Dulce de Leche Sauce

1 cup whipping cream
1 cup (packed) dark brown sugar
1/2 cup sweetened condensed milk

Combine whipping cream and brown sugar in heavy medium saucepan. Stir over medium heat until sugar dissolves. Boil until mixture is reduced to 1 cup, stirring occasionally, about 5 minutes. Stir in sweetened condensed milk. (Can be made 1 day ahead. Cover and chill. Rewarm over medium-low heat just until warm and pourable.)