<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FIRST QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-Q. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 2,014,874 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 9,893,557 <CURRENT-LIABILITIES> 0 <BONDS> 41,520,025 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (31,697,278) <TOTAL-LIABILITY-AND-EQUITY> 9,893,557 <SALES> 0 <TOTAL-REVENUES> (16,190) <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 129,112 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,353,878 <INCOME-PRETAX> (1,499,180) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,499,180) <DISCONTINUED> 0 <EXTRAORDINARY> 1,803,902 <CHANGES> 0 <NET-INCOME> 304,722 <EPS-PRIMARY> 5.91 <EPS-DILUTED> 5.91