<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> APR-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 0 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 116,238,504 <CURRENT-LIABILITIES> 0 <BONDS> 111,661,420 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> (50,922,916) <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 116,238,504 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,437,200 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,410,510 <INCOME-PRETAX> (6,847,710) <INCOME-TAX> 0 <INCOME-CONTINUING> (6,847,710) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (6,847,710) <EPS-PRIMARY> 0 <EPS-DILUTED> 0