Edward Waters University has secured a $25 million, 30-year loan to help fund more than $33 million in campus improvements, including its first newly constructed residence hall since 1982.
The Jacksonville-based HBCU closed the transaction September 10 through the U.S. Department of Education’s Historically Black College and University Capital Financing Program.
Rice Capital Access Program, a subsidiary of Black-owned Rice Financial Products Company, serves as the program’s Designated Bonding Authority, working with participating institutions to arrange financing for campus construction, renovation and other capital needs.
For Edward Waters, the financing follows several years of enrollment growth and positive operating results that helped support its case for long-term borrowing.
What the Financing Will Support
The $25 million financing supports a new residence hall and the university’s first on-campus track and field facility. The residence hall will provide nearly 200 beds and is expected to open in fall 2028, making it the largest residential facility on campus.
Jacksonville-based LandSouth Construction is building the residence hall, with Niles Bolton Associates serving as the project architect.
The city of Jacksonville has committed $2 million toward the track and field facility. Edward Waters also announced nearly $9 million in additional modernization projects, including laboratory improvements, renovations to Centennial Hall and the Lee Cousins Administration Building, a centralized student welcome center, and campus safety and infrastructure upgrades.
The university’s announcement does not provide a complete funding breakdown for the modernization work or specify how the city’s contribution fits into the overall investment total.
The projects come as demand for campus facilities increases. Fall 2026 enrollment reached 1,286 students, up 37% since 2019, according to figures university President A. Zachary Faison Jr. provided to Jacksonville Today.
How the Federal Financing Works
Established in 1992, the HBCU Capital Financing Program was created to help historically Black colleges and universities overcome barriers to accessing capital for campus development. According to Edward Waters, fewer than half of the nation’s HBCUs have participated in the program.
Under the program, the Department of Education guarantees repayment of principal and interest on qualifying borrowing, supporting institutions’ access to long-term capital.
Rice Capital Access administers the financing as the program’s Designated Bonding Authority, working with institutions to evaluate financial information, structure transactions and coordinate borrowing.
The Financial Performance Behind the Loan
According to Edward Waters, the financing review examined leadership continuity, enrollment trends and financial performance, including at least five years of audited financial statements.
The university reports seven consecutive operating surpluses and an endowment that has more than tripled since 2018. During that period, it also expanded its academic offerings from eight to 17 degree programs.
William Fisher, CEO of Rice Capital Access, highlighted another distinction: Edward Waters increased enrollment without increasing tuition discounting. In comments to Jacksonville Today, Fisher emphasized that the financing reflected confidence in the university’s financial responsibility rather than a charitable contribution.
The university’s enrollment record, operating results and audited financial statements helped demonstrate its capacity to support long-term borrowing while continuing to invest in academic programs and campus facilities.
Rice Financial’s Role in HBCU Investment
Rice Financial Products Company, founded in 1993 by Don Rice, is a Black-owned investment banking firm specializing in public finance and institutional capital markets.
Through its subsidiary, Rice Capital Access Program, the firm reports closing more than $3.6 billion in loans for public and private higher education institutions, supporting new construction, campus improvements and debt refinancing.
Recent transactions include $157 million for Alabama A&M University in 2024, $96 million for Xavier University of Louisiana in 2025 and $72 million for South Carolina State University in 2025. The firm also arranged a $22.5 million refinancing for Benedict College in June 2026.
Rice Financial describes itself as the country’s largest provider of HBCU financing, combining its work in the bond market with its role in the federal HBCU Capital Financing Program.
At Edward Waters, the financing will support additional student housing and athletic infrastructure as the university expands its enrollment, academic offerings and campus facilities.
