<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FIRST QUARTER 10-QSB AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 10-QSB. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 8,714,529 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 14,394,392 <CURRENT-LIABILITIES> 0 <BONDS> 48,569,109 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (34,261,615) <TOTAL-LIABILITY-AND-EQUITY> 14,394,392 <SALES> 0 <TOTAL-REVENUES> 97,959 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 157,062 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 963,953 <INCOME-PRETAX> (1,023,056) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,023,056) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,023,056) <EPS-PRIMARY> (19.85) <EPS-DILUTED> (19.85)