1. Preheat the oven to 350°F (175°C) and grease a 9-inch round cake pan.

2. In a saucepan, combine sweetened condensed milk, evaporated milk, butter, and cornstarch over medium heat. Stir continuously until the mixture thickens, then remove from heat and stir in coconut extract and vanilla extract. Set aside.

3. In a separate bowl, mix all-purpose flour, ground cinnamon, baking powder, and eggs until well combined. Pour this batter into the prepared cake pan.

4. In another bowl, beat cream cheese and powdered sugar until smooth. Gently spread this mixture over the batter in the cake pan.

5. Carefully pour the milk mixture over the cream cheese layer. Place the cake pan in a larger baking dish filled with water to create a water bath.

6. Bake in the preheated oven for 45-50 minutes or until set. Remove from the oven and let it cool completely before refrigerating for at least 4 hours or overnight.

7. Once chilled, run a knife around the edges of the cake pan and invert onto a serving plate. Slice and serve chilled.