<ARTICLE> 5 <PERIOD-TYPE> 3-mos <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 1,128,786 <SECURITIES> 0 <RECEIVABLES> 1,986,678 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 124,071,553 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 73,828,976 <TOTAL-LIABILITY-AND-EQUITY> 124,071,553 <SALES> 0 <TOTAL-REVENUES> 5,959,801 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 4,260,719 <LOSS-PROVISION> 59,598 <INTEREST-EXPENSE> 920,880 <INCOME-PRETAX> 718,604 <INCOME-TAX> 0 <INCOME-CONTINUING> 718,604 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 718,604 <EPS-PRIMARY> 0 <EPS-DILUTED> 0