Complicated 1031 Due to Property Being Held in LLC

[Christian Nachtrieb]

Hello, I'm hoping someone here can point me to a seasoned & experienced tax professional who could help advise me on the best course forward with my 1031 Exchange I'm in the middle of. Details of my situation below...

My wife & I are currently in the middle of a 1031 Exchange where we're selling a condo in Boston and using the funds to purchase a triplex in Worcester. We're at the point where P&S has been signed by all parties of both transactions, and we've been approved for a mortgage by Salem Five. All is well & good on that front. The issue is that the relinquished property in Boston is held in our partnership LLC, and in order to satisfy the 1031 Exchange requirements, we *MUST* close and take title under the same name on both the buy & sell side. However, the mortgage is not a commercial product and thus requires our personal names be on the title of the acquisition property.

Here is the question I am trying to solve:

If we quitclaim the deed of our relinquished property in Boston to our personal names to satisfy the bank and the 1031 rules... what, if any, tax implications will this have and how do we maneuver that?

Thanks all for your help!