is this normal for a big multifam?

[Robert Lorenz]

I'm looking at a 450 unit property in an area I like, offered at 7.9% cap. 2.1 mil NOI, comes out to 26.5 mil. 20% down= 5.3 mil

debt service on a loan that size runs, at 5.5% 30 year, around 117k, leaving only 40-50k cashflow per month. That TANKS the COCR, so who is paying 5.3 mil for 40k-50k cash per month, especially if it's split up between multiple partners? I understand there will be an upside down the road as rent grows, or if the property can be aquired at a higher cap, or if rents can be forced up... but is this really the norm that an investor or potential syndicator can expect?