CHARLOTTE AMALIE – FirstBank has announced the successful closing of a $13 million commercial financing agreement with By-the-Sea Resort Properties, LLC, to support the construction of The Botany, a new luxury resort that redefines the future of eco-conscious tourism in the U.S. Virgin Islands.
Nestled in the dramatic landscape of Botany Bay on the island’s west end, The Botany will offer guests a highly curated, environmentally integrated experience. Designed as a collection of private hillside villas, the resort is being sustainably built by local craftsmen and powered entirely by solar energy. With luxury accommodations, fine dining, a full-service spa, and personalized cultural experiences, The Botany is expected to welcome its first guests in Spring 2026.
Financing for The Botany was made possible through a loan guarantee facilitated in partnership by a State Small Business Credit Initiative (SSBCI) from the V.I. Economic Development Authority. SSBCI is a federal loan guarantee program which provides guarantees to Lenders to enhance lending within the Territory’s business community.
A Legacy Site Reimagined for the Future
For years, several visions for a resort on the west end of St. Thomas have been imagined, each grounded in a deep respect for the land’s dramatic topography, native flora, and USVI’s cultural heritage. The Botany is the newest chapter in that legacy: a modern luxury resort that blends timeless natural beauty with thoughtful, contemporary design. Rooted in place and purpose, it celebrates the spirit of the Virgin Islands while marking a new era of sustainable, high-end tourism.
A Partnership of Purpose, Progress, and Place
This partnership is more than a financial milestone—it represents a strategic alignment in values between FirstBank and By-the-Sea Resort Properties. Both organizations share a deep commitment to excellence, sustainable growth, and community empowerment across the Virgin Islands. FirstBank’s role goes beyond financing, acting as a true growth partner that supports long-term transformation in the region.
“Partnering with FirstBank has been a pivotal step in bringing our vision of The Botany to life. We’re proud to work alongside a bank that demonstrates both financial strength and a long-term commitment to the growth of the U.S. Virgin Islands,” said Jesse Ferrer, owner of By-the-Sea Resorts.
“We’re proud to support visionary developments like The Botany that uplift our community and foster economic sustainability in the Virgin Islands. This project embodies our commitment to meaningful partnerships that drive long-term growth, honor the natural heritage of our islands, and create lasting opportunities for our people,” said Michael Basden, Vice President and Commercial Business Manager at FirstBank.
A Strategic Boost to the Local Economy
As one of the most significant commercial deals in FirstBank USVI’s 2025 portfolio, this investment highlights the bank’s continued role in building the region’s economic resilience. The Botany will contribute to the local tourism infrastructure, generate employment for Virgin Islanders, and serve as a model for sustainable resort development. FirstBank’s longstanding collaboration with the Virgin Islands Economic Development Authority (VIEDA) further reinforces the shared mission of revitalizing the territory through innovation and investment.
“These types of partnerships continue to magnify how the public and private sectors can work together in the best interest of the people of the U.S. Virgin Islands. It is imperative that we ensure aspiring and existing business owners in our community have access to financial opportunities that can help them grow and thrive in the USVI,” said Wayne L. Biggs, Jr., Chief Executive Officer, VIEDA.
FirstBank’s leadership in commercial lending continues to drive transformative development across the U.S. Virgin Islands. By financing landmark projects like The Botany, the bank reaffirms its role as a trusted partner in advancing the territory’s economic future—supporting growth that is both visionary and rooted in community impact.