CROMWELL, CT-The HB Nitkin Group has closed on an $11.5 million refinancing deal for its 215,590-sf Cromwell Square Shopping Center property, according to Holliday Fenoglio Fowler LP, which brokered the transaction.

WHITE PLAINS, NY-The first phase of a major renovation program involving the interior of the 150 Grand Ave. building here, has been completed, according to the building owner, the Lightstone Group of Lakewood, NJ.

WHITE PLAINS, NY-Starwood Hotels & Resorts Worldwide signed a binding agreement to sell two hotels in Maryland and Virginia to CNL Hospitality Properties Inc. for $104 million. Starwood says it is in "advanced" negotiations to sell two other domestic hotels to CNL.

NORWALK, CT-Golfsmith International, a golf superstore retail chain, has signed an 11,510 sf lease at 595 Connecticut Ave. here, according to GVA Williams of Connecticut, which was a broker in the deal.

SUFFERN, NY-The $100 million redevelopment of Avon Products Inc.'s Suffern campus into a major research and development complex for the cosmetics firm will break ground early month.

WHITE PLAINS, NY-Thanks in part to $955 million in asset sales so far this year, Starwood Hotels & Resorts Worldwide Inc., reports that its earnings per share rose 13.5% in the second quarter to $0.42 per share.

EAST FISHKILL, NY-NuFlare Technology Inc. has established a new research and development and customer service center for its electron beam lithography equipment at the Fishkill Corporate Park here in Dutchess County.

STAMFORD, CT-The Fairfield County office market, while still struggling with sluggish leasing activity and corporate job cuts, did manage a comeback of sorts in the first six months of 2003, according to Insignia/ESG.