Would this be possible using a 1031 exchange

[Mario Alexandrou]

I have a 4xunit building in Minnesota selling for 240K, of which 106K goes to clear the bank, leaving 134K. 

Through a 1013 exchange, would it be possible to purchase a new property, for say,280K using the 134K plus 46K mortgage from the bank, of which I refinanced in 6 months and retrieve the balance of the money, leaving behind the 20% for the bank.

Would the deferred tax situation for a1013 exchange remain the same.