cash-out refi after a 1031 exchange?

[Eric K.]

i'm in the process of exchanging out of an existing property, and into a large multi-family value-add syndication through a TIC structure. the syndication team is looking to refi their acquisition loan approximately 2 years after the acquisition to return investor capital. the business strategy calls for a sale in year 5. any one out there able to opine as to whether the cash-out refi would fall under the 'step transaction doctrine,' and thus be a taxable transaction for me? thanks!