EXHIBIT 99.1


Contact: Susan B. Railey
         (301) 468-3120
         Sharon Bramell                         FOR IMMEDIATE RELEASE
         (301) 468-3130


                      AIM 85 DECLARES MONTHLY DISTRIBUTION
                         FOR MAY OF THREE CENTS PER UNIT


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


     ROCKVILLE,  MD, May 20, 2003 -- (AMEX/AII) The general  partner of American
Insured Mortgage Investors - Series 85, L.P. (AIM 85) today declared the monthly
distribution  for May 2003 in the amount of three  cents per unit  regular  cash
flow. Holders of record on May 31, 2003, will receive this amount as part of the
second quarter distribution which will be paid on August 1, 2003.

     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.