Multi-Family construction financing question

[Ross Sib]

Hi, 

How would go about financing multi-family construction project (10x 1BR units) given the following starting conditions:

- I own a lot with an existing duplex standing on the lot 

- Lot is mortgaged, remaining mortgage balance around $280K

- Market value of the lot with existing structure is around $0.9M-1M (based on comparable recent sales in the area)

- Estimated architectural fees, approved construction documents set cost: $80-100K

- Available cash reserves (savings): ~$200K

- Estimated new construction cost: $1.8M

- Estimated new property value after construction: $2.5-3M

- About me (first-time developer, 800 credit score, annual income before tax around $200K)

I am pretty sure that I have to pay off my existing mortgage ($280K) before being allowed any construction activities on the lot. Given the facts above, is it feasible for me to get a construction loan that will allow me to cover existing mortgage, architectural/MEP fee, construction cost minus my savings? I would appreciate any advice. 

Thanks!