WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FORM 10-Q
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                         753,937
<SECURITIES>                                   [BLANK]
<RECEIVABLES>                                  466,581
<ALLOWANCES>                                   [BLANK]
<INVENTORY>                                    [BLANK]
<CURRENT-ASSETS>                               [BLANK]
<PP&E>                                     109,373,946
<DEPRECIATION>                               1,564,772
<TOTAL-ASSETS>                             134,424,189
<CURRENT-LIABILITIES>                          [BLANK]
<BONDS>                                        [BLANK]
<PREFERRED-MANDATORY>                          [BLANK]
<PREFERRED>                                 48,828,191
<COMMON>                                         9,803
<OTHER-SE>                                   5,152,197
<TOTAL-LIABILITY-AND-EQUITY>               134,424,189
<SALES>                                        [BLANK]
<TOTAL-REVENUES>                             3,452,907
<CGS>                                          [BLANK]
<TOTAL-COSTS>                                2,847,548
<OTHER-EXPENSES>                               [BLANK]
<LOSS-PROVISION>                               [BLANK]
<INTEREST-EXPENSE>                           1,712,025
<INCOME-PRETAX>                                605,359
<INCOME-TAX>                                   206,000
<INCOME-CONTINUING>                            [BLANK]
<DISCONTINUED>                                 [BLANK]
<EXTRAORDINARY>                                [BLANK]
<CHANGES>                                      [BLANK]
<NET-INCOME>                                   399,359
<EPS-PRIMARY>                                  [BLANK]
<EPS-DILUTED>                                  [BLANK]