<ARTICLE> 5
       
                                                                       
<PERIOD-TYPE>                   3-MOS                   YEAR                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1995             DEC-31-1994
<PERIOD-START>                             JAN-01-1996             JAN-01-1995             JAN-01-1994
<PERIOD-END>                               MAR-31-1996             DEC-31-1995             DEC-31-1994
<CASH>                                      29,865,057              25,947,791                 763,878
<SECURITIES>                                         0                       0                       0
<RECEIVABLES>                                        0                       0                       0
<ALLOWANCES>                                         0                       0                       0
<INVENTORY>                                          0                       0                       0
<CURRENT-ASSETS>                            30,882,887              26,783,944                 786,913
<PP&E>                                       4,128,866<F1>           2,360,057<F1>              13,941
<DEPRECIATION>                                       0                       0                       0
<TOTAL-ASSETS>                             142,099,425             126,698,359              10,053,954
<CURRENT-LIABILITIES>                        2,470,803               1,410,081                 490,541
<BONDS>                                     73,762,198              73,382,678                       0
<PREFERRED-MANDATORY>                       40,107,923              23,112,325                       0
<PREFERRED>                                          0                       0                       0
<COMMON>                                        37,200                  37,200                  37,200
<OTHER-SE>                                  25,586,731              28,621,505               9,526,213
<TOTAL-LIABILITY-AND-EQUITY>               142,099,425             126,698,359              10,053,954
<SALES>                                              0                       0                       0
<TOTAL-REVENUES>                                     0                       0                       0
<CGS>                                                0                       0                       0
<TOTAL-COSTS>                                2,070,517               2,875,116                 398,976
<OTHER-EXPENSES>                                     0                       0                       0
<LOSS-PROVISION>                                     0                       0                       0
<INTEREST-EXPENSE>                            (414,944)               (794,405)                (23,873)
<INCOME-PRETAX>                             (1,655,573)             (2,080,711)               (375,103)
<INCOME-TAX>                                         0                       0                       0
<INCOME-CONTINUING>                                  0                       0                       0
<DISCONTINUED>                                       0                       0                       0
<EXTRAORDINARY>                                      0                       0                       0
<CHANGES>                                            0                       0                       0
<NET-INCOME>                                (1,655,573)             (2,080,711)               (375,103)
<EPS-PRIMARY>                                   (81.96)                 (77.34)                 (10.08)
<EPS-DILUTED>                                   (81.96)                 (77.34)                 (10.08)
<FN>
<F1>THE ASSET VALUES REPRESENT NET AMOUNTS
</FN>