Refinance right after 1031 exchange

[Michelle R.]

My question is : how soon can we refinance after closing on the replacement property?  

We sold a property for 1.95 million.  The replacement property we will be purchasing is at a price of 2.9 million. We want to have 25% down in the new property but I believe we have to spend all our proceeds for the 1031 exchange to be done correctly.  We have a good relationship with our bank and they will help us conform to the 1031 exchange rules. 

How soon can we refinance? (Can we close and then refinance that same day? Or can we sign papers at the closing table for a refinance that will go through the following day?). What is the best way to handle this? Thank you for your input. :-)