<ARTICLE> 5 <LEGEND> THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE THIRD QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-Q. </LEGEND> <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 2,160,782 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 9,444,719 <CURRENT-LIABILITIES> 0 <BONDS> 44,153,769 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (34,820,292) <TOTAL-LIABILITY-AND-EQUITY> 9,444,719 <SALES> 0 <TOTAL-REVENUES> (135,114) <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 434,442 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,052,638 <INCOME-PRETAX> (4,622,194) <INCOME-TAX> 0 <INCOME-CONTINUING> (4,622,194) <DISCONTINUED> 0 <EXTRAORDINARY> 1,803,902 <CHANGES> 0 <NET-INCOME> (2,818,292) <EPS-PRIMARY> (54.67) <EPS-DILUTED> (54.67)