Recipe(tried): Flan de Queso (Cheese Flan)

I got this recipe many years ago from a Cuban friend, and have made it many times.

Flan de Queso (Cuban Cheese Flan)
Serves 8
10 minutes at 400F plus 1 1/4 hours at 350F

1/2 cup sugar
2 tablespoons water
1 (14 ounce) can sweetened condensed milk
1 3/4 cups milk
1 (8 ounce) package cream cheese, cut in pieces
4 eggs
2 teaspoons vanilla

Preheat oven to 400F.

Combine sugar and water in a saucepan. Bring to a boil and cook until sugar caramelizes. Pour into a mold or souffl dish, tilting quickly to cover the bottom.

Combine condensed milk and milk in a food processor or blender. Process to mix. Add cheese bit by bit and process until smooth. Add remaining ingredients and process until smooth.

Pour into the caramelized mold. Set mold in a baking pan containing 1-inch of hot water.

Bake at 400F until the water begins to simmer, (about 10 minutes), then turn down heat to 350 and bake until a cake tester comes out clean. (About 1 hour 15 minutes).

Let cool, then chill in the mold. Run a sharp knife around the edge, then place a platter on top and, holding the mold and the platter together firmly, invert to unmold.