<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE SECOND QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY TO SUCH 10-Q. </LEGEND> <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 2,001,549 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 9,839,171 <CURRENT-LIABILITIES> 0 <BONDS> 42,834,606 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (33,102,778) <TOTAL-LIABILITY-AND-EQUITY> 9,839,171 <SALES> 0 <TOTAL-REVENUES> 94,822 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 296,244 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,703,258 <INCOME-PRETAX> (2,904,680) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,904,680) <DISCONTINUED> 0 <EXTRAORDINARY> 1,803,902 <CHANGES> 0 <NET-INCOME> (1,100,778) <EPS-PRIMARY> (21.36) <EPS-DILUTED> (21.36)