Combine the water and yeast in the bowl of an electric mixer fitted with the paddle attachment. Mix for a few seconds to dissolve the yeast. Add the flour, milk, butter, eggs, sugar, and salt and beat on medium speed for about 3 minutes, until the dough comes together completely. Switch to the dough hook and continue mixing for another 6 to 8 minutes, until the dough is firm, smooth, and elastic. Place the dough in a lightly greased bowl and cover with plastic wrap, pressing the wrap directly onto the surface of the dough. Let rest in the refrigerator overnight.
Caramel & Assembly:
Lightly grease a 10-inch bundt pan and set aside.
To make the caramel, place the apple cider in a medium saucepan over medium heat. Bring to a boil and cook until reduced by half. Stir in 1/2 stick of butter, the heavy cream, 1/2 cup granulated sugar, the brown sugar, salt, and 1/4 teaspoon of cinnamon and cook for 8 to 10 minutes, until the mixture turns a deep amber color and registers 285°F on a candy thermometer. Pour half of the caramel into the prepared pan.
To assemble, remove the dough from the refrigerator and punch it down with your fist. Shape the dough into about 40 balls. Stir together the remaining 1 1/2 cups of sugar and 2 teaspoons of cinnamon in a shallow dish. Place the 1 stick of melted butter in another dish. Working in batches, roll the balls in the butter and then coat in the cinnamon sugar. Arrange half of the balls of dough in the bottom of the pan, then sprinkle half of the pecans over the top. Pour the remaining caramel over the dough and then layer the remaining balls of dough and remaining pecans over the top. Cover with a clean dish towel and let rise in a warm, draft-free area for about 1 hour, until the dough doubles in volume.
Preheat the oven to 350°F. Bake for 45 to 50 minutes, until the top is golden brown. Remove from the oven and let cool for 10 minutes. Invert the bread onto a platter and serve warm.