373,653,  were
outstanding.  The  Bonds  are held by 23  Bondholders.  The  Bonds  trade on the
over-the-counter market.

     Reference  is made to the  Current  Reports  on Form  8-K  filed  with  the
Commission  on January 12, 2000,  February 11,  2000,  March 9, 2000,  April 12,
2000, May 15, 2000, June 15, 2000, July 14, 2000, August 14, 2000, September 15,
2000, October 13, 2000,  November 15, 2000 and December 12, 2000 for information
concerning  payments of principal and interest on the Bonds to  Bondholders  and
dividends paid to CRIIMI MAE as the sole shareholder of the Registrant.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
          ACCOUNTING AND FINANCIAL DISCLOSURE

                  None.



<PAGE>5

                                     PART III

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         (a)      Transactions with management and others.

     During 2000,  CRIIMI MAE was paid $406,761 by the  Registrant  for interest
expense due to CRIIMI MAE on the Mortgage Interest Strip  Certificates that were
issued in conjunction with the Bonds.

                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
          REPORTS ON FORM 8-K


                             (c)               Exhibits


Exhibit No.       Description                         Sequentially Numbered Page

4.                Indenture, dated as of October 1,
                  1995, among CRIIMI MAE Financial
                  Corporation and State Street Bank
                  and Trust Company, as Trustee.
                  (Incorporated by reference to
                  Exhibit 2 to the Current Report
                  on Form 8-K filed with the
                  Commission on October 24, 1995).               --

10.1              Master Servicing Agreement, dated
                  as of October 11, 1995, among
                  CRIIMI MAE Financial Corporation,
                  as Issuer, CRIIMI MAE Services
                  Limited Partnership, as Master
                  Servicer, State Street Bank and
                  Trust Company, as Lead, and State
                  Street Bank and Trust Company, as
                  Trustee. (Incorporated by reference
                  to Exhibit 3 to the Current Report
                  on Form 8-K filed with the
                  Commission on October 24, 1995).                --

99.1              Report of Independent Public
                  Accountants on Applying Agreed-upon
                  procedures. (filed herewith).                    8

99.2              Annual Report for 2000 (filed
                  herewith).                                      12

99.3              Management's Assertion (filed
                  herewith).                                      15

99.4              Annual Compliance Statement
                 (filed herewith).                                16


<PAGE>6


                                  SIGNATURES

     Pursuant  to the  requirements  of  Section  13 or 15(d) of the  Securities
Exchange Act of 1934, Registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                        CRIIMI MAE FINANCIAL CORPORATION
                                        (Registrant)


March __, 2001                           /s/ William B. Dockser
-------------------                      -----------------------------
DATE                                     William B. Dockser
                                         Chairman of the Board and
                                           Principal Executive Officer


<PAGE>7


     Pursuant to the  requirements of the Securities  Exchange Act of 1934, this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Registrant and in the capacities and on the dates indicated:


March 29, 2001                         /s/ William B. Dockser
---------------------                  ----------------------------
DATE                                   William B. Dockser
                                       Chairman of the Board and
                                         Principal Executive Officer



March 29, 2001                         /s/ H. William Willoughby
---------------------                  ----------------------------
DATE                                   H. William Willoughby
                                       Director, President and
                                         Secretary



March 29, 2001                         /s/ Brian L. Hanson
---------------------                  ----------------------------
DATE                                   Brian L. Hanson
                                       Senior Vice President



March 29, 2001                         /s/ Bruce Lane
---------------------                  ---------------------------
DATE                                   Bruce Lane
                                       Director



<PAGE>8

             INDEPENDENT PUBLIC ACCOUNTANTS' REPORT ON APPLYING
                           AGREED-UPON PROCEDURES




CRIIMI MAE Financial Corporation
11200 Rockville Pike
Rockville, MD  20852

State Street Bank and Trust Company
Two Avenue De Lafayette
6th Floor
Boston, MA  02111

     We have performed the procedures  enumerated below, which were agreed to by
CRIIMI MAE Financial  Corporation (the "Issuer") and State Street Bank and Trust
Company  (collectively,   the  "Specified  Users"),  solely  to  assist  you  in
evaluating the Issuer's compliance,  as set forth in the accompanying management
assertion,  with the Indenture agreement among CRIIMI MAE Financial  Corporation
as Issuer and State Street Bank and Trust  Company as Trustee  dated  October 1,
1995 and the  accuracy of the Issuer's  records for the year ended  December 31,
2000. This  agreed-upon  procedures  engagement was performed in accordance with
standards established by the American Institute of Certified Public Accountants.
The  sufficiency  of  these  procedures  is  solely  the  responsibility  of the
Specified Users of the report. Consequently, we make no representation regarding
the  sufficiency  of the procedures  described  below either for the purpose for
which this report has been  requested or for any other purpose.  However,  it is
our understanding  that these procedures are sufficient for your purposes.  This
report does not constitute a legal  determination as to the Issuer's  compliance
with specified requirements.

