For the dough: Dissolve the yeast in the water in the bowl of a stand mixer. Add 3 cups of the flour, the milk, butter, sugar, salt and eggs. Beat on medium speed for 3 minutes. Stir in enough of the remaining flour to form a firm dough. Turn out onto a floured surface and knead until smooth and elastic, 6 to 8 minutes. Place in a greased bowl, turning once to grease the top. Cover and refrigerate overnight.
For the caramel: Generously butter a 10-inch bundt pan. Bring the brown sugar, butter and cream to a boil in a small saucepan. Cook and stir for 3 minutes. Pour half into the greased bundt pan and sprinkle with the pecans.
For assembly: Punch the risen dough down and shape into 40 balls (1 to 1 1/4 inches in diameter). Mix together the sugar and cinnamon in a shallow bowl.
Pour the melted butter into another bowl. Roll the balls in the butter and then roll in the cinnamon-sugar mixture. Place 20 balls in the bundt pan and top with remaining caramel and the pecans. Lastly, place the final 20 balls of dough into the pan. Cover the bundt pan and let rise until doubled, about 45 minutes.
Preheat the oven to 350 degrees F.
Bake until the top is a deep golden brown, 45 to 50 minutes. Cool for 10 minutes before inverting onto a serving plate. Serve warm.