Bruce D. Savett, Founding Principal
Mr. Savett is founder of Granite Capital Group, Inc and a managing member of Lormac Properties, LLC which has a 100% interest in Lormac GP 1, LLC; the General Partner. He has over 30 years’ experience in commercial property brokerage, finance, property management and syndication. Before founding Granite Capital Group, he was co‐founder of Granite Peak Partners, Inc. (“GPP”) a real estate investment firm located in Santa Barbara California. Associated with GPP for 12 years, Mr. Savett shared responsibility for the day‐to‐day operations including raising acquisition capital, strategic planning, property acquisition and disposition, financing, and property management. While Mr. Savett was with GPP, the company grew from $0 to over $250 million in assets.
Before founding Granite Peak Partners, he was the President of IEC Real Estate Corporation (the operating arm of parent corporation Interstate Equities Corporation (“IEC”), a real estate investment firm located in Northern California. Associated with IEC for four years, Mr. Savett shared responsibility for much of the day‐to‐day operations including raising acquisition capital, strategic planning, property acquisition and disposition, financing, and property management. While Mr. Savett was with IEC, the company grew from less than $40 million to over $250 million in assets, with investment yields to investors in the top ten percent for industry performance.
Before working for IEC, Mr. Savett owned and operated a real estate brokerage, mortgage and syndication firm that specialized in multi‐family residential properties. He has personally brokered over 100 multi‐million‐dollar properties, created and managed real estate syndications comprised of $400 million in holdings, and raised over $125 million in investment capital. Mr. Savett personally initiated and concluded over 30 transactions per annum over many years, initiating mortgages of over $100 million and managing a staff of 24 to service intricate relationships with high net‐worth private parties, probated estates, and institutional firms/trust companies.
As a Certified Public Accountant, Mr. Savett practiced accounting from 1980 through 1983 with the firm of Deloitte, Haskins, and Sells (now Deloitte Touche) and in 1986 with the Santa Monica firm of Gumbiner, Savett, Friedman and Rose. Mr. Savett is a graduate of California State University at Northridge, where he received a double Bachelor of Science degree in Finance and Accounting, and he also holds his California and Washington Real Estate Brokerage licenses. As a CPA, Mr. Savett has a background in the area of taxation and accounting, providing a foundation for understanding and facilitating major real estate transactions, including 1031 and TIC structures, for buyers and seller alike.
Mr. Savett is married with two children and lives in Santa Barbara, California. He enjoys yoga, backpacking, power and sail boating and gourmet cooking.