Welcome to Callowhill Capital Advisors

About Us

Independent Municipal Advisors

Callowhill Capital Advisors is an independent financial advisory, swap advisory and consulting firm focusing on the education and non-profit communities. We are registered as an independent municipal advisor with the SEC and MSRB. Callowhill is a Women Business Enterprise (WBE).

Education and Non-Profit Focused

Callowhill's team is dedicated to education and non-profit borrowers. Our clients include colleges, universities, independent schools, charter schools, museums, cultural institutions, and other non-profits.

Accessible Independent Expertise

Callowhill prides itself in being readily accessible and providing its clients with independent expert advice. We have helped our borrowers fully understand the benefits and risks of all their financing options while also shepherding them through the transaction process. To maintain its independence, Callowhill does not engage in any underwriting, trading, or marketing of securities. Our focus is educating and achieving the best result for our borrowers.

Our Team

Sandra Kurtz Baxter


Ms. Kurtz Baxter has eighteen years of investment banking and financial and swap advisory experience in the public finance industry Ms. Kurtz Baxter is a founding partner of Callowhill and leads the firms education and non-profit financial and derivative advisory practice. She focuses on plan of finance development, transaction advisory management and provides credit analysis, covenant and debt capacity calculations, debt restructuring, refinancing analysis, swap advisory and rating agency and credit enhancement strategies and presentations. In addition, she provides guidance on the investment of bond proceeds and derivative products. 

Before founding Callowhill, Ms. Kurtz Baxter served as a Managing Director at Fairmount Capital Advisors.  She also served as an Assistant Vice President and Analytical Department Manager of a regional investment banking firm.  Ms. Kurtz Baxter has a Bachelor of Science in Business Administration from The College of New Jersey and an MBA in finance and management of information systems from Drexel University.  Ms. Kurtz Baxter is a Municipal Advisor Representative (Series 50) and has been a licensed Municipal Securities Principal (Series 53) as well as Series 7 and 66 licensee and has successfully completed the Uniform Certified Public Accountant (CPA) examination program.

Daniel Silva


Mr. Silva has ten years of financial and derivative advisory experience and is a founding partner of Callowhill. He is the primary source of technical and analytical products development, provides day-to-day transaction management and responds to analytical requests for the firm’s clients.  

Mr. Silva also assists clients with investing project funds, escrow funds, and reserve funds.  In addition, he has performed valuation analysis for non-profit organizations. Mr. Silva is responsible for the in-house development of various rating agency models as well as pro-forma models and metric analysis used to evaluate plans of finance and sources of capital.  Additionally, he develops performance models that demonstrate the impact of various projects and operational revenue and expense drivers.

Before founding Callowhill, Mr. Silva served as a Director at Fairmount Capital Advisors.  He  graduated magna cum laude with his Bachelor of Science in Business Administration with concentrations in Finance and Economics from Drexel University.  Mr. Silva has passed all three exams of the Chartered Financial Analyst Program on first attempt and is a designated charterholder as well as a Municipal Advisor representative (Series 50).

Contact Us

Callowhill Capital Advisors

325 Chestnut Street, Suite 800, Philadelphia, Pennsylvania 19106, United States