New York, NY
New York developer James McManus discussed an ongoing financing dispute involving Fairbridge Asset Management during an interview on The Frank Truatt Morning Show, which airs on WTBQ AM 1110 / FM 93.5 and WGHT AM 1500 / FM 98.3 across Northern New Jersey and the surrounding region.
The program, hosted by Frank Truatt during morning drive time, reaches up to 3 million listeners according to station information.
McManus told Truatt that his team was developing a 32 unit residential project in the Bronx that included an affordable housing component intended to serve the local community. According to McManus, the lender encouraged the acquisition of adjacent air rights by offering 100 percent financing for that portion of the transaction, a departure from the standard loan to value structure requiring 30 percent borrower equity.
McManus said that after closing on the air rights, the lender declined to provide the additional capital required to complete the expanded project.
He described the sequence as an engineered default that allowed the lender to pursue control of the property after the borrower had absorbed the development work and risk.
During the broadcast, McManus also pointed to broader concerns within the private credit sector. According to JPMorgan Chase Chief Executive Jamie Dimon, risks within private credit markets have been a subject of repeated public warnings to investors and regulators.
McManus told Truatt that the stress surrounding the dispute contributed to a heart attack in October 2024. He said he was later admitted to St. Francis Hospital on December 4, 2024, where he underwent six bypasses and a heart valve repair. According to McManus, contact from the lender continued during his recovery.
“I am the first one to take the fight to them, to challenge them, and to bring the deceptiveness, the coercion, and the equity strips into the light,” McManus said during the broadcast.
“Speaking with Frank Truatt was an opportunity to explain this situation to a regional audience that understands how damaging this type of conduct is to small developers, to working communities, and to the integrity of the private credit market. I am grateful for the platform and for listeners who are paying close attention,” Mr. McManus said.
Interview Link: https://www.youtube.com/watch?v=tUvdg7sQDl0&t=7s
Last modified: April 28, 2026
