<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 1,933,577 <SECURITIES> 0 <RECEIVABLES> 2,694 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 16,142,541 <CURRENT-LIABILITIES> 0 <BONDS> 11,335,136 <COMMON> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 16,142,541 <SALES> 1,024,210 <TOTAL-REVENUES> 1,051,441 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 506,418 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 216,858 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 328,165 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 328,165 <EPS-PRIMARY> 0 <EPS-DILUTED> 0