A Locke Lord team of Cynthia Bast, Rick Morrow and Chris Richardson (all of Austin) recently completed the first closing of financing for the redevelopment of the Rebekah Baines Johnson (RBJ) Center, located on prime acreage on Lady Bird Lake near downtown Austin. It was originally a federally-owned fish hatchery and the land was given through President Lyndon Johnson to the Austin Geriatric Center, a local non-profit, to construct housing for low-income seniors and people with disabilities. Most of the residents, whose average age is 72, have incomes of less than $13,000 annually. The financing will allow for the construction of 279 new units of affordable housing. A subsequent phase of financing will renovate the existing housing. The Firm’s Affordable Housing Section has worked since 2013 to close this deal.
Posted on November 4, 2019