Image courtesy of JLL

A 353,000-square-foot lab project will begin in Somerville’s Boynton Yards after receiving $246 million in construction financing.

Leggat McCall Properties, DLJ Real Estate Capital Partners and Deutsche Finance America received the 5-year loan from Bank OZK, which previously financed the 101 South St. lab tower which is nearing completion and is fully leased.

The latest building, known as 808 Windsor, is a 11-story office-lab building that’s part of the 1.35 million-square-foot master-planned Boynton Yards development.

JLL Senior Managing Director Brett Paulsrud and Director Henry Schaffer represented the developers.

Bank OZK is making big bets on the Union Square area’s future, also financing the first two buildings of the 2.4 million-square-foot USQ development.