Rich, sweet and so yummy - Flan Cheesecake

I have a business associate who owns a bakery in Miami (El Arte Bakery Cafe) which is famous for it's flan cheesecake.
As you might have figured by now, I am on a pretty tight budget so jetting off to south Florida every time I get a hankering for such a treat is pretty much beyond my means.
Thanksgiving is a time for lots of dishes so that an experimental dessert can be tolerated since there are two or three more sweet treats in case that one is not great. So, I took the opportunity to try my hand at making my own flan cheesecake.
Not to pat myself on the back, but it was delicious...and very rich so that a small slice was plenty. It might be too rich for everyday meals, but it certainly would fancy up a Plain Jane table. I think I'll just reserve this for holidays, myself.
If you're not familiar with flan, it is a traditional Spanish (though the origins, I've been told are French, sort of like crème brûlée) sweet egg custard with a caramel sauce on top. Rather than the custard, I made a sweet cheesecake topped with the caramel.
This cheeseake doesn't need a crust, but a graham cracker crust would be the best if you decide you want one.

Flan Cheesecake

The cake
3 packages of cream cheese, 8 ounces each
3 eggs
1/2 cup of sugar
1 can of sweetened condensed milk
The Sauce
8 tablespoons of sugar

• In a mixing bowl, combine cream cheese, eggs, sugar and condensed milk.
• Mix at high speed for a couple of minutes until it is smooth.
• Pour into a prepared springform pan. Put the springform pan in a warm water bath and put it into a preheated 400 degree oven.
• Bake for 40 minutes or until the top is golden brown.
• Put the cake in the refrigerator for at least 3 hours (or overnight) so it is completely cooled.
• Once it's cool, take the cake from the refrigerator and make the sauce.
• Lightly spray a small saucepan with cooking spray.
• Put 8 tablespoons of sugar in the saucepan and set over a fairly high heat.
• Stir constantly while the sugar melts and turns a golden brown. If it begins to clump, add a bit of water at a time, just enough to make it stirable.
• When it is a fine, golden liquid, pour it evenly over the cake. (Wash the saucepan quickly after you do this or you will have a hard, sticky mess to clean up later.)
• Put the cake back in the refrigerator until you're ready to serve it.

Vegetarian.