<ARTICLE> 5 <PERIOD-TYPE> 12-mos <FISCAL-YEAR-END> dec-31-1997 <PERIOD-END> dec-31-1997 <CASH> 2,014,706 <SECURITIES> 0 <RECEIVABLES> 917,219 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 104,416,786 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 53,900,414 <TOTAL-LIABILITY-AND-EQUITY> 104,416,786 <SALES> 0 <TOTAL-REVENUES> 7,373,981 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 7,323,236 <LOSS-PROVISION> 74,277 <INTEREST-EXPENSE> 714,701 <INCOME-PRETAX> (738,233) <INCOME-TAX> 0 <INCOME-CONTINUING> (738,233) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (738,233) <EPS-PRIMARY> 0 <EPS-DILUTED> 0