Celtic Bank Corporation has filed a federal lawsuit seeking to foreclose on the St. Thomas properties housing Hotel 1829 and At Home in the Tropics, alleging that owner MJB Caribbean Ventures, Inc. defaulted on a $3.24 million Small Business Administration-backed loan and now owes the bank at least $3.62 million.
The verified complaint, filed September 18 in the District Court of the Virgin Islands, names MJB Caribbean Ventures, company president Jessica Geller and secretary Mark Wiechnik as defendants. Celtic Bank is seeking repayment of the debt, foreclosure and sale of the mortgaged properties, enforcement of personal guarantees signed by Geller and Wiechnik, and the sale of additional business collateral pledged to secure the loan.
According to the complaint, Celtic Bank made the SBA-backed commercial loan to MJB on April 26, 2024, in the original principal amount of $3,243,900. The accompanying note carried an initial variable interest rate of 10.5 percent and called for monthly principal-and-interest payments initially set at $30,635.46 beginning in February 2025. The interest rate was to adjust quarterly at two percentage points above the prime rate.
The loan was secured by two first-priority mortgages covering three downtown Charlotte Amalie parcels. One mortgage covers Parcel No. 25 Dronningens Gade, a 6,100-square-foot property. The other covers Parcel Nos. 28 and 29 Remainder Kongens Gade, totaling about 7,470 square feet, and Parcel No. 30 Kongens Gade, measuring about 7,350 square feet. The complaint collectively identifies the parcels as the “Mortgaged Property.”
Those addresses establish that the foreclosure action reaches both of MJB's hospitality properties. At Home in the Tropics identifies its physical address as 1680 (25) Dronningens Gade, while Hotel 1829 lists 30 Kongens Gade as its Charlotte Amalie location. A UCC financing statement attached to the lawsuit also identifies “Hotel 1829” in connection with the Kongens Gade parcels.
Celtic Bank alleges that MJB failed to make the payment due July 26, 2025 and every subsequent payment. On September 29, 2025, the bank sent notices of default and demands for payment to the company and guarantors. Those letters said the loan was then 65 days past due on the July and August obligations, carried $2,945.66 in unpaid late fees and had a payoff balance of $3,414,091.59, with interest continuing to accrue at $841.71 per day.
The bank says the default remained unresolved. By August 31, 2026, according to the complaint, at least $3,624,016.22 was due, before additional interest, advances, late charges, legal fees and costs. Celtic Bank has declared the entire obligation immediately due and is asking the court to order the mortgaged properties sold to satisfy the debt. It is also seeking the right to recover any deficiency remaining after a foreclosure sale.
The bank's security extends beyond the real estate. The loan documents include assignments of rents from the mortgaged properties and a commercial security agreement covering equipment, inventory, accounts, fixtures and other tangible and intangible business property. Celtic Bank asks the court to permit the sale of that collateral and transfer to the bank of rights that the complaint says include licenses, permits, development rights and warranties if necessary to satisfy the debt. The Kongens Gade assignment of rents gives Celtic Bank a continuing security interest in rents generated by those parcels.
Geller and Wiechnik also signed separate unconditional guarantees for the full loan obligation. Celtic Bank alleges both failed to pay after demand and is seeking judgments against them under those guarantees, in addition to any deficiency remaining after liquidation of the collateral.
The foreclosure places a federal court dispute over properties that the Virgin Islands Economic Development Authority has highlighted as part of its downtown tourism-development strategy. In August 2024, VIEDA said MJB had applied for Economic Development Commission tax benefits for Hotel 1829 and At Home in the Tropics, committing to a minimum $4.015 million investment and 10 full-time jobs. Of that investment, $2.5 million was attributed to the acquisition of Hotel 1829.
By July 2025, VIEDA described MJB as doing business as Hotel 1829 and At Home in the Tropics and said the restoration and reopening of the historic 19-room Hotel 1829 represented a roughly $4 million redevelopment supported by EDC incentives. The agency said the project was intended to attract visitors and stimulate commercial activity in downtown Charlotte Amalie.
Hotel 1829's own website says Geller and Wiechnik acquired the property in 2024 and undertook its restoration. The site currently describes the hotel as operating at 30 Kongens Gade and says additional poolside renovations are underway through October 2026. Historic Hotels of America lists Hotel 1829 as a member property in Charlotte Amalie's historic district. At Home in the Tropics also continues to maintain an active lodging website for its Dronningens Gade property.
The lawsuit does not mean Celtic Bank has taken possession of either hotel. Foreclosure and the other remedies requested in the complaint would require court action, and the allegations have not been adjudicated. The filings reviewed by the Consortium contain Celtic Bank's complaint and supporting loan documents but do not contain a response from MJB, Geller or Wiechnik.
