Developer James McManus Speaks Out on America Tonight Radio Alleging Fairbridge Seized Property After Term Sheet
NEW YORK CITY, NY, UNITED STATES, March 17, 2026 /EINPresswire.com/ -- New York developer James McManus discussed an $8.2 million financing dispute with Fairbridge Asset Management related to a Connecticut development project during an interview on the nationally syndicated radio program America Tonight with Kate Delaney. The segment aired March 10 and featured McManus alongside his attorney, Andrew Laufer.
McManus said he signed a term sheet on Aug. 14, 2024, for $8.2 million in financing, including approximately $3 million for existing obligations and $5 million to complete construction. According to McManus, the lender rescinded the financing the following day and later requested an additional $1 million payment unrelated to the project.
“Based on the signed term sheet, we proceeded in good faith expecting the financing to close,” McManus said. “When the funding was withdrawn, the project was left without the resources required to move forward.”
McManus also alleged that more than $500,000 was withdrawn from the project’s interest reserve account and said the stress surrounding the dispute contributed to serious health issues, including heart failure requiring surgery on Dec. 4, 2024.
Attorney Andrew Laufer said the situation highlights the potential impact of financing disputes in commercial real estate. “When a developer relies on a signed financing commitment, decisions are made across the entire project based on that expectation,” Laufer said.
Host Kate Delaney said she appreciated the opportunity to speak with McManus and Laufer about their experience. “It was a pleasure to have both James McManus and Andrew Laufer on America Tonight and learn more about their situation,” Delaney said.
The full interview can be viewed here:
https://www.youtube.com/watch?v=kYkGHzznqZs&t=15s
Media Contact:
McManus said he signed a term sheet on Aug. 14, 2024, for $8.2 million in financing, including approximately $3 million for existing obligations and $5 million to complete construction. According to McManus, the lender rescinded the financing the following day and later requested an additional $1 million payment unrelated to the project.
“Based on the signed term sheet, we proceeded in good faith expecting the financing to close,” McManus said. “When the funding was withdrawn, the project was left without the resources required to move forward.”
McManus also alleged that more than $500,000 was withdrawn from the project’s interest reserve account and said the stress surrounding the dispute contributed to serious health issues, including heart failure requiring surgery on Dec. 4, 2024.
Attorney Andrew Laufer said the situation highlights the potential impact of financing disputes in commercial real estate. “When a developer relies on a signed financing commitment, decisions are made across the entire project based on that expectation,” Laufer said.
Host Kate Delaney said she appreciated the opportunity to speak with McManus and Laufer about their experience. “It was a pleasure to have both James McManus and Andrew Laufer on America Tonight and learn more about their situation,” Delaney said.
The full interview can be viewed here:
https://www.youtube.com/watch?v=kYkGHzznqZs&t=15s
Media Contact:
Mark Goldman
Goldman McCormick PR
+1 516-639-0988
markgoldman73@gmail.com
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