The land will be used to develop 85 new homes as part of the Waterford Riverwell scheme, which is a regeneration project in Watford.
Phase one of the scheme will consist of 62 private houses and 23 affordable homes. The development will have a gross development value in excess of £35m.
Overall, the project will take between 15 and 20 years to complete with around 1,000 new homes expected. This will also include a retirement village, primary school, and retail, commercial and industrial space.
Paragon Development Finance’s relationship director Simon Dekker said: “We’re pleased to be working with Kier Property and Watford Borough Council to be part of such an impressive development that will result in a significant amount of new homes and help transform an area in a sustainable manner and with a long-term view.”
Kier Property’s managing director of regeneration Andrew Storey said: “This is an ambitious and impressive development that will regenerate the area from predominantly brownfield land, bringing new homes and facilities and broader economic benefits.
“Paragon has been a key partner, understanding our requirements completely and showing the expertise needed to progress the funding efficiently and within a tight timeframe.”