Developer James McManus Discusses $8.2M Financing Dispute With Fairbridge Asset Management on LI News Radio
LI News Radio 103.9
The segment aired March 9 during Oliver’s weekday morning program.
McManus said he signed a term sheet on Aug. 14, 2024, for $8.2 million in financing for a Connecticut development project. According to McManus, the funding included approximately $3 million tied to existing obligations and $5 million intended to complete construction.
McManus said the lender rescinded the financing offer the following day and later requested an additional $1 million payment unrelated to the project. He said he refused the demand and that the withdrawal of financing halted construction and left the project without necessary capital.
McManus also alleges more than $500,000 was later withdrawn from the project’s interest reserve account.
He said the stress surrounding the dispute contributed to heart failure and life-saving surgery on Dec. 4, 2024. McManus said he later signed a new agreement in February 2025 under which the lender ultimately received the additional $1 million payment.
“I felt I had little choice under the circumstances,” McManus said.
Full interview:
https://www.youtube.com/watch?v=99UVnmJe3fw
Media Contact:
Mark Goldman
Goldman McCormick PR
+1 516-639-0988
mark@goldmanmccormick.com
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