Cash out after reverse 1031

[Angela A.]

Hi All,

I am considering doing a reverse 1031. Following is the scenario. 

I will buy a replacement property at $1M, with $500K down. Afterwards, I sell the relinquish property at $450K, free and clear. The $450K will be returned to me as payback of my loan to the intermediary, without trigger any capital gain taxes, right?

Say, 3 month later, I decide to do a cash out refinance of the replacement property at 75% LTV because the rate is lower. Assuming the property still valued at $1M. The current loan is $500K, and I will get $250K out. Will this cash out has any tax implication on the 1031 exchange already completed?

I really appreciate your comments.

Angela