<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-31-1999
<CASH>                                       5,006,271
<SECURITIES>                                         0
<RECEIVABLES>                                1,258,863
<ALLOWANCES>                                   226,157
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         128,689
<DEPRECIATION>                                  23,991
<TOTAL-ASSETS>                             223,641,790
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        61,654
<OTHER-SE>                                  85,250,886
<TOTAL-LIABILITY-AND-EQUITY>               223,641,790
<SALES>                                              0
<TOTAL-REVENUES>                             7,595,797
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             2,048,376
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           2,624,885
<INCOME-PRETAX>                              2,940,297
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          2,940,297
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,940,297
<EPS-PRIMARY>                                      .48
<EPS-DILUTED>                                      .48