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Preheat oven to 325. Cream butter, oil, and sugar until light and fluffy, about 3-5 minutes. Add eggs, 1 at a time, scraping down the bowl after each addition. Lastly, add in the vanilla and almond extracts.
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In a separate bowl, sift flour, baking powder, baking soda, and salt (trust me--sifting makes a big difference in the texture of your cake; you can skip the step, but your cake will not be as light and fluffy. It'll have a denser texture).
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In a small bowl, mix coconut milk and coconut yogurt together. Then in 3 parts, alternately add the dry ingredients and the milk mix to the batter, beginning and ending with the dry. Mix until just combined. Fold in 7 ounces coconut.
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Fill each muffin cup to the top, and bake 25-35 minutes, until the tops are golden brown and a toothpick comes out clean.
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Meanwhile, for the frosting, cream together cream cheese, butter, and extracts. Once smooth, add in the heavy cream, and cream until fluffy. Next, add in the confectioners sugar, 1/2 c at a time, and mix until smooth. If the frosting is too stiff, add in more cream. If it is too runny, add in more powdered sugar.
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Lastly, when toasting the coconut, make sure you keep a weather on it. I burnt my first batch. Burned coconut does not smell like toasty coconut. Over low heat, toast the coconut in a sauce pan while stirring constantly. Honestly, the process will be done in a couple of minutes.
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When the cupcakes are cooled, spoon on the frosting, and top with toasted coconut.