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):
July 12, 2005 (July 8, 2005)
AMERICAN INSURED MORTGAGE INVESTORS - SERIES 85, L.P.
(Exact name of registrant as specified in its charter)
California 1-11059 13-3257662
(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) 255-4743
(Registrant's telephone number, including area code)
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Item 2.01 Completion of Acquisition or Disposition of Assets
On July 8, 2005, the General Partner of American Insured Mortgage Investors
- Series 85, L.P. (AIM 85 or the Partnership) completed the sale of two of its
three remaining mortgage assets held by the Partnership for total sales proceeds
of $3,798,465 in cash. The GNMA security secured by the mortgage on Pine Tree
Lodge in the current face amount of $1,955,206 was sold to Greystone Funding
Corporation for total sales proceeds of $2,002,715 and the Federal Housing
Administration 5.75% debenture in the current face amount of $1,741,873 was sold
to Newman & Associates, a division of GMAC Commercial Holding Capital Markets
Corp., for total sales proceeds of $1,795,750.
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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.
AMERICAN INSURED MORTGAGE
INVESTORS - SERIES 85, L.P.
By: CRIIMI, Inc.
General Partner
Dated: July 12, 2005 By:/s/Mark A. Libera
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Mark A. Libera
Vice President
and General Counsel