Gretchen E. Sherwood

Gretchen Sherwood is an attorney in our Project Finance and Public Finance group, that advises 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 advise health care providers on corporate governance and formation matters, counsel such providers in connection with strategic affiliations, joint ventures, and clinical integration and other value based initiatives. I also assist with various corporate contracting, licensure and tax exemption matters.

Representative Experience

  • 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 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.
  • Counseling a rural health system in connection with its affiliation with a neighboring health system.


  • “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


  • Named to the 2022 list of “Ones to Watch” by The Best Lawyers in America© for Public Finance Law in Chicago, IL
  • 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
  • Board Member, Chicago Women in Public Finance
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