<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 163,915 <SECURITIES> 0 <RECEIVABLES> 31 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 163,946 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 2,586,803 <CURRENT-LIABILITIES> 460,772 <BONDS> 9,684,281 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> (7,558,250) <TOTAL-LIABILITY-AND-EQUITY> 2,586,803 <SALES> 0 <TOTAL-REVENUES> 86,085 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 143,556 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,904,536 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,962,007) <EPS-PRIMARY> (90.02) <EPS-DILUTED> 0