No, to qualify for a 1031 exchange, one must sell real estate and acquire other replacement real estate. The pay down or pay off of debt on another property, whether your principal residence or investment property, is not an acquisition of real estate and will not qualify as a tax deferred exchange under Section 1031 of the Internal Revenue Code.
Unfortunately it is not a like kind exchange.
I am including some links for your reference that support this:
This does a good job of explaining it:
since the new investment property is already acquired, it fails the requirements for the 1031.
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