Located on Jewison Lane, Sewerby, Harmony House will be a 47 ensuite bedroom facility across two floors.
The property will specialise in providing quality care for elderly people with long term conditions.
The building offers full access for people with disabilities, as well as 12 parking spaces for residents.
And the care home will have a specific bias towards dementia related care, with further focus on those with long term conditions such as Alzheimer’s.
Residents will be drawn from the public and private sector, with research indicating a lack of bed space in the immediate area.
As part of the design and construction, there will also be the scope to extend the roof space and create a further 11 beds.
Since 2013, Assetz Capital has lent over £960m to UK SMEs and housebuilders.
As well as funding housing developments, the company also fund projects such as elderly residential care, specialist residential care, retirement and supported living, and purpose build student accommodation (PBSA).
Neil Roper, Regional Relationship Director at Assetz, said: “Once completed, Harmony House will be a real support for the East Yorkshire community.
“The latest statistics show that the Bridlington area is home to an above average population of older people, especially over 85s.”