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CEDAR KNOLLS, N.J. — Liberty Bank of Middletown, Conn. has closed a $7.4 million commercial mortgage financing transaction with 197 Riverdale Ave. LLC for the purchase and renovation of the medical office building at 197 Ridgedale Ave. in Cedar Knolls. The 80,600-square-foot property is owned by Commercial Realty Group of Morris Plains, a group of local physicians.