This I understand somewhat as the statement that "one cannot construct the standard (i.e. intended model of) N in *V but any model of PA in *V will have nonstandard elements."
Which to me would still be in line with the original quote. That is, to get the standard N one would have to adopt some meta theory (if that is even allowed?) but the standard (i.e. intended) N is definitely not a standard model of PA in *V in any meaningful way.
What am I missing?