Gretchen E. Sherwood

Gretchen Sherwood is an attorney in our Project Finance and Public Finance group, that serves as counsel to nonprofit borrowers, underwriters, and banks in connection with tax-exempt and taxable financings, strategy and compliance issues. She also represents health care entities and nonprofit organizations in connection with various corporate matters. Gretchen also serves on the firm’s Pro Bono Committee.

What do you focus on?

I regularly serve as underwriter’s counsel or bank counsel on financing transactions for health systems, charter schools, colleges and universities, cultural institutions, and other nonprofit entities.  I also represent borrowers, including hospitals, health systems, charter schools, educational institutions and other 501(c)(3) organizations in structuring and negotiating their taxable and tax-exempt financing transactions.

I regularly advise clients on ongoing compliance matters, including secondary market disclosure, Internal Revenue Service (IRS) audits, and change in use of bond-financed facilities.

I also advise health care providers implementing hospital/physician strategies, joint ventures, mergers and other strategic transactions, as well as corporate governance and formation matters.

Representative Experience

  • Representing a regional health system in connection with the restructuring of over $500 million in indebtedness to refinance existing debt and to finance new capital projects.
  • Representing an underwriter in connection with a $215 million bond financing involving a portfolio of 13 charter schools across four states.
  • Representing various domestic, national and regional banks in connection with the direct purchase of tax-exempt bonds issued on behalf of nonprofit entities located across the country.
  • Representing an underwriter in connection with the issuance of bonds issued on behalf of public charter schools across the country.
  • Representing numerous banks in establishing “COVID-19” lines of credit on behalf of health care institutions, colleges, and universities across the country.
  • Performing a system-wide private use compliance analysis for the largest Catholic health care system in Illinois.


  • “User Fees, Biosimilars on FDA Priority List for 2016,” American Health Lawyers Association, December 31, 2015


Gretchen E. Sherwood



Phone: 312-977-4143

Fax: 844-560-8133

DePaul University College of Law, J.D., health law certificate, magna cum laude, Order of the Coif

Saint Louis University, B.S., magna cum laude


  • Two-time CALI Excellence for the Future Award Recipient
  • DePaul Health Law Institute Fellow, 2012-2014
  • National Association Bond Lawyers (NABL)
  • Women in Public Finance (WPF)
  • Illinois State Bar Association
  • American Health Lawyers Association
  • Illinois Association of Healthcare Attorneys
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