<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 3,862,159 <SECURITIES> 0 <RECEIVABLES> 135,451 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 98,614,480 <CURRENT-LIABILITIES> 0 <BONDS> 48,160,231 <COMMON> 1,000 <PREFERRED-MANDATORY> 49,398,936 <PREFERRED> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 98,614,480 <SALES> 0 <TOTAL-REVENUES> 6,918,350 <CGS> 0 <TOTAL-COSTS> 2,625,981 <OTHER-EXPENSES> 1,218,025 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 3,074,344 <INCOME-TAX> 95,000 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 2,979,344 <EPS-PRIMARY> (4.61) <EPS-DILUTED> 0