A man stabbed Saturday afternoon in front of the University Co-op is now in stable condition, police said.

According to police, 52-year-old Leroy Faubion stabbed 23-year-old Waylon Barnes in the back with a steak knife at around 3 p.m. Police said the stabbing occurred following an argument between the two men, both described by police as transients. Police said an unidentified witness to the incident immediately called authorities and stayed with Barnes until both police and Emergency Medical Services arrived.

Police said Barnes was transported to University Medical Center Brackenridge immediately following the incident and treated for a stab wound 2 inches across and 1 inch deep in his back between his neck and shoulder. Barnes is still at Brackenridge.

Faubion was quickly found and arrested two blocks away from where the stabbing occurred near Gracepoint Austin Church, located at 408 West 23rd Street. Police said Faubion is charged with aggravated assault with a deadly weapon, a felony with a penalty of two to 20 years in prison. According to Travis County Sheriff’s Office records, Faubion’s bond has been set at $50,000, and he is currently awaiting trial in the Travis County Jail.

Printed on Tuesday, September 4th, 2012 as: Man charged, victim stable after stabbing