<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 507,462 <SECURITIES> 0 <RECEIVABLES> 721,470 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 5,985,538 <DEPRECIATION> 258,000 <TOTAL-ASSETS> 45,691,423 <CURRENT-LIABILITIES> 0 <BONDS> 4,632,618 <PREFERRED-MANDATORY> 0 <PREFERRED> 32,500,000 <COMMON> 105,710 <OTHER-SE> 3,761,992 <TOTAL-LIABILITY-AND-EQUITY> 45,691,423 <SALES> 4,694,137 <TOTAL-REVENUES> 4,694,137 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,155,237 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 124,616 <INCOME-PRETAX> 2,414,284 <INCOME-TAX> 385,852 <INCOME-CONTINUING> 2,800,136 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,800,136 <EPS-PRIMARY> .26 <EPS-DILUTED> 0