<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 16,878,819 <SECURITIES> 0 <RECEIVABLES> 902,027 <ALLOWANCES> 0 <INVENTORY> 26,377,557 <CURRENT-ASSETS> 17,780,846 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 44,158,403 <CURRENT-LIABILITIES> 10,518,846 <BONDS> 21,226,941 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 12,412,616 <TOTAL-LIABILITY-AND-EQUITY> 44,158,403 <SALES> 0 <TOTAL-REVENUES> 11,575,680 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,547,366 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 767,039 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 8,261,275 <EPS-PRIMARY> 0 <EPS-DILUTED> 0