     During our engagement,  we were furnished with or referred to the following
documents:

-The Indenture agreement
-The Payment Date Statements for each of the months in the year beginning
January 1, 2000 which represent all such Payment Date Statements for the year
ended December 31, 2000, as provided by the Specified Users
-Collateral information accompanying the Payment Date Statements listed above,
as provided by the Specified Users
-The CRIIMI MAE Financial Corporation, 7% Collateralized Mortgage Obligations,
Annual Report for 2000 (the "Annual Report") as attached to this letter

<PAGE>9

Procedures to Comply with Section 8.4(b) of the Indenture
---------------------------------------------------------

     We read such provisions of the Indenture  agreement as we deemed  necessary
for  purposes of this letter.  We also read each of the Payment Date  Statements
for the months listed above and performed the following procedures:

1.   We agreed the Scheduled Principal distributions for the Mortgages and the
     GNMAs as detailed in the Principal Distribution Detail table to the
     collateral information accompanying the Payment Date Statements.  We agreed
     the Principal Prepayments for the Mortgages and the GNMAs as detailed in
     the Principal Distribution Detail table to the collateral information
     accompanying the Payment Date Statements.  We verified with the Issuer that
     there were no FHA Insurance Proceeds or Realized Losses during the period
     covered by the Payment Date Statement.  We also tested the clerical
     accuracy of the Net Principal Distribution.

2.   For the Payment Date Statements listed above, we agreed the Beginning
     Balance as detailed in the Interest Payable on Bonds table to the Actual
     Ending Balance of the bonds detailed in the prior month's Payment Date
     Statement.  We recalculated the Interest Payable based on the Beginning
     Balance and the Interest Rate on the Bonds of 7%.

     We performed  the  calculations  as set forth in this letter in  accordance
with Section 8.4(b) of the Indenture. We considered differences of $3.00 or less
to be immaterial and, as such, are not reported as exceptions.

No exceptions were found as a result of applying the above procedures.



Procedures Related to the 2000 Annual Report
--------------------------------------------

1.   We read the Annual Report.

2.   We tested the Annual Report for mathematical accuracy.

3.   We agreed the amounts disclosed for Scheduled Principal, Principal
     Prepayments, FHA Insurance Proceeds, Realized Losses and Net Principal
     Distribution as stated in the Principal Distribution Detail table of the
     Annual Report to the sum of the stated amounts as detailed in the Payment
     Date Statements.

<PAGE>10

4.   We agreed the amounts disclosed for Interest Amount, Interest Strip Amount
     and Net Interest Distribution as stated in the Interest Distribution Detail
     table of the Annual Report to the sum of the stated amounts as detailed in
     the Payment Date Statements.

5.   We agreed the amounts disclosed for the Beginning Balance, Interest Rate
     and Interest Payable as stated in the Interest Payable on the Bonds table
     of the Annual Report to amounts detailed in the applicable Payment Date
     Statement.

6.   We agreed the Actual Beginning Balance, Actual Principal Payable and the
     Actual Ending Balance as stated in the Principal Balance of Collateral
     table of the Annual Report to the amounts detailed in the applicable
     Payment Date Statements or the sum of the stated amounts as detailed in the
     Payment Date Statements, as appropriate.

7.   We agreed the Beginning Balance, Principal Payable and the Ending Balance
     as detailed in the Principal Balance of Bonds table of the Annual Report to
     amounts detailed in the applicable Payment Date Statement.

8.   We agreed the Number, Stated Principal Balance and Unpaid Principal Balance
     delinquent for One Month, Two Months, Three Months + and Foreclosures as
     detailed in the Delinquent Mortgage Loans table of the Annual Report to the
     stated amounts in the latest Payment Date Statement.

