The family of missing college student James “Jimmy” Gracey released a statement shortly after police announced that he had been found dead in Spain.

“Our family is heartbroken as we confirm that Jimmy’s body has been recovered in Barcelona,” the family said in a statement obtained by PEOPLE on Thursday, March 19.

“Jimmy was a deeply loved son, grandson, brother, nephew, cousin, and friend, and our family is struggling to come to terms with this unimaginable loss,” they added. “We are profoundly grateful for the outpouring of love, support, and prayers from people around the world – so many helped to share Jimmy’s story and bring his life to light so that others may know him.”

The family went on to say they “sincerely appreciate the continued support and coordination of the local authorities and the U.S. Consulate as we work to better understand the circumstances surrounding this tragedy.”

“As we navigate this painful time, we kindly ask for privacy so that we may grieve together and begin to process his loss as a family,” they wrote.

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Gracey, a 20-year-old University of Alabama student, was reported missing on Tuesday, March 17, and found dead two days later in the waters near Somorrostro Beach, local police confirmed, without sharing many additional details.

An autopsy will determine his cause of death.

In a since-deleted Facebook post, his mother, Therese Marren Gracey, said that he had been “visiting friends in Barcelona who are studying abroad” and that the group visited the beachfront club Shôko on Monday, March 16. However, she said that he never make it back to the place where they were staying.

“He was last seen by his friend at Shoko around 3 a.m.,” she wrote. “The friend was leaving but Jimmy stayed.”

He was reportedly last seen on video surveillance leaving the nightclub with someone, according to El Periódico, which cited police.

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Before his body was found, authorities reportedly said they had located Gracey’s wallet, floating at sea, and cordoned off an area on Somorrostro Beach to search for him, according to La Vanguardia.

However, when contacted by PEOPLE, a police spokesperson was not able to confirm or deny the report.

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After his body was found, the University of Alabama said they too were “heartbroken” to learn the news.

“Jimmy’s loss is deeply felt across our campus. Our condolences are with the Gracey family during this devastating time. We ask that their privacy be respected as they grieve,” they wrote. “The University has been in close contact with the family throughout the week and will continue to provide support to them and to Jimmy’s friends, classmates, and all members of our community who are affected by this tragedy.”