<ARTICLE> 5 <PERIOD-TYPE> 3-mos <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,302,622 <SECURITIES> 0 <RECEIVABLES> 514,324 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 47,318,014 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 28,784,479 <TOTAL-LIABILITY-AND-EQUITY> 47,318,014 <SALES> 0 <TOTAL-REVENUES> 3,188,766 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,048,663 <LOSS-PROVISION> 31,888 <INTEREST-EXPENSE> 433,375 <INCOME-PRETAX> 674,840 <INCOME-TAX> 0 <INCOME-CONTINUING> 674,840 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 674,840 <EPS-PRIMARY> 0 <EPS-DILUTED> 0