(To read more on the debt and equity markets, click here.)

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FLORHAM PARK, NJ-David M. Orbach has formed Gallant Funding LP,a private equity firm based here. The firm will operate as a directlender with a focus on augmenting traditional loan structures,according to Orbach.The focus will be on serving new buyers andsmaller niche borrowers, according to Orbach, who was formerly vicepresident, general counsel and a member of the board of NorCrownBank. The latter institution was once primarily owned by CharlesKushner, who was required to divest of his bank holdings because ofhis legal problems. NorCrown was acquired earlier this year byValley National Bank.

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As far as Gallant Funding, "the current real estate market isstrong, especially in New Jersey, and many new buyers are becomingactive in the investment sales arena," Orbach says. "We will offershort-term loan to complement traditional financing. Based on a setof criteria, traditional banks and lending institutions must adhereto strict regulations, which sometimes impose limits on borrowerswho need to raise additional funding from outside sources.

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"For example, a borrower may qualify for just 75% ofconventional financing for a specific transaction," Orbach says."We can participate in funding a portion of the 25% balance to helpclose the gap with a structure that enables the borrower to remainin control without other partners involved."

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The firm will focus on lending for multifamily, office andretail properties in New Jersey, New York and eastern Pennsylvania.Its products will include bridge loans, mezz financing, equitypartnership and other "unconventional funding vehicles," accordingto Orbach. <p

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