Industry Veteran Brings More than 20 Years of Development and Transactional Expertise to New Role
Camden, NJ – Oct. 29, 2026 — The Michaels Organization today announced that Adhi Nagraj has joined the company in the role of Managing Director of Affordable Development. Reporting to Jonathan Lubonski, Executive Vice President of Development, Nagraj will lead Michaels’ affordable regional vice presidents and their teams and drive execution across the company’s national affordable pipeline, from conception to completion, ensuring success across all phases of development.
Nagraj will have primary responsibility for the performance of Michaels’ affordable development platform. He will also partner with Lubonski on growth strategy and key capital, public-sector and investor relationships. Michaels is the nation’s number one affordable housing owner and one of the most active affordable housing developers in the country. Michaels has developed more than 56,000 affordable units across 39 states, with a current pipeline that includes new construction, preservation, and large-scale neighborhood revitalization.
“Adhi understands policy, capital, and people,” said Lubonski. “He’ll lead our regional teams and work alongside me on our national pipeline, moving deals from predevelopment through closing, construction, and lease-up. Most importantly, he shares our commitment to Creating Communities that Lift Lives.”
Nagraj brings more than 20 years of affordable housing experience, including more than seven years with McCormack Baron Salazar (MBS), where he served as Chief Development Officer. At MBS, he oversaw all national development, design, and construction staff, along with development strategy, including new business, financing, entitlements, and legal. He also launched a groundbreaking multi-year partnership with Centene, the nation’s largest Medicaid managed care organization. Through its foundation, Centene provides early-stage financing to speed affordable housing construction in distressed and underserved communities nationwide. Earlier in his career, Adhi was Development Director at BRIDGE Housing Corporation, one of the largest affordable housing developers on the West Coast.
Nagraj is a licensed attorney with a B.A. in Urban Studies and Biology from Brown University and a J.D. from Columbia Law School. He serves on the boards of the Affordable Housing Tax Credit Coalition, the National Housing & Rehabilitation Association, and the California Housing Partnership Corporation.
