The deal provides an exit for majority owner Bank of Scotland, whose stake was the legacy of a £280m debt-for-equity swap in 2010 and a follow-up deal last year.
Dozens of current and past employees also had shares in the company.
Cala now plans to ramp up building across the UK, including at its Scottish division.
Cala's chief executive Alan Brown said: "The £210m is a good price for the business."
He added: "Having invested heavily in growing our land bank since 2010, we are now very well positioned to grow the business significantly over the next five years.
"From our perspective, the timing of this transaction is perfect."
Mr Brown declined to disclose how much Lloyds will receive from the deal.
Nor would he say how much managers will pick up.
"Most of it is being rolled over," he said. "The existing management team are investing £10m in the new business, which shows how confident we are in the business."
Legal & General and Patron will each take a 46.5% equity stake in Cala, while managers will take a 7% share.
L&G, one of the UK's largest insurers, and Patron, which owns Paisley-based five-a-side-football operator Powerleague and last year took over petrol station company Motor Fuels Group with oil industry entrepreneur Alasdair Locke, prevailed from a shortlist of eight offers.
Cala was a longstanding customer of Peter Cummings' corporate banking division at Bank of Scotland but struggled under its debt load when the housing market turned.
The bank agreed to provide a £180m facility last year after its latest debt-for-equity swap.
This has been repaid and Lloyds has agreed to a new £100m facility of which £70m is being drawn down immediately.
The deal moves Cala from Lloyds's non-core division, which it is seeking to run down, to the core bank.
Mark Prentice, who is the east of Scotland area director for Lloyds's commercial mid markets business, said: "This new growth strategy will significantly strengthen Cala's balance sheet and put the business in a strong position to benefit from the more stable housing market."
Geoff Ball, who ran Cala from 1974 until his retirement in 2009, gave the deal the thumbs-up.
"I am very pleased by what is happening," he said. "We spent so many years building it up.
"The management team I know and worked with has continued and they have delivered.
"It is great for the company and all the people working in it."
Keith Breslauer, managing director of Patron, said: "This significant transaction for Patron highlights our confidence in Cala, its growth potential and the group's competitive position in the UK housebuilding sector, which is one of the key areas of focus for the economy due to its ability to create jobs and fuel economic growth."
The deal is L&G's first direct investment in a UK housebuilder.
L&G strategy director Wadham Downing said: "We are confident that with this combined expertise and the financial resources that both Patron and Legal & General bring, we can build many more homes in the UK and help Cala
grow and realise its potential."
Cala employs 284 people in Scotland at its head office and in its regional teams, while hundreds of contractors work at its sites across the country.
Mr Brown said: "We will be increasing the size of our business in Scotland."
Cala said its trading performance during the first eight weeks of 2013 has been "exceptionally strong" with sales of private homes up 34% year-on-year to 154.
Mr Brown said the deal did not require an upturn in the housing market.
"The housing market has been stable for 18 months. We have done this deal on the basis that the market stays stable. We have not assumed an increase as regards prices."
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