<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> DEC-31-1998 <CASH> 2,003,334 <SECURITIES> 0 <RECEIVABLES> 2,084,731 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 114,520,899 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 67,524,647 <TOTAL-LIABILITY-AND-EQUITY> 114,520,899 <SALES> 0 <TOTAL-REVENUES> 5,695,456 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,610,645 <LOSS-PROVISION> 56,954 <INTEREST-EXPENSE> 846,237 <INCOME-PRETAX> 1,181,620 <INCOME-TAX> 0 <INCOME-CONTINUING> 1,181,620 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,181,620 <EPS-PRIMARY> 0 <EPS-DILUTED> 0