<ARTICLE> 5
       
                                                                       
<PERIOD-TYPE>                   12-MOS                   12-MOS                   12-MOS
<FISCAL-YEAR-END>                          DEC-31-1997             DEC-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1997             JAN-01-1996             JAN-01-1995
<PERIOD-END>                               DEC-31-1997             DEC-31-1996             DEC-31-1995
<CASH>                                       1,685,474                  44,790                       0
<SECURITIES>                                         0                       0                       0
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<INVENTORY>                                          0                       0                       0
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<CURRENT-LIABILITIES>                       23,428,000              38,105,434                       0
<BONDS>                                     44,045,041              34,030,455                       0
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<PREFERRED>                                          0                       0                       0
<COMMON>                                         8,449                   5,785                       0
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<TOTAL-LIABILITY-AND-EQUITY>               105,742,858              55,877,148                       0
<SALES>                                              0                       0                       0
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<CGS>                                                0                       0                       0
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<INCOME-TAX>                                  (69,083)                       0                       0
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<DISCONTINUED>                                       0                       0                       0
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