Creamy Caramel Cheesecake Flan

Preheat oven to 350°F (175°C).

In a medium saucepan, whisk together 3/4 cup granulated sugar and 1/4 cup water. Set over medium heat, and cook, stirring constantly, until sugar dissolves and mixture begins to boil.

Stop stirring once boiling, and let cook until mixture reaches an amber color. Remove from heat, let rest for 5 seconds, then add the remaining 1 tablespoon of warm water (careful, it may sputter). Whisk to blend.

Immediately pour the caramelized sugar into an ungreased 9-inch by 2-inch cake pan, tilting in a circular motion to coat the bottom evenly. Set aside.

In a large mixing bowl, use an electric hand mixer to blend together cream cheese and 2 tablespoons sugar until smooth.

Mix in eggs one at a time, combining well after each addition. Stir in sweetened condensed milk, evaporated milk, and vanilla extract.

Pour the flan mixture over the caramel layer in the cake pan.

Bake in the preheated oven for 50-60 minutes, or until the flan is nearly set but still wiggles slightly when jiggled.

Carefully remove the cake pan from the oven and place on a wire rack to cool for 1 hour.

Transfer the flan to the refrigerator and chill for at least 4 hours.

To serve, run a sharp knife around the edge of the flan, then place a large rimmed serving plate over the cake pan. Hold the plate in place and carefully flip the flan onto the plate. Slice and serve. Store leftovers in the refrigerator.