New York developer James McManus discussed an ongoing financing dispute involving Fairbridge Asset Management during an interview on 700WLW – Cincinnati’s News Radio with Ken Broo.
The segment aired on Saturday, July 25 during Ken Broo’s program on 700WLW.
During the interview, McManus said he signed a term sheet on August 14, 2024, for $8.2 million in financing for a Connecticut development project. According to McManus, the financing included approximately $4 million related to existing obligations and $4 million intended to complete construction.
McManus said the lender rescinded the financing commitment the following day and later requested an additional $1 million payment unrelated to the project. He said he declined the request and that the withdrawal of financing halted construction and left the project without the capital needed to move forward.
McManus also alleges that more than $500,000 was later withdrawn from the project’s interest reserve account.
He said the stress associated with the dispute contributed to a serious health crisis, including heart failure and life-saving surgery on December 4, 2024. McManus said he later entered into a new agreement in February 2025 under which the lender ultimately received the additional $1 million payment.
“I believe this dispute is about accountability and the impact that financing decisions can have on real projects and real people,” McManus said.
Broo said the interview was intended to provide listeners with an opportunity to hear McManus’s perspective and better understand the issues surrounding the dispute.
“We wanted to give our listeners the opportunity to hear the facts and the perspective behind this dispute,” Broo said.
Full interview: https://www.youtube.com/watch?v=PJmaaGpL254
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