Refi + 1031 Exchange: How is it treated?

[Rich Jordan]

CPAs of BP,

If I cash-out refinance one of my apartment buildings in, say, year 2...

...does that change my basis if I attempt to 1031 Exchange down the road, say, in year 4?

If not, am I expected to come up with that equity that I had already pulled out and deployed into other projects?

I imagine this is a simple answer one way or the other. Trying to make sure my repositioning and exit strategies are actually viable. Thanks.