Developer James McManus Details Fairbridge Asset Management Financing Dispute in WGMD Radio Interview
WGMD
The WGMD Radio segment aired April 20, 2026, during Jake Smith’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McManus said the lender rescinded the financing offer the following day and later requested an additional $1 million payment unrelated to the project.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McManus also alleges more than $500,000 was later withdrawn from the project’s interest reserve account.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 added that 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.
“Speaking with Jake Smith on WGMD Radio was an important opportunity to finally lay out the facts clearly and calmly. I appreciate the chance to get the truth on the record and provide clarity around what actually happened in this financing situation.” Mr. McManus said.
Interview Segment with James McManus - https://www.youtube.com/watch?v=AMMFzxyc4Y0
Media Contact:
Ryan McCormick
Goldman McCormick PR
+1 516-901-1103
ryan@goldmanmccormick.com
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