9.   We agreed the Months Delinquent, Loan Number, Stated Principal Balance and
     Status of Foreclosures as detailed in the Delinquent Mortgage Loans Detail
     table of the Annual Report to the detail stated in the latest Payment Date
     Statement.

10.  We agreed the Loan Number, Nature of Liquidation, Final Recovery
     Determination, FHA Proceeds and Realized Loss as detailed in the
     Liquidation table of the Annual Report to the detail stated in the latest
     Payment Date Statement.

11.  We agreed the Aggregate P&I Advances, Aggregate unreimbursed P&I Advances,
     Interest on P&I Advances Paid to Master Servicer, Interest accrued on
     unreimbursed P&I Advances as stated in the P&I Advances table of the Annual
     Report to the stated amounts detailed in the latest Payment Date Statement.

12.  We agreed the Aggregate Realized Losses incurred as stated in the Realized
     Losses table of the Annual Report to the stated amount in the latest
     Payment Date Statement.

13.  We agreed the Master Servicing Fee and the Trustee Fee detailed in the Fees
     table of the Annual Report to the sum of the stated amounts disclosed in
     the Payment Date Statements.


<PAGE>11

     We considered  differences of $3.00 or less to be immaterial  and, as such,
are not reported as exceptions  herein.  No exceptions were found as a result of
applying the above procedures.

     We were not engaged to, and did not, perform an examination,  the objective
of which  would be the  expression  of an  opinion  on  management's  assertion.
Accordingly,  we do not express such an opinion.  Had we been engaged to perform
additional procedures, other matters might have come to our attention that would
have been reported to you.

     This  report is  intended  solely  for the use of the  Specified  Users and
should  not be used by those  who have not  agreed to the  procedures  and taken
responsibility  for  the  sufficiency  of the  procedures  for  their  purposes.
However,  this report is a matter of public record and its  distribution  is not
limited.




Arthur Andersen LLP
Vienna, Virginia
March 27, 2001


<PAGE>12

CRIIMI MAE Financial Corporation
7.00% Collateralized Mortgage Obligations
Annual Report for 2000
<TABLE><CAPTION>
Principal Distribution Detail

                            Scheduled               Principal           FHA Insurance          Realized          Net Principal
                            Principal              Prepayments            Proceeds              Losses           Distribution
                           ------------            ------------         -------------          --------          -------------
<S>                        <C>                     <C>                  <C>                    <C>               <C>
Mortgages                  $  510,571.85           $705,198.38           $       0.00           $   0.00         $1,215,770.23
GNMA                       $  617,660.48           $      0.00                    N/A           $   0.00         $  617,660.48
Total                      $1,128,232.33           $705,198.38           $        0.00          $   0.00         $1,833,430.71


Interest Distribution Detail

                                        Interest                Interest Strip                              Net Interest
                                         Amount                     Amount             Prepayments          Distribution
                                      --------------            -------------         --------------        --------------
<S>                                   <C>                       <C>                   <C>                   <C>
Mortgages                             $ 5,289,376.28            $406,760.76             $ 5,964.06          $4,888,579.58
GNMA                                  $ 5,095,301.69                    N/A             $     0.00          $5,095,301.69
Total                                 $10,384,677.97            $406,760.76             $ 5,964.06          $9,983,881.27


Interest Payable on Bonds
                                                                                                             Additional
                                         Beginning                Interest              Interest              Interest
                                          Balance               Rate (Fixed)             Payable              Payable
                                      ---------------           ------------          --------------        -----------
                                      <C>                       <C>                   <C>                   <C>
                                      $119,563,095.67                  7.00%          $8,292,538.21         $      0.00
</TABLE>

<TABLE><CAPTION>

Balance Information
-------------------
Principal Balance of Collateral
                                                   Actual Beginning               Actual Principal            Actual Ending
                                                       Balance                         Payable                   Balance
                                                   ----------------               ----------------          -------------------
<S>                                                <C>                            <C>                       <C>
Mortgages                                          $ 62,556,110.70                $1,215,770.23               $ 61,340,340.47
GNMA                                               $ 63,878,623.98                $  617,660.48               $ 63,260,963.50
Total                                              $126,434,734.68                $1,833,430.71               $124,601,303.97

Principal Balance of Bonds
                                                      Beginning                     Principal                    Ending
                                                       Balance                       Payable                     Balance
                                                   ---------------                --------------           --------------------
                                                   <C>                            <C>                      <C>
                                                   $119,563,095.67                $1,833,430.71               $117,729,664.96
</TABLE>


<PAGE>13

CRIIMI MAE Financial Corporation
7.00% Collateralized Mortgage Obligations
Annual Report for 2000

<TABLE>
<CAPTION>

Delinquency Information
Delinquent Mortgage Loans

                                                One Month         Two Months            Three Months+          Foreclosures
                                                ---------         ----------            -------------          -------------
<S>                                             <C>               <C>                   <C>                    <C>
Number                                                  0                  3                        0                     0
Stated Principal Balance                        $    0.00         $7,353,813.28         $        0.00          $       0.00
Unpaid Principal Balance                        $    0.00         $7,359,374.86         $        0.00          $       0.00


Delinquent Mortgage Loans Detail

                                                                                         Stated
                                                Months            Loan                  Principal               Status of
                                                Delinq.           Number                 Balance               Foreclosure
                                                -------           ------                ---------              --------------
                                                <C>               <C>                   <C>                    <C>
                                                     2            158920                $1,756,767.22                  N/A
                                                     2            158925                $2,837,683.77                  N/A
                                                     2            158926                $2,764,923.87                  N/A

Liquidations

                                    Loan              Nature of            Final Recovery                FHA         Realized
                                   Number            Liquidation            Determination              Proceeds        Loss
                                   ------            -----------           --------------              --------     ----------
                                   <C>               <C>                   <C>                         <C>          <C>
                                        0                      0                        0              $   0.00     $   0.00
</TABLE>

<PAGE>14

CRIIMI MAE Financial Corporation
7.00% Collateralized Mortgage Obligations
Annual Report for 2000

Other Information

P&I Advances

Aggregate P&I Advances                                        $0.00
Aggregate unreimbursed P&I Advances                           $0.00
Interest on P&I Advances paid to Master Servicer              $0.00
Interest accrued on unreimbursed P&I Advances                 $0.00


Realized Losses

Aggregate Realized Losses incurred                            $0.00


Fees

                             Master                         Trustee
                          Servicing Fee                       Fee
                         ---------------                  -----------

Mortgages                $ 30,868.35                       $ 5,556.32
GNMA                     $ 31,799.86                       $ 5,723.98
Total                    $ 62,668.21                       $11,280.30


<PAGE>15

                            MANAGEMENT'S ASSERTION
                    ------------------------------------------

                                March 27, 2001


     For the year ended December 31, 2000, the  mathematical  accuracy of CRIIMI
MAE Financial  Corporation's  Payment Date  Statements  provided by State Street
Bank and Trust Company as Trustee is correct. CRIIMI MAE Financial Corporation's
2000 Annual Report is mathematically accurate and the amounts disclosed agree to
the Payment Date  Statements.  Also,  for the same period,  CRIIMI MAE Financial
Corporation has complied with the Indenture agreement among CRIIMI MAE Financial
Corporation  as Issuer and State Street Bank and Trust  Company as Trustee dated
October 1, 1995.


                                             /s/ Cynthia O. Azzara
                                             ------------------------------
                                             Cynthia O. Azzara
                                             Senior Vice President
                                               and Chief Financial Officer




                                             /s/ Brian L. Hanson
                                             ------------------------------
                                             Brian L. Hanson
                                             Senior Vice President
                                               Mortgage Servicing




                                             /s/ Dawn B. Litterio
                                             ------------------------------
                                             Dawn B. Litterio
                                             Vice President
                                               Corporate Controller

<PAGE>16


                           ANNUAL COMPLIANCE STATEMENT
                ----------------------------------------------------

                                 March 27, 2001




Mr. Jeff Rooney
State Street Bank and Trust Company
Two Avenue De Lafayette
6th Floor
Boston, MA  02111

Dear Mr. Rooney:

     In  accordance  with  Section 9.9 of the  Indenture  dated as of October 1,
1995,  between CRIIMI MAE Financial  Corporation as Issuer and State Street Bank
and Trust  Company as Trustee,  I certify that review of the  activities  of the
Issuer for the period  January 1, 2000 to December  31, 2000 and of the Issuer's
performance under this Indenture has been made under my supervision. To the best
of my  knowledge,  based on such  review,  the Issuer has  fulfilled  all of its
obligations under this Indenture.

                                           Sincerely,



                                           /s/ Brian L. Hanson
                                           ------------------------------
                                           Brian L. Hanson
                                           Senior Vice President
                                             Mortgage Servicing