Principal of Naturally Affordable Housing, David Iwashita became the Lead Developer for the Lafayette Hotel in 2010 and successfully obtained $2.5 million of Redevelopment Agency funds as part of a $30 million recapitalization using both New Market Tax Credit and Historic Tax Credit allocations. The team successfully renovated the hotel and delivered the tax credits as promised in less than 160 days. The renovation included updating all hotel rooms and common areas as well as re- placement of major capital components, and increasing the build-out to accommodate a full service restaurant. Iwashita Development continues to asset manage the Lafayette.
Principal of Naturally Affordable Housing, David Iwashita completed entitlements with Streetlights Residential after 3 separate acquisitions to secure the land for the 156-Unit Mixed Use Development. Currently in final stage of construction.
Principal of Naturally Affordable Housing, David Iwashita was a lead developer, successfully purchasing and lined up all tax credit sources and approvals for a $30 million New Market Tax Credit allocation, and National Park Service’s approval for a Historic Tax Credit Renovation. It has been converted into a 172-key Hilton Garden Inn.Building had been abandoned for over 5 years, and tied up in bankruptcy.
After purchasing from the O'Connor Family in 2016, David Iwashita lead the development team with this adaptive reuse of 30,000 SF for San Diego County Board of Education for their new Momentum Learning Program.