Urban & Civic has secured a £45m loan from the Homes and Communities Agency (HCA) to help fund the development of a 1,400 acre former airfield near Huntingdon in Cambridgeshire.
The Alconbury Weald site will provide over 4,500 new homes as well as business space and buildings for the local community, including several schools.
The loan from the HCA was issued via the Home Building Fund.
Announcing the deal at Mipim, HCA chief executive Nick Walkley said: “This deal is exactly the sort of thing we are here to do – providing the means to realise the full potential of development sites and provide the impetus to enable a real transformation in local housing markets.
“Alconbury Weald is a major development of recognised quality and we will work closely with Urban & Civic to accelerate the new housing and community facilities that this site can delivery for a major growth region of the country.”
Urban & Civic chief executive Nigel Hugill added: “At Alconbury Weald we have brought forward infrastructure spend as a direct consequence of the HCA’s involvement and look forward to working in partnership with Nick and his team over the lifetime of the development.
“The government is right to emphasise the importance of large sites in meeting housing demand in areas of strong economic and demographic growth, as well as helping widen the supply chain for faster housing delivery.”