<ARTICLE> 5
<LEGEND>
Tag List For Article Type 5
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                              JAN-1-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                      11,029,795
<SECURITIES>                                         0
<RECEIVABLES>                                  298,827
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                          13,007
<DEPRECIATION>                                     436
<TOTAL-ASSETS>                              63,883,747
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        33,334
<OTHER-SE>                                  44,078,447
<TOTAL-LIABILITY-AND-EQUITY>                63,883,747
<SALES>                                              0
<TOTAL-REVENUES>                             1,432,255
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               170,955
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             319,788
<INCOME-PRETAX>                                941,512
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            941,512
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   941,512
<EPS-PRIMARY>                                      .33
<EPS-DILUTED>                                      .33