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Step 1
Add the rice and 2 1/2 cups water to a large container and cover. Soak at room temperature for a minimum of 8 hours.
Step 2
Pour the rice and soaking liquid into a blender, and blend until all the rice is finely ground, 2 to 3 minutes. (If necessary, stop your blender periodically to prevent overheating.) Add condensed milk, nutmeg and cinnamon; blend until combined. Pour the mixture into a large pitcher or bowl. Add the whole milk and whisk until incorporated.
Step 3
To serve, divide horchata among ice-filled glasses and top with cold brew concentrate, to taste (about 2 to 3 tablespoons cold brew for each cup of horchata).