Heidi H. Jeffery is a partner and business lawyer with Foley & Lardner LLP. Heidi has experience in general municipal, private activity bond, housing, student loan, health care, and senior living finance. In such transactions, she has served as bond counsel and counsel to developers, underwriters, credit enhancers, issuers, and borrowers. Heidi is a member and former vice chair of the firm’s Senior Living Team. She is also a member of the firm’s Finance & Financial Institutions, Health Care Finance, and Public Finance Practices and the Health Care Industry Team.

Heidi also frequently represents broker-dealers in connection with municipal securities compliance matters. In addition, Ms. Jeffery also has experience representing banks in general lending transactions, including both secured and unsecured commercial loans.


Representative Experience

  • Bond Counsel to a county health facilities authority in connection with the refunding of outstanding bonds and issuance of $215 million of health care revenue bonds to finance a loan to a hospital system to finance the acquisition, construction and equipping of a new hospital campus.
  • Bond Counsel to the State of Illinois in connection with its issuance of $246 million of general obligation bonds to finance Medicaid payments.
  • Co-Underwriter’s Counsel on The Bond Buyer’s 2012 Deal of the Year: Michigan Finance Authority $2.9 billion of Unemployment Obligation Assessment Revenue Bonds. The bonds were issued under recently adopted legislation utilizing an innovative structure to obtain AAA ratings from three major rating services.
  • Co-Underwriter’s Counsel on the Chicago Park District’s 2011 bond financing.
  • Underwriter’s Counsel in connection with an Illinois private collage issuance of revenue bonds, including both tax-exempt bonds and taxable bonds.
  • Borrower’s Counsel for a national health care system in the issuance of over $740 million of debt in multiple series. Proceeds of the bonds were used, in part, to refinance and restructure the existing debt of a medical center and structured to preserve “acquisition financing” treatment under IRS treasury regulations.

Presentations and Publications

  • "Rule 15c2-12 - preparing for February Changes" Foley & Lardner Web Conference (2019)
  • “Digital Health Opportunities and Considerations For PE,” Law360 (2018)
  • “The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far Reaching Impact,” Foley & Lardner Legal News (2017)
  • “The SEC’s Municipalities Continuing Disclosure Cooperation Initiative – An Inevitable Dilemma?” Foley & Lardner Web Conference (2014)
  • “The MCDC Initiative: Window Closes on September 10, 2014,” Foley & Lardner Legal News (2014)
  • “Access to Capital: The Municipal Advisor Rule,” Foley & Lardner Web Conference (2014)
  • “SEC Actions Compel New Focus on Disclosure,” HFM Magazine (2013)
  • "City of Harrisburg Settles with SEC on Rule 10b-5 Violations," Foley & Lardner Legal News (2013)
  • "Access to Capital: The Importance of Disclosure Transparency and Procedures for Health Care Borrowers," Foley & Lardner Web Conference (2013)
  • "New SEC Chair: What It May Mean for the Municipal Securities Market," Foley & Lardner Legal News (2012)
  • "MSRB: Dealers Must Report Bond Ballot Campaign Contributions Under MSRB Rule G-37," Foley & Lardner Legal News (2010)
  • "Shelf Registration for Tax-Exempt Bonds," Foley & Lardner Legal News (2009)
  • "Recent SEC Rule Changes and Implications for Municipal Bond Issuers and Borrowers," Foley & Lardner Legal News (2009)
  • "Municipal Securities Rulemaking Board Rules Apply to Build America Bonds: Broker-Dealers Should Review Compliance Procedures," Foley & Lardner Legal News (2009)


Each year since 2012, Heidi has been recognized by her peers with inclusion in The Best Lawyers in America© in the field of public finance law.*


Heidi received her law degree, with distinction, from the University of Iowa College of Law in 1996, where she was a managing editor of the Iowa Law Review. She received her bachelor's degree from Northwestern University in 1993.


Heidi is active in civic and industry organizations. She is a former member of the board of directors of Girls in the Game, the President’s Council of Chicago’s Museum of Science and Industry and the board of directors of Women in Public Finance.

Admissions and Professional Memberships

Heidi also is a member of the National Association of Bond Lawyers, the American Health Lawyers Association and the American Bar Association. Heidi is admitted to practice in Illinois and Michigan.

* The Illinois Supreme Court does not recognize certifications of specialties in the practice of law and no award or recognition is a requirement to practice law in Illinois.

Representative Matters

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Represented Hall Equities Group (HEG) in connection with the acquisition of 29 hotels and the corporate assets of ZMC Hotels, which employs more than 1,000 people. The aggregate purchase price was approximately $225,226,000. ZMC Hotels owns and operates both private label boutique hotels, as well as those licensed by many prominent brands, including Hilton, Marriott, IHG, Wyndham, and others. Hotels are disbursed across the country from Duluth, Minnesota, to Phoenix, Arizona, to Sebring, Florida, and many locations in between. Five hotels are clustered in Scottsdale, Arizona. All of the hotels, along with other select quality properties, were master leased to and are being managed by Zenith Asset Company, an affiliate of HEG. Equity financing for the transaction was derived from a variety of sources, including the sale of three quality properties by the Hall Equities Group sponsored investment groups, cash on hand, and the refinancing of two multi-family apartment buildings. As part of the equity raise, one of HEG's investment groups sold a shopping center to Excel Trust, Inc. This shopping center was originally developed by HEG and owned since 2000. The aggregate purchase price was approximately $131,000,000. This super-regional center is known as Monte Vista Crossings and is located in Turlock, California. Monte Vista Crossings is one of the largest open-air regional shopping centers in the western United States, and is home to national retailers such as Home Depot, Target, Kohl’s, Lowe’s, Safeway, Dick’s Sporting Goods, Ross Dress for Less, Bed Bath & Beyond, T.J. Maxx, Old Navy, Office Max, Petco, In-Shape Fitness, Gap, Pier One Imports, and more than fifty additional well known shops and restaurants. The seller retained HEG to handle the ongoing leasing and construction of the next phase of Monte Vista Crossings. Another HEG sponsored investment group sold a luxury apartment project in downtown Walnut Creek, California. This six-story, 100-unit Class “A” building of concrete construction is known as The Arroyo. The project was sold to a major US-based Life Insurance Company, which has retained HEG as both the General Contractor to complete construction of the project, and as the Property Manager for the project going forward. An additional HEG sponsored investment group sold the 41,000 square foot 2890 North Main Street office building in Walnut Creek. Proceeds from all three sales were used by the investor groups to generate equity capital for the hotel portfolio acquisition. The balance of the proceeds were derived from an acquisition loan from Bank of America.
Successfully closed on a $240 million tender offer involving 2023 bonds issued by a retail department store. The team represented a bank, Successor Trustee, which paid bondholders a significant premium over face value, together with all fees to the bank. Also represented the indenture trustee relating to litigation attendant to the out-of-court restructuring of the famed retailer.
Served as underwriter's counsel in purchase of healthcare revenue bonds issued for the benefit of a large regional Catholic healthcare